hire purchase 
noun [mass noun] British
A system by which one pays for a thing in regular instalments while having the use of it.Taking out an unsecured personal loan or hire purchase are the two traditional ways of funding a new car purchase....
- This represents Britain's credit card, hire purchase and loan companies, which between them control about one third of British consumer debt.
- This is typically offered when a consumer borrows: be it mortgage, a personal or car loan, hire purchase agreement or credit card.
Synonyms
instalment plan, instalment-payment plan, HP, credit, finance, instalments, deferred payment, easy terms;
North American instalment buying
British informal the never-never