hire purchase

See also: hire-purchase

English

Alternative forms

hire-purchase (attributive)

Noun

hire purchase (countable and uncountable, plural hire purchases)

(Britain) A method of purchasing an item, where the buyer hires it and takes possession of it and pays regular installments. Ownership is only transferred on payment of the final amount. Abbreviated as HP.

Usage notes

Although originally from the UK, the term and practice is now more widespread and used in Australasia and India.

Synonyms

never-never

Translations

method of purchasing an item

Finnish: osamaksu (fi), osamaksukauppa (fi)
Maori: hoko harangotengote

Thai: เช่าซื้อ (châo-sʉ́ʉ)

See also

installment plan

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