instalment creditor hire purchase
instalment creditor hire purchasea contractual means of purchasing a product over an extended period of time using a CREDIT facility provided either by a financial institution such as a FINANCE HOUSE, or by the firm selling the product concerned. An initial down payment is usually required followed by monthly fixed payments (including interest charges) for a specified period. See MONETARY POLICY, CONSUMER CREDIT ACT 1974.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson