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Installment Closed-End Credit. Installment closed-end credit allows the consumer to receive a certain amount of credit to purchase one item or a few goods. One type of installment closed-end credit is a car loan. The car company offers the consumer credit to buy the car. The credit does not extend beyond the sales price of 

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Definition of closed-end loan: Common type of consumer installment loan where (in contrast to an open-end loan) the borrower cannot change the (1) number and amount of installments, (2) maturity date, and/or (3) credit terms. Also