From Longman Dictionary of Contemporary Englishdown paymentˌdown ˈpayment noun [countable] BFa payment you make when you buy something that is only part of the full price, with the rest to be paid later We’ve almost got enough money to make a down payment on a house.
Examples from the Corpus
down payment• With a $ 10,000 down payment, the mortgage loan is $ 90,000.• For Gianjin Hu and his family, it took nearly five years to save enough money for a down payment.• Would it be wiser to use a more conventional vehicle for a down payment?• Lenders typically require a higher down payment and may charge other fees.• The Military Assistance Program of 1949 was, obviously, only a small down payment on a large long-term investment.From Longman Business Dictionarydown paymentˌdown ˈpayment [countable]FINANCE the first payment made in the repayment of a large debt, such as a mortgageThe mortgage company reduced to 5% the minimum down payment that first-time homebuyers must make.Unsecured creditors should agree to accept a down payment of around 35p in the pound. → payment 