hire purchasehire purchase
Brit. installment plan
Purchase of an item on an installment plan.
(plural hire purchases)
- (UK) 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.
- Although originally from the UK, the term and practice is now more widespread and used in Australasia and India.
- Alternative spelling of hire purchase.