A down payment is an initial payment made when purchasing a big-ticket item, often an expensive item. It is a percentage of the total purchase price, and the remaining amount is typically financed through a loan or mortgage.
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For example, when buying an item in large quantity, a down payment is usually required by the mortgage lender. This payment is a percentage of the item’s purchase price, and the size of the down payment can vary.
The purpose of a down payment is to reduce the risk for the lender and to demonstrate the buyer’s commitment to the purchase. A larger down payment often results in more favorable loan terms, such as lower interest rates and monthly payments. #odoofunctionalvideos
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