An installment plan is a payment method that allows consumers to pay for a product or service over time, rather than in a single lump sum. This approach divides the total cost into smaller, manageable payments, which are made at regular intervals, such as monthly. Installment plans are commonly used for larger purchases, like cars or appliances, making them more affordable for buyers. Many retailers and financial institutions offer installment plans to help customers manage their budgets. These plans may include interest charges, depending on the terms agreed upon. Overall, installment plans provide flexibility and ease for consumers looking to make significant purchases without immediate financial strain.