An Instalment agreement means a sale of movable property where the payment
of the full price of the goods is delayed and is to be paid out in regular
payments over an extended and agreed period. The possession and use of the
property is immediately transferred to the buyer, however, the seller remains
the owner of the property and ownership only passes to the buyer on full and
final payment of the price of the goods and when all the terms of the agreement
have been met.
A lease agreement gives you the right to use an asset for an agreed period.
During the agreed period of the lease you are obliged to make payments for the
use of the asset as set out in the lease agreement. At the end of the lease, you
can either extend the lease or take ownership of the asset. If you choose to take
ownership of the asset, there may be a final payment required depending on the
terms of your lease agreement.