Definition of hire purchase noun from the Oxford Advanced Learner's Dictionary


hire purchase

BrE BrE//ˌhaɪə ˈpɜːtʃəs//
; NAmE NAmE//ˌhaɪər ˈpɜːrtʃəs//
[uncountable] (British English) (abbreviation h.p., HP) (North American English installment plan)
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a method of buying an article by making regular payments for it over several months or years. The article only belongs to the person who is buying it when all the payments have been made. a hire purchase agreement We're buying a new cooker on hire purchase. We offer very generous hire purchase terms. compare credit

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