ELI5: Explain Like I'm 5

Hire purchase

Hire purchase is like when you borrow something from someone else, but you have to pay them back in stages over time. It's like when you take something out of a toy shop and you choose to pay the shop in parts, like 10 payments of 10 dollars each time. You get to keep the toy while you are paying it back and then when you have paid all of the payments you have officially bought it and it's yours!