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down payment |
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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. down payment noun collateral, deposit, installment, payment, retainer, stake, surety See also: deposit, handsel, installment Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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