Definition of Hire-purchase:
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.
A system by which one pays for a thing in regular instalments while having the use of it.
Synonyms of Hire-purchase
Instalment plan, Instalment-payment plan, Credit, Finance, Instalments, Deferred payment, Easy terms
How to use Hire-purchase in a sentence?
- Taking out an unsecured personal loan or hire purchase are the two traditional ways of funding a new car purchase.
Meaning of Hire-purchase & Hire-purchase Definition