What is a method where a vehicle is deposited for with the remainder paid in installments?

The correct choice is a hire purchase, which is a method commonly used in the purchase of vehicles and other high-value assets. In a hire purchase agreement, the customer pays an initial deposit on the vehicle and then pays off the remaining balance through scheduled installments over a set period of time. This arrangement allows the customer to effectively "hire" the vehicle for the duration of the payment term, with the option to buy it outright at the end of the agreement by paying any remaining balance. This method is particularly appealing to individuals or businesses that want to spread out the cost of an asset over time, making it more manageable.

In contrast, a finance lease involves leasing a vehicle with the option to purchase it at the end of the lease term, but the lessee does not have the right to own the vehicle until the final payment is made, which can be less straightforward compared to a hire purchase. An operating lease is similar to a rental agreement and does not typically include an option to purchase the asset; instead, the asset is returned at the end of the lease term. A purchase order, on the other hand, is simply a document used in business transactions to request the purchase of goods or services and isn't directly related to financing methods.

Understanding these distinctions