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installment plan

a system for paying for an item in fixed amounts at specified intervals.
Origin of installment plan
1875-80 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2015.
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British Dictionary definitions for installment-plan

installment plan

(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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