Installment Buying

Installment buying is a purchasing method where a buyer agrees to pay for an item in multiple payments over time, instead of paying the full price upfront. This approach is commonly used for big-ticket items like cars or appliances. The buyer typically makes an initial down payment, followed by regular monthly payments that may include interest or fees. This option can make expensive items more accessible by spreading the cost out, but it's important for buyers to understand the total amount they will pay, including any additional charges, before committing to an installment plan.