installment plan

American  

noun

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

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installment plan British  

noun

1. 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

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Etymology

Origin of installment plan

First recorded in 1875–80

Example Sentences

Then someone could file for an extension to file a return in mid-October, and then they can set up an installment plan to pay the taxes they owe.

From MarketWatch • Apr. 6, 2026

Another provision of the law allows beneficiaries to pay for drugs on an installment plan, instead of having to pay a hefty bill over a short period of time.

From Los Angeles Times • Oct. 21, 2024

To avoid her unpaid rent going to collections, she signed an installment plan, agreeing to pay $495 per month.

From Seattle Times • Oct. 18, 2023

AT&T’s starts at $9.17 per month when you buy AT&T’s installment plan.

From The Verge • Aug. 10, 2022

They sometimes worked on the installment plan, taking little or no money up front from a defector or his family.

From "Escape from Camp 14: One Man's Remarkable Odyssey from North Korea to Freedom in the West" by Blaine Harden