USA HISTORY

Detailed explanation-1: -Hire purchase is an arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in installments.

Detailed explanation-2: -A down payment is an initial non-refundable payment that is paid upfront for purchasing a high-priced item – such as a car or a house – and the remaining payment is paid by obtaining a loan from a bank or financial institution.

Detailed explanation-3: -You may have heard that a down payment should be 20% of a home’s purchase price, and while it does have advantages, it’s not necessary. A Federal Housing Administration (FHA) Mortgage has a minimum down payment of only 3.5%. It’s available to all qualified buyers, regardless of income level.

Detailed explanation-4: -Down payment (also called a deposit in British English), is an initial up-front partial payment for the purchase of expensive items/services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction.

Detailed explanation-5: -A down payment is money you put down on a large purchase, such as a car or home, while financing the rest. Making a large down payment can reduce your overall interest charges, lower your monthly payment, and perhaps even score you a better interest rate.