With closed-end credit,loans are made on a continuous basis and you make at least a partial payment each billing period.

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Closed-end credit refers to loans where a specific amount of money is borrowed and repaid over a fixed period of time with a set payment schedule. Examples include car loans, mortgages, and personal loans. In contrast, with open-end credit, also known as revolving credit, loans are made on a continuous basis (e.g. credit cards) and payments are made based on the balance owed each billing period.

With Closed-End Credit,loans Are Made on a Continuous Basis and You