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

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

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.

From Seattle Times

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

From Seattle Times

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

From Los Angeles Times

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

From The Verge