hire purchase
Pay while owning
Hire purchase is a payment arrangement where a buyer takes possession of goods immediately but pays in installments over time, with full ownership transferring only after the final payment.
Common in British English for financing cars, appliances, and furniture: We got the washing machine on hire purchase.
American English typically uses "installment plan" or "rent-to-own."
Periodic payment arrangement
- payment planArranged installment schedule
- down paymentInitial sum toward purchase
- monthly paymentRecurring scheduled remittance
- amortizationGradual debt reduction schedule
deferred payment · rent-to-own · layaway · lease-to-own · buy now pay later · consumer credit · credit sale · store credit
Giving back what's owed
- arrearsOverdue financial obligations
- defaultPreset standard option
- creditorOne owed money
- debtorOne who owes
liability · overdue · penalty · collection · dunning · repossession · outstanding balance · late fee
Yearly borrowing cost
- finance chargeCost of borrowing money
- interest rateCost of borrowing money
- flat rateUnchanging price regardless of quantity
- compound interestReturns on reinvested earnings
usury · interest-free · promotional rate · variable rate · fixed rate
Movable room objects
- appliancesPowered household equipment
- electronicsStudy of circuits
- vehiclesMachines for transportation
- machineryCollective mechanical equipment
white goods · durable goods · big-ticket items · household goods · equipment · affordability · budgeting · retail
State of owning
installment plan
Periodic payment arrangement
- payment planArranged installment schedule
- down paymentInitial sum toward purchase
- monthly paymentRecurring scheduled remittance
amortization · deferred payment · rent-to-own · layaway · lease-to-own · buy now pay later · consumer credit · credit sale · store credit · easy payments
repayment
Giving back what's owed
debtor · liability · overdue · penalty · collection · dunning · repossession · outstanding balance · late fee · write-off
APR
Yearly borrowing cost
- finance chargeCost of borrowing money
- interest rateCost of borrowing money
- flat rateUnchanging price regardless of quantity
compound interest · usury · interest-free · promotional rate · variable rate · fixed rate
furniture
Movable room objects
- appliancesPowered household equipment
- electronicsStudy of circuits
- vehiclesMachines for transportation
machinery · white goods · durable goods · big-ticket items · household goods · equipment · affordability · budgeting · retail · showroom
possession
State of owning
- fundingfunding, grant, loan, grants, venture capital
- property transfertransfer of ownership, title, property transfer, lease, conveyance
- asset financeleasing, sale-leaseback, chattel mortgage, collateral loans, residual value
- loansloan, loans, lend, borrow, auto loans
- salessale, sales, selling, salesperson, salesman
- creditcredit card, credit score, credit limit, credit cards, credit scores
hire purchasecash payment
Transaction using physical currency
lump sum payment · upfront payment · cash on delivery · one-time payment · prepayment
hire, purchase, hires, hired, hiring, hirer, hireling, purchases, purchased