Car Loan & Tricycle Hire Purchase Calculator
Calculate daily driver remittances, weekly hire purchase targets, total interest, and take-home net earnings for cars, Keke tricycles, and delivery vans.
💰 Check Driver's Daily Take-Home Profit (Optional)
Understanding Vehicle Hire Purchase (HP) vs. Bank Auto Loans
A Hire Purchase (HP) agreement is the primary vehicle financing system used for commercial tricycles (popularly known as Keke Napep in Nigeria, Bajaj in Kenya, or Tuk-tuks in Asia), commercial minibuses, and ride-hailing cars (Uber, Bolt, inDrive). Under a hire purchase contract, the financier purchases the asset, and the driver agrees to make fixed daily or weekly remittances until the purchase price plus the agreed markup is completely paid off, after which legal vehicle ownership transfers to the driver.
1. The 6-Day Remittance Rule
Most commercial fleet managers base daily payments on 6 days a week, allowing the 7th day (Sundays) for vehicle maintenance and church/rest.
2. Deposit Protection
A 10% to 20% down payment substantially lowers the risk for the investor and reduces weekly remittance strain on the driver.
3. Tracking & Insurance
Always factor GPS tracking and comprehensive insurance into the total asset outlay to mitigate loss from road accidents or vehicle theft.