hire-purchase

  

Definition

A system by which a buyer pays for a thing in regular installments while enjoying the use of it.

During the repayment period, ownership (title) of the item does not pass to the buyer. Upon the full payment of the loan, the title passes to the buyer. UK term; the usual US term is installment buying.

Use hire-purchase in a sentence

  • Through a hire-purchase contract, the consumer was able to pay for the service he wanted over a number of months rather than all at once.

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