An installment loan is just a purchase where the debtor takes control of a secured asset (an automobile, for instance), the funds receive for the acquisition regarding the asset, and also the debtor will pay straight back the mortgage in installments or repayments within the term associated with loan.
The number of payments is fixed, as opposed to revolving credit, in which the payments change with the balance (as with a credit card) in an installment loan. (more…)