installment plan


noun

  1. a system for paying for an item in fixed amounts at specified intervals.

noun

  1. US and Canadian 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 paidAlso called (in Britain and certain other countries): hire-purchase

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