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 typically made on a monthly basis. Installment plans are commonly used for larger purchases, such as cars, appliances, or furniture, making it easier for individuals to budget their expenses. Many retailers and financial institutions offer installment plans to help customers afford their purchases. These plans may come with interest or fees, depending on the terms set by the provider. By using an installment plan, consumers can acquire items they need without straining their finances all at once.