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3. Identify TWO possible suitable sources of external finance Chris could consider, if the local bank manager refuses to give him a loan for purchasing a new van for his business. (10 marks) Please help
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3. Identify TWO possible suitable sources of external finance Chris could consider, if the local bank

manager refuses to give him a loan for purchasing a new van for his business. (10 marks)
Please help

User Benny Khoo
by
4.4k points

1 Answer

5 votes

Answer:

Hire Purchase

Loans from friends

Step-by-step explanation:

Hire purchase

A hire purchase (HP) , is also called an installment plan, it is is an financing contract whereby a customer agrees to acquire an asset by paying an initial deposit and repays the balance of the price plus interest on installment bases over a period of time .

Loans from friends

These are loans received from friends which are mostly interest free

User Aryan
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5.0k points
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