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Bai' al 'inah (sale and buy-back agreement) The Faisal Islamic Bank in Khartoum. Bai' al inah (literally, "a loan in the form of a sale"), [101] is a financing arrangement where the financier buys some asset from the customer on spot basis, with the price paid by the financier constituting the "loan". Subsequently, the asset is sold back to the ...
Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement. The dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
Vehicle leasing is the leasing (or the use) of a motor vehicle for a fixed period of time at an agreed amount of money for the lease. It is commonly offered by dealers as an alternative to vehicle purchase but is widely used by businesses as a method of acquiring (or having the use of) vehicles for business, without the usually needed cash outlay.
Car title loans: Another type of short-term lending, a car title loan, allows the borrower to use their vehicle as collateral as long as it’s owned outright. These loans usually allow you to ...
Loan agreements are usually in written form, but there is no legal reason why a loan agreement cannot be a purely oral contract (although oral agreements [4] are more difficult to enforce). Types [ edit ]
An auto loan is a contractual agreement, where you're locked in for the duration of the loan period and agree to make a certain payment each month. However, it's possible to get out of an auto ...
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