Personal Finance

What is a closed end loan?

Top Answer
User Avatar
Wiki User
Answered 2007-01-23 16:33:41

It's a type of loan that once it's paid off it's closed you can't add on to this loan again.

User Avatar

Your Answer


Still Have Questions?

Related Questions

What is the difference between an open end and closed end loan?

closed end is like a car loan or mortgage where you agree repayments and have a fixed end date. open end is like a credit card ... you pay a minimium repayment each month but it could go on forever

Can you claim closed end loan interest on your taxes?

Outside of a business setting, or home mortgage, No.

What is a Open end mortgage loan?

What is a Open end mortgage loan?

What debt uses collateral against the loan?


Is mortgage an example of closed end credit?

closed-end credit :)

What does it mean to amortize a loan?

bring a loan to an end

Is the head end of a tube the closed end?

The head end of a tube can be the closed end. This depends on what the tube's purpose in the car is.

What is the definition of Loan origination date?

Loan origination date is the date that the loan was started. It may also be called "closed date". The difference between the loan origination date and the loan maturity date is the term of the loan.

Have no bank account need loan?

Its just closed for overdraft

What is the difference between open end and closed questioning?

Open end credit is when a borrower can continue to borrow and pay off in various amounts, such as a credit card. Closed end is when the lender tells the borrower how much they can borrow and a fee schedule is set up which the borrower will pay until the debt is paid off, such as a car loan.

The closed end of an air collumn is?

closed, no hole

Does stumble end in a open or a closed syllable?


Which of the following debt types uses collateral against the loan?


What is the use of closed end mutual funds?

A closed end fund means that an investment company that raises a fixed amount of capital goods, gets is listed and traded on the stock exchange. This word means closed end mutual funds, but closed end fund is short.

Is installment credit considered closed-end credit?

Yes, an installment loan is a perfect example of closed-end credit since the amount must be paid off in full by a specified date in the future. Good examples of installment loans traditionally include: auto loans, mortgages and unsecured personal loans.

What is a closed quiestion?

a closed question is a question that has been ended a question end when it has some kind of punctuation at the end.

What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?

The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.

What terms refers to a large final payment due at the end of a loan?

Balloon Loan

What are the borrower's rights when a lender is requesting additional new documentation on the fourth day after the closing and has not funded the loan?

Not many..A loan is not closed until it has funded..Apparently in your case, you are not dealing with an aboveboard lender or mortgage broker..Unless you do what the lender wants, you will not get the loan..Remember..He/She who has the $$$ makes the rules..After a home loan has closed, a lender can ask you to help correct documentation, but can not change the terms of the transaction.

Do income statement accounts closed at the end of the period?

yes, all accounts must be closed at the end of the period on the income statement

What accounts will be closed to the Capital account at the end of the fiscal year?

Which of the following accounts will be closed to the Capital account at the end of the fiscal year?

What is a stand alone second mortgage?

A stand alone second mortgage is a second loan taken out against your home when you already have 1 loan on it. The only difference is that the second loan was closed at a later time.

Did ricardo quaresma go to a loan to Chelsea?

Yes he has gone on loan until the end of the season.

Can credit life be added to the loan and not paid until the end of the loan?

No it can not be paid at the end of the loan. Credit life is to insure the creditor. If you pass away before the loan is paid credit life will pay off the loan. If there is no cosigner then why would you insure the creditor? There is no advantage to you at all for getting credit life.

What do you call a loan tis obtained by the consumer who keeps the entire amount of the loan for a specific period of time and pays back the loan amount plus interests at the end of the loan period?

term loan:)