An initial payment made when something is bought on credit.
More example sentences
- You may need money for down payment only or for down payments and few additional installments too.
- On June 13, the People's Bank of China issued a circular, saying commercial banks should limit lending to real estate developers, beef-up credit management and increase down payments to be paid by buyers of second or luxury homes.
- This money helps first-time home buyers - people with very little income or with limited income - to get down payments to get into houses.
Definition of down payment in:
- The British & World English dictionary