To hire means either to employ somebody for wages or  obtain something temporarily for which the borrower pays  money. As a noun, it can mean the act of taking on a worker,  borrowing something for money, or an employee. For  example, if I say “Our new hires work there,” it means our  new employees work there. 

According to the Oxford Living Dictionaries, as a verb, the  term means to: 

“1. Obtain the temporary use of (something) for an agreed  payment. 

2. Grant the temporary use of something for an agreed  payment.

3. Employ (someone) for wages.

4. Employ for a short time to  do a particular job.”

Although ‘renting’ and ‘hiring’ have very similar meanings,  they are not the same. 

In the United States, people use ‘renting’ for objects and  ‘hiring’ for people. Hence, the phrases “I am hiring an  attorney,” and “I am renting a house.” 

In British English, hiring is something people do only with  things that they can move around. For example, I can hire a  bicycle, boat, or car. Boats, cars, and bicycles are  transportable. 

Hire purchase is an arrangement whereby somebody can buy  an asset by paying a deposit plus monthly installments. The  term is common in the United Kingdom. 

In the US, people call it an ‘installment plan.’ People also  refer to this arrangement as ‘rent to own‘ or ‘closed-end  leasing.’ 

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