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- Dictionaryhire purchase
noun
- 1. a system by which one pays for a thing in regular instalments while having the use of it. British
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- Hire purchase
Installment payment method
A hire purchase (HP), also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment and repaying the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own. Wikipedia
