Installment Sales Contract
A retail installment sales contract agreement is a bit different from a loan.
A loan is a transaction between you and the lender where you may use the money to make a large purchase such as an automobile or expensive equipment. Typically, you agree to repay the loan balance plus interest.
On the contrary, an installment sale contract is an agreement between you and the dealer of the vehicle or equipment, whereby you agree to pay the dealer over time. Typically, you pay for the value of the vehicle/equipment plus interest. Note that the dealer can sell the installment sales contract to a lender or third party.