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Down Payment |
Also found in: Dictionary/thesaurus, Wikipedia | 0.29 sec. |
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A percentage of the total purchase price of an item that is proffered when the item is bought on credit. In an installment sales agreement, a buyer is required to pay part of the total price, usually in cash, and later pays the balance through a number of regularly scheduled payments. A down payment is sometimes known as earnest money, or a sum of money that a buyer pays upon entering a contract to indicate a Good Faith intention as well as an ability to pay the balance. |
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? References in periodicals archive |
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From down payment assistance plans to credit workshops, home buying initiatives are sprouting up everywhere. IT entrepreneur, Siva Tayi, has just made real estate history--by using his credit card to plop down a $240,000 down payment for his new condo at The Monian Group's brand new Atelier on the Far West Side. With VA guaranteeing a portion of the loan, veterans can receive a competitive interest rate without making a down payment, making it easier to buy a home. |
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Down Payment
