▶ noun INSTALMENT PLAN, deferred payment, HP, credit, finance, easy terms; Brit. informal the never-never.
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noun [noncount]
Brit : ↑installment plan
They bought the furniture on hire purchase.
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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
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a hire purchase agreement
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We're buying a new cooker
on hire purchase.
See also: ↑installment plan
Example Bank:
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We offer very generous hire purchase terms.
Useful english dictionary. 2012.