Which of the following is a characteristic of an installment loan?

There is an introductory period where no interest is accrued.
The item purchased is used as collateral until the balance is paid in full.
A down payment is always required.
It is commonly referred to as a “buy now, pay later” plan.

Question

Which of the following is a characteristic of an installment loan?

    There is an introductory period where no interest is accrued.
    The item purchased is used as collateral until the balance is paid in full.
    A down payment is always required.
    It is commonly referred to as a “buy now, pay later” plan.

anonymous · Answer

down payment is always required !

anonymous · Answer

down payment is always required