installment plan

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

Origin:
1875–80

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
installment plan or (esp Canadian) instalment plan
 
n
(US), (Canadian) Also called (in Britain and certain other countries): hire-purchase 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
 
instalment plan or (esp Canadian) instalment plan
 
n

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Encyclopedia Britannica
Encyclopedia

installment plan

in business, credit that is granted on condition of its repayment at regular intervals, or installments, over a specified period of time until paid in full. Installment credit is the means by which most durable goods such as automobiles and large home appliances are bought by individuals. Installment credit involves the extension of credit from a seller (and lender) to a purchaser; the purchaser gets physical possession and use of the goods he has bought, but the seller retains legal title to them until every installment has been paid. The purchaser usually is advanced the goods after making an initial fractional payment called a down payment. If the purchaser defaults on his payments at some point, all previous payments are forfeited to the seller, who may also take possession of the goods

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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Example sentences
Credit cards widely accepted, though the waitress always asks whether you want
  to pay for your meal on the installment plan.
Everything on an installment plan with option to return.
His company invented the installment plan and the trade-in.
If you are unable to repay your loan before your loan is due, you may request
  an installment plan with no additional fees.
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