Closed-End Loan
Banking
Generally, any loan in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date. Most real estate and automobile loans are closed-end agreements.
- — Dictionary of Banking Terms and Phrases
- — Dictionary of Banking Terms and Phrases retrieved 2014-05-16
Personal Finance
Generally, any loan in which the amount given to the borrower, plus any finance charges, is expected to be repaid in full by a specified date. Most real estate and automobile loans are closed-end loans.
- — Pocket Cents Glossary retrieved 2014-05-16