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Closed-end credit : ウィキペディア英語版 | Closed-end credit
Closed-end credit is a type of credit that should be repaid in full amount by the end of the term, by a specified date. The repayment includes all the interests and financial charges agreed at the signing of the credit agreement. Closed-end credits include all kinds of mortgage lending and car loans. == Types ==
In case of mortgages the total is divided into monthly installments so that a person should repay certain amounts of principal plus interest. After the last repayment is made the right for the property is transferred to the borrower. The same scheme refers to an auto loan. It is extended for a fixed period during which a person makes repayments. The latter also includes principal and interest and a borrower gains the right for a vehicle as soon as the final repayment is made. However, closed-end credits of auto type differ from the mortgage ones as they are considerably shorter and in the majority of cases have got fixed interest rates.
抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)』 ■ウィキペディアで「Closed-end credit」の詳細全文を読む
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