Definition

Noun: A system for buying expensive goods where the buyer makes a series of regular payments (installments) over time while using the item. The buyer only gains full ownership of the item after the final payment is made. If payments are stopped, the seller can usually repossess the item.

Usage

"Hire-purchase" is used as a noun, typically in British English, to describe the financial agreement or the system itself. It is often used with prepositions like on.

Examples

• We bought the new sofa on hire-purchase.
• Hire-purchase agreements often include an option fee.
• Many people use hire-purchase to afford cars and appliances.

Advanced Usage

• "to buy something on hire-purchase": This is the most common construction, meaning to acquire an item using this payment system.
• "a hire-purchase agreement/contract": Refers to the formal legal document outlining the terms of the purchase.

Variants and Related Words

• Installment plan (noun, chiefly North American): The common equivalent term in American English.
• Credit agreement (noun): A broader term for any agreement to buy now and pay later.
• The never-never (noun, informal, chiefly British): A colloquial and humorous term for hire-purchase, as seen in the reference example ("...on the never-never").

Synonyms

• Installment plan
• Credit purchase
• Layaway (Note: In some regions, "layaway" implies the item is held by the seller until fully paid, not used during payment.)

Antonyms

• Outright purchase
• Cash purchase

Related Idioms/Phrases

• On the never-never: (Informal, British) Buying something on hire-purchase.
  • They're living on the never-never, with a car and furniture all on credit.

Noun

1. installment plan
   • we bought a car on the never-never