Down Payment (Noun)
Meaning
A partial payment made at the time of purchase; the balance to be paid later.
Classification
Nouns denoting possession and transfer of possession.
Examples
- She made a down payment on her new car and took out a loan to cover the remaining balance.
- The bank required a substantial down payment to secure the mortgage for her dream home.
- To purchase the house, they were asked for a down payment and had to sign a mortgage agreement.
- After months of saving, they finally made the down payment on their new apartment.
- As part of the contract, the buyer agreed to pay the seller a down payment and the remaining amount in installments.