An installment purchase agreement refers to a contract between a buyer and a seller where the former buys an item but makes the payment in installments, that is, instead of paying the whole amount at one time, he makes regular payments of smaller amounts till the total amount is reached. This option is offered by sellers of expensive goods like vehicles as buyers may not have the whole amount with him at the time of purchase.
The agreement agrees on time duration within which the payment is to be made and also the installment amount so that the seller knows how much money he can expect from the buyer every month. This eases the pressure off the buyer as he does not have to arrange the money at the time of purchase and can use the item although he has not paid the whole amount. If he cannot pay the total amount, the seller will reclaim the item.
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