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Down payment
The amount of cash or net trade-in allowance applied to reduce the cash sales price of a vehicle. Most retail transactions require a down payment of 10 to 15 percent of the amount to be financed. However, the required down payment can be less, depending on your credit standing, ability to repay and other criteria. A down payment helps lower your monthly payment, as well as establish equity in your vehicle.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Automotive
- Category: Automobile
- Company: Toyota
- Product:
- Acronym-Abbreviation:
Other Languages:
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