Definition of Installment loan:
Consumer or business loan (such as for a vehicle, vacation, or equipment) in which the principal and interest are repaid in equal installments at fixed intervals (usually every month). These loans are commonly secured by the item purchased or by the personal property (excluding real estate) of the borrower. Also called installment credit.
How to use Installment loan in a sentence?
- The installment loan was going to become due and mature in the following year so we began planning our budget accordingly.
- I could not move forward in the company until I paid back my installment loan to the people that lent it to me and that was due soon.
- We bought a car on an installment loan to be paid at $400 a month for 5 years, with payments due on the first of every month.
Meaning of Installment loan & Installment loan Definition