Installment

/ɪnˈstɔːlmənt/

Meaning & Definition

noun

An installment is a part of a larger payment that is paid at a particular time until the total amount has been paid.

I decided to pay for the new car in monthly installments.

An installment can also refer to one of a series of payments made to settle a debt.

The final installment of the loan is due next month.

An installment may also mean a portion of a book, movie, or television series that is released in parts over time.

The latest installment of the book series was released last week.

In finance, an installment can pertain to a fixed amount of money paid at regular intervals.

Each installment of his student loan is automatically deducted from his account.

Early 19th century: from French 'installement', from 'installer' meaning 'to set up'.

installment plan

A systematic method for paying off a debt in intervals.

pay in installments

To break down a total payment into smaller amounts paid at different times.

first installment

The initial payment made in a series of payments.

amortization

The process of gradually paying off a debt over time.

credit

The ability to borrow money or access goods and services with the understanding of future payment.

debt

An amount of money borrowed by one party from another.

Split payment

I'm putting that phone on split payment.

Paying in chunks

I prefer paying in chunks rather than all at once.