Closed-End Loan
A closed-end loan is a loan, as an auto loan, with fixed terms and a specified date that the debtor must repay the entire loan and interest. These loans are normally disbursed all at once in order for the debtor to buy or achieve a specific thing, and often, the creditor gains rights to possess the item if the debtor fails to repay the loan. A closed-end loan is contrasted with an open-ended loan where the debtor borrows multiple times without a specified repayment date like with a credit card. Examples of closed-end loans include a home mortgage loan, a car loan, or a loan for appliances.
Collins COBUILD Key Words for Finance. HarperCollins Publishers Retrieved from: https://www.collinsdictionary.com/dictionary/english/closed-end-loan
Cornell Law School. Wex Definitions Team, a group of Cornell Law Students. Retrieved from: https://www.law.cornell.edu/wex/closed-end_loan