You are correct, implicit formulations are iterative and explicit are non-iterative. However, if you are solving a transient problem, I'd recommend you use an explicit formulation as opposed to implicit. It tends to show better numerical accuracy when compared to implicit for time-dependent solution. Here is what the Users Guide says (section 24.2.2, v18.2)
In addition to this, implicit scheme tends to be numerically diffusive (especially with first order transient formulation) compared to explicit.
I hope this answers you question.
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