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

 

hire purchase

 noun
noun
BrE
 
; NAmE
 
[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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