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English definition of “hire purchase”

hire purchase

noun [U]
 
 
UK ( abbreviation HP, US installment plan)
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 paid. The buyer can use the product, but does not legally own it until all payments are made: They bought the car on hire purchase. a hire purchase agreement/contract/deal
(Definition of hire purchase from the Cambridge Business English Dictionary © Cambridge University Press)
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