What is another word for installment plan?

Pronunciation: [ɪnstˈɔːlmənt plˈan] (IPA)

An installment plan, also known as a payment scheme, payment plan, or credit plan, refers to a method of paying off a debt or purchase whereby the amount is split into smaller, regular payments over a certain period. Other synonyms for installment plan include deferred payment, hire-purchase, layaway, and easy payment scheme. Deferred payment is when payments are postponed to a later date. Hire-purchase is a type of installment plan that allows the buyer to pay for a product in installments until they own it outright. Layaway is a payment plan where the product is reserved until it is paid off. Easy payment schemes are installment plans that have more lenient payment terms and conditions.

Famous quotes with Installment plan

  • No one knows his true character until he has run out of gas, purchased something on the installment plan and raised an adolescent.
    Marcelene Cox
  • I have said, with respect to authorization bills, that I do not want the Congress or the country to commit fiscal suicide on the installment plan.
    Everett Dirksen
  • A nation or civilization that continues to produce soft-minded men purchases its own spiritual death on the installment plan.
    Martin Luther King, Jr.
  • Banks introduced the installment plan. The disappearance of cash and the coming of the credit card changed the shape of life in the United States.
    Jerzy Kosinski
  • By working hard we could make an average of about $5 a week. We would have made more but had to provide our own machines, which cost us $45, we paying for them on the installment plan. We paid $5 down and $1 a month after that.
    Rose Schneiderman

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