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
Examples of 'instalment plan' in a sentence
instalment plan
One offers a 156-week instalment plan with an opening payment of just 1.
Times, Sunday Times (2014)
A call centre operator initially said she could set up a payment instalment plan.
Times, Sunday Times (2012)
Although the group's main business is insurance, it has expanded into instalment plans for school fees and sports and leisure-club membership in recent years.