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English definition of “hire purchase”

hire purchase

noun [U] uk   UK (abbreviation HP, US installment plan) us  
a method of paying for something in which the buyer pays part of the cost immediately and then makes small regular payments until the debt is completely paidRenting, hiring and hire purchase in general Mortgages and real estateRenting property
(Definition of hire purchase from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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