Learn English – Word for expressing a purchase by installment

single-word-requests

I'm wondering how can you ask a store for splitting the price of a good in parts and then paying it in some fixed intervals? I'm looking for something that's casual and not too formal.

I searched online and found some words which I provide in the following. But I'm doubting they might be very country/case specific.

  1. financing
  2. time plan
  3. installment plan (may work, but sounds very formal)
  4. hire purchase

Could you please elaborate as a native speaker?

Best Answer

Many popular department stores (e.g. Sears, Walmart, Kmart) offer Layaway services or plans for buying merchandise. Layaway programs were originally intended for people who wish to pay for their purchases in cash only, rather than on credit cards. I'm not sure if they still work strictly that way although this article from the Balance seems to suggest it:

Layaway is growing in popularity with stores and shoppers as a budget-friendly alternative to buying with credit cards. What was once an option for cash-only customers during the 1970s, layaway programs are getting a good dusting off with more current trends like confusing fees, cancellation charges, and shorter pickup dates. It is still a great option for shoppers who prefer to pay cash and want to break up the payments, but it is important to know how much it will really cost.

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