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    Credit term

    Installment loan

    An installment loan is a fixed loan you repay in equal payments, like an auto loan or mortgage.

    How it shows up on your credit report

    INSTALLMENTINSTALLMENT ACCOUNT

    Unlike a credit card, an installment loan has a set amount and a set payment over a set term. Auto loans, student loans, and mortgages are installment accounts. A healthy mix of revolving and installment credit can help your score.

    Not sure how this affects your score? We'll walk through your report with you.

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    Related terms

    Revolving credit

    Revolving credit is an account like a credit card where the balance and payment can change month to month.

    WFDS

    WFDS stands for Wells Fargo Dealer Services — the auto-loan arm of Wells Fargo.

    Back to the full glossary