The type of credit the consumer is using to pay off a car loan with monthly payments of $250 is non-revolving credit. Non-revolving credit is typically associated with installment loans, where the borrower pays back a fixed amount over time until the loan is paid off.
If a consumer makes monthly payments of $250 to pay off a car loan, what type of credit is she using?
(1 point)
Responses
non-revolving
non-revolving
revolving
revolving
short term
short term
unsecured
1 answer