installment plan

noun

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

installment plan

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

Word History and Origins

Origin of installment plan¹

First recorded in 1875–80

Example Sentences

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.

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Texas A&M said it will use donor funds to make an initial payment on the $75 million-plus owed to Fisher and pay the rest with athletic department revenue on an installment plan.

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Dividing a transaction into, say, a pay-in-four installment plan sounds straightforward and manageable.

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Cooper arrived home one day with an Encyclopedia Britannica set she had purchased on an installment plan.

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Keep in mind this deal requires an installment plan, and the discount is given as bill credits.

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