A term loan gives you a set amount of money upfront that you repay over a fixed period with regular payments.
A term loan is credit disbursed as a lump sum and repaid over a defined term according to a fixed schedule, typically used to finance capital assets.
Term loans match longer-lived purchases like land or equipment, spreading the cost over years rather than a single season.
Financing a combine over several years with set monthly payments is a term loan.
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