Credit which is to be repaid in full (along with any interest and finance charges) by a specified future date. Most real estate and auto loans are closed-end. opposite of revolving line of credit.
A contract for the loan of a specified amount in which the contract issued tells the amount of purchase, the total finance charge, and the amount of each payment
Closed-end agreements refer to the credited amount that must not be paid before loan maturity. This type of credit includes automobile and real estate loans.
Loans of a fixed amount of money that is advanced at the beginning of the loan term. These loans have set repayment schedules, such as $200 per month for 60 months.
An agreement in which the borrower agrees to pay the loan plus any finance charges in full over a definite period. It usually applies to real estate and automobile loans.
Generally, any loan or credit sale agreement where the amounts advanced and any finance charges, are expected to be repaid in full over a set time. Most real estate, auto and personal loans are closed- end agreements.
Credit for which there is a specific time period during which you will pay back money that is borrowed. The payback period is set at the time of the loan. A car loan is considered closed-end credit.
credit contracts that specify the time period over which the loan or sales contract will be repaid, the total amount due, and the number of payments and due dates on which they fall
An agreement in which advanced credit, plus any finance charges, are expected to be repaid in full over a definite time. Most real estate and automobile loans are closed-end agreements.
Closed-end Credit is a credit that needs to be repaid in full, coupled with the interest and finance charges, within a specified time period. The real estate and auto loans are mostly closed-end credits. It is the complete opposite of the revolving line of credit.
