hire-purchase


hire-purchase

noun British.

  1. a system of payment for a commodity in regular installments while using it.

noun

  1. British, Australian, NZ and Southern African
    1. a system for purchasing merchandise, such as cars or furniture, in which the buyer takes possession of the merchandise on payment of a deposit and completes the purchase by paying a series of regular instalments while the seller retains ownership until the final instalment is paid
    2. (as modifier)hire-purchase legislation

    Abbreviation: HP, h.p. US and Canadian equivalents: instalment plan, installment plan

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