Simple language in which to explain hire purchase?

Question: Simple language in which to explain hire purchase?

Hire purchase is a method of buying goods through an initial down payment and subsequent installments. Imagine you want to buy a refrigerator but can't pay the full price upfront. With hire purchase, you make a small initial payment and take the refrigerator home. Then, over time, you pay off the remaining amount in smaller, manageable parts, which include some interest. You get to use the fridge from day one, but it only becomes fully yours after the last payment. If you decide not to continue with the payments, you can return the fridge, but you won't own it unless you complete all the payments. This system is helpful for people who need items immediately but prefer to spread the cost over time.

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