installment plan
Definition
Noun: A method of purchasing goods or services where the buyer makes a series of scheduled, partial payments over time, rather than paying the full price immediately at the point of sale. The buyer typically receives the goods at the start of the payment period.
Usage
The "installment plan" is the financial agreement itself. It is commonly used when discussing consumer purchases for items like furniture, electronics, or appliances. - It is often used with verbs like offer, use, pay on, or set up. - It is typically preceded by the preposition on (e.g., on an installment plan).
Examples
- The store offered an installment plan with no interest for the first year.
- They bought the new sofa on an installment plan, making monthly payments.
- Many customers prefer to use an installment plan for large purchases.
Advanced Usage
- "to be on an installment plan": To be in the process of paying for something through this method.
- My car is still on an installment plan; I have 18 more payments to make.
Variants and Related Words
- Installment payment (n): An individual payment within the overall plan.
- His next installment payment is due on the first of the month.
- Financing (n): A broader term for providing funds for a purchase, which can include installment plans.
- Layaway (n): A different system where the item is held by the store until fully paid for, after which the buyer takes it home. Contrast with an installment plan, where the buyer receives the item first.
Synonyms
- Hire purchase (chiefly British English): A system very similar to an installment plan.
- Credit agreement: A more formal, general term.
- Payment plan: A broader term that can include installment plans.
Related Phrases
- Buy now, pay later: A common marketing phrase for services that include installment plans.
- Deferred payment: A general term for delaying full payment.
Noun
-
a system for paying for goods by installments
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