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

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

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

From The Verge • Aug. 10, 2022

A home improvement loan is an unsecured loan provided by a lender that would allow you to finance major repairs and pay it back on an installment plan.

From Slate • Jul. 2, 2022

He had bought it on the installment plan to be paid for over a period of two years.

From "The Heart is a Lonely Hunter" by Carson McCullers