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Is a car loan an example of a perpetuity?
I’m curious, is a car loan an example of a perpetuity?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s a good question, but the answer is no. A perpetuity is a security or bond that pays infinitely.
A
car loan
, on the other hand, is paid until all the money is paid back for the vehicle. A car loan is an example of an installment loan, meaning that regular payments are made until the loan is paid off.To sum it up, a perpetuity lasts forever (think: perpetual) while a car loan has an end date.
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