Definition of installment plan noun from the Oxford Advanced Learner's Dictionary


installment plan

BrE BrE//ɪnˈstɔːlmənt plæn//
; NAmE NAmE//ɪnˈstɔːlmənt plæn//
(North American English) (British English hire purchase) [uncountable, countable]
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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. compare credit
See the Oxford Advanced American Dictionary entry: installment plan

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