Toyota Corolla hire purchase: What to include in the contract?
Car hire purchase is the most convenient way of car ownership in Nigeria. This has become the escape route for many people as the burden of paying for a car at once is being lifted up and replaced with a weekly or monthly installment plan.
People looking to go into e-hailing services like Uber and Bolt always opt for Toyota Corolla hire purchase deals. Even an average Nigerian looking to buy a car of his own via installment payment plan prefers the Toyota Corolla hire purchase agreement.

This is because the Corolla model is cheaper and more fuel-efficient when compared to other vehicles. It’s more suitable for Nigerian roads. Based on the fact that the Corolla model is the most preferred, car hire purchase services and auto dealers who are also in hire purchase deals now focus more on Toyota Corolla hire purchase to meet the growing demand.

The Toyota Corolla is the most preferred model for e-hail service providers!
Now, let’s come to the main part of the article, which will explain to you what to include in the Toyota Corolla hire purchase contract.
Toyota Corolla hire purchase contract
A Toyota Corolla hire purchase contract is guided by a formal contract signed by the seller and the buyer. According to the law, it must be written in a way which is considered valid. Every necessary item must be spelled out in the document.
Some of the information included in the contract include:
Description of the car
Both parties need to know the model year of the Toyota Corolla car for clarity’s sake. It’s always advisable to remove every doubt and assumption before going into the Toyota Corolla hire purchase deal.
Price of the car
The Toyota Corolla hire purchase contract must include the price of the car so that the buyer will know what he's dealing with.
>>> See more: Toyota corolla price in Nigeria
Deposit for the car
Since the buyer isn't paying the total price of the car at once, he’s expected to make a deposit. Doing this shows his commitment to acquiring the car. The contract contains the exact amount the buyer is expected to deposit.
Monthly installments
There is a mutual agreement by both parties on the installment plan stated in the contract.
Parties statement of rights
Just like every legal contract, the seller and buyer in the Toyota Corolla hire purchase deal have certain rights. Each party can exercise their rights as stated in the contract. Here, their individual interest is protected.
>>> Read more related artilce: Find Used Toyota Corolla for Sale in Nigeria: Price Deals, Specifications and Tips You Need to Know: https://carforsalenaij.wordpress.com/2021/05/18/used-toyota-corolla...

The buyer becomes the legal owner of the car only when he completes payment!
Toyota Corolla hire purchase agreement
A Toyota Corolla hire purchase agreement is what the seller and buyer decided and agreed on. It includes:
1.The seller still has full ownership of the Corolla car until the buyer completes payment. The seller remains the owner while the buyer is a registered owner if payments haven't been completed.
2.The terms and conditions contained in the Toyota Corolla hire purchase agreement are created by the seller. The buyer will have to comply to be eligible for the car deal.
3.If the buyer pays half of the agreed price and is no longer interested in the Toyota Corolla hire purchase deal, he can return the car without making further payments.

The seller creates the terms and conditions contained in the Toyota Corolla hire purchase agreement!
With this information, you'll be able to make an informed decision when going for the Toyota Corolla hire purchase deal.