Definition, Meaning & Synonyms
installment-plan
noun
/ɪnˈstɔlmənt plæn/
Definition
A method of paying for something over time, where the total amount is divided into smaller payments, known as installments.
Examples
- The car dealership offered an installment plan to make buying a vehicle more affordable.
- Many retail stores provide the option of an installment plan for expensive items.
Meaning
An installment plan allows customers to make purchases and pay for them gradually instead of paying the full amount upfront.
Synonyms
- payment plan
- installment system
- financing plan
