long-term loan

Definition

A type of loan that has an extended time period for repayment usually lasting between three and 30 years. Car loans and home mortgages are examples of long-term loans.

Use long-term loan in a sentence

You should always shop around for the best rate any time you are going to take on a long-term loan.

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While they weren't thrilled about taking on another long-term loan, they knew they needed somewhere to live, and needed to have a car.

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She expected it would be a number of years before her business was firmly established, moreover she did not want to worry about the hassle of a balloon payment, so she opted instead for a long-term loan.

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