hire system
Noun (countable, usually singular):
The "hire system" refers to a commercial arrangement in which a person can use an item (such as furniture, appliances, or a vehicle) by paying a regular fee, with the option to eventually own the item after completing a specified number of payments. This is also known as "hire purchase" or "rent-to-own."
- (They rent the item with the goal of owning it after making all payments.)
- (Ownership transfers only after the last installment.)
- (The arrangement makes large purchases more manageable.)
"to buy on the hire system": to acquire goods through this payment plan.
- She bought a new washing machine on the hire system. (She agreed to pay in installments over time.)
"hire system agreement": a legal contract outlining the terms of the hire purchase.
- The hire system agreement clearly states the monthly payment amount and the total cost. (The contract specifies all conditions.)
Hire purchase (n): a synonym for the hire system, especially common in British English.
- Hire purchase is a type of credit where the buyer pays in installments. (A formal term for the same arrangement.)
Rent-to-own (adj/n): a similar system, often used for household goods or electronics.
- The rent-to-own plan lets you use a laptop while paying toward ownership. (A practical alternative.)
- Installment plan: a payment method where the buyer pays in regular parts.
- Deferred payment: a system where payment is delayed and spread over time.
- Lease-to-own: a contract allowing use of an item with an option to buy later.
"Ownership on the never-never" (informal, British): refers to buying on the hire system, implying that ownership is always postponed.
- He bought his sofa on the never-never. (He used the hire system to purchase it.)
"Pay as you go" (contrasting idiom): to pay for something immediately rather than over time.
- With the hire system, you don't pay as you go; you spread the cost. (It is the opposite of immediate payment.)