hire purchase
ˌhire ˈpurchase [hire purchase] BrE NAmE noun uncountable (BrE) (abbr.h.p., HP) (NAmE inˈstallment plan)
a method of buying an article by making regular payments for it over several months or years. The article only belongs to the person who is buying it when all the payments have been made
•a hire purchase agreement
•We're buying a new cooker on hire purchase.
compare ↑credit
See also: ↑installment plan
Example Bank:
•We offer very generous hire purchase terms.
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