These resources are brought to you by the Cooperative Extension System and your Local Institution

Personal Finance Home

Installment Loan

Last Updated: November 15, 2006

View as web page


An amount of money that is borrowed to buy things such as a house, car, or appliance. Loans are typically repaid in equal monthly amounts, such as a 36-month loan to buy a car. The longer the repayment period, the lower the monthly payment but the greater the total interest cost.

Browse related Articles by tag: personal finance, financial security: consumer credit, glossary, financial security: financial planning process, financial security: home ownership


Have a specific question? Try asking one of our Experts

Unlike most other resources on the web, we have experts from Universities around the country ready to answer your questions.


View this page: