An installment plan is a way of buying goods gradually. You make regular payments to the seller until, after some time, you havepaid the full price and the goods belong to you.
[US]regional note: in BRIT, use hire purchase
installment plan in British English
or esp Canadian instalment plan
noun
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 paid
Also called (in Britain and certain other countries): hire-purchase
installment plan in American English
US
a credit system by which debts, as for purchased articles, are paid in installments
installment plan in Retail
(ɪnstɔlmənt plæn)
Word forms: (regular plural) installment plans
noun
(Retail: Customer accounts)
An installment plan is a system in which the buyer can take and use goods by paying a percentage of the price as deposit, and pay the remainder due by a series of regular installments.
If you, the customer, choose to pay for the goods under our installment plan, we, the seller, will remain the legal owner until the final installment is paid.
We offer installment plans to help customers who wished to buy a bag but cannot afford to pay in full.
An installment plan is a system in which the buyer can take and use goods by paying a percentage of theprice as deposit, and pay the remainder due by a series of regular installments.