Hire Purchase, also known as installment buying or deferred payment, is a widely used term in the modern retail industry. This term refers to a credit agreement, which enables customers to buy products or services in installments, after an initial down payment. In the United States and some other countries, the term "credit sale" is often used instead of hire purchase. Other related synonyms commonly used in the industry include rent-to-own, lease purchase, and installment plan. These terms all generally refer to similar financial agreements that allow customers to spread out payments over a period of time, making larger purchases easier to manage financially.