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Close-End Credit |
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Close-end credit 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. Close-End Credit A loan agreement in which the lender expects the entirety of the loan, including principal, interest, and other charges, to be paid in full by a stated due date. For example, in an automotive loan, the lender might extend credit for five years; the borrower must completely satisfy the terms of the loan in that period of time. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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