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installment plan

noun
1.
a system for paying for an item in fixed amounts at specified intervals.
Origin
1875-1880
1875-80
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for installment plan
  • 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.
  • There may even be a good reason to purchase on the installment plan without any down payment, if possible.
  • The installment plan provides a longer payback time with no additional fees.
  • If you are unable to pay the entire amount in one lump sum, you may enter into a monthly installment plan.
  • Vehicles registered after beginning the installment payment plan cannot be added to the installment plan.
  • If you comply with the terms of this installment plan, all additions will be waived.
  • There are two methods of setting up an installment plan.
British Dictionary definitions for installment plan

installment plan

noun
1.
(US & 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
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Encyclopedia Article for installment plan

installment credit

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

Learn more about installment credit with a free trial on Britannica.com
Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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Word Value for installment

13
18
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