The types of loans that tend to have a lower interest rate than credit cards and are used for specific purposes such as purchasing a home or car are c. close-end loans.
What are closed-end loans?
Closed-end loans are designed for a particular purpose and are disbursed at once.
Unlike open-end loans, bank loans, or credit union loans, closed-end loans are not re-issued and the debtor is expected to pay back within a specific date.
Thus, the types of loans that tend to have a lower interest rate than credit cards and are used for specific purposes such as purchasing a home or car are c. close-end loans.
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