closed-end credit

Definition

Credit which is to be repaid in full (along with any interest and finance charges) by a specified future date. Most real estate and auto loans are closed-end. opposite of revolving line of credit.

Use closed-end credit in a sentence

It was a closed-end credit deal and that meant that I would have to pay it all back in full by that certain date.

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The closed-end credit nature of the relationship between the bank and the individual ensured that both parties would be made whole next year.

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When they are finished signing all of the mortgage documents, the representative went over all the terms and conditions and explained it was a closed-end credit, and would end after the 30 year term.

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