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.

Respuesta :

In my view this option is a perfect characteristic of an installment loan: The item purchased is used as collateral until the balance is paid in full.