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What Is an Installment Loan?

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Part of the video series: Loan Information

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Summary: An installment loan is a type of close-ended mortgage or loan that has been set on a specific term of repayment. Discover why installment loans differed from open-ended loans with help from a financial specialist in this free video on loans and money management.

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By Matthew McKillen
eHow Presenter

Contact: http://www.excelmortgage.com/

Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more

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"Hi, this is Matt McKillen with Innovative Financial Group. The question posed to me is, "What is an installment loan"? There are generally two types of financing out there on loans; it's either an open-end loan or there's what's called a close-end. An installment loan is basically the close-end type of mortgage or loan. What it means is that your loan has been set on a specific term of repayment. It's basically been amortized to payoff in a certain amount of time, whether it'd be five years or three years or thirty years. You know that if you make the minimum monthly payment and, and do that amount of installments or little life of that loan, that by the end of it, the loan will be a zero balance. The open-ended loans which are the opposite for example would be like a credit card account or home equity line of credit. You're just paying the interest every month as a minimum payment, if you choose to do so and there is no set term of repayment. So the difference again is that in installment loan, that's generally close-end and a set to repay in a specific amount of time versus the open-ended which will not payoff unless you aggressively paid on the principle. My name is Matt McKillen; I'm with Innovative Financial Group."

eHow Article: What Is an Installment Loan?