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Down Payment Definition – investopedia.com
https://www.investopedia.com/terms/d/down_payment.asp
A down payment is money paid upfront in a financial transaction, such as the purchase of a home or car. Buyers often take out loans to finance the remainder of the purchase price.
Down payment Definition & Meaning – Merriam-Webster
https://www.merriam-webster.com/dictionary/down%20payment
Definition of down payment : a part of the full price paid at the time of purchase or delivery with the balance to be paid later broadly : the first step in a process Examples of down payment in a Sentence
FAQ down payment meaning
What does make a down payment mean?
a payment of part of the total cost of something that you make when you buy it. The rest of the cost is usually paid over a period of time: make/put a down payment on sth I've put a down payment on a new TV. He proposes to pay a down payment of e550 and the remainder the next morning.
What is the difference between down payment and deposit?
down payment - a partial payment made at the time of purchase; the balance to be paid later. deposit. payment - a sum of money paid or a claim discharged.
What are the benefits of having a down payment?
A down payment helps the buyer to obtain ownership of the property or vehicle and also helps them to reduce the monthly payment towards the mortgage principal and interest. The buyer can get a lower interest rate by paying a higher down payment.
Is a down payment on a car refundable?
Down payments on car purchases work similarly. In some cases, the down payment is not refundable if the deal falls through because of the purchaser. A down payment may also be referred to as a deposit, especially in England, where 0% to 5% deposit mortgages for home buyers are not uncommon.
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