The lowest expected monthly payment and the highest expected total
interest payments will be $0 down payment, 6% interest, 84 months.
What is down payment?
In a financial transaction, such as the purchase of a property or car, a down payment is cash given up ahead.
Loans are frequently obtained by buyers to cover the remaining balance of the purchase price.
The more money the buyer puts down, the less they'll need to borrow to complete the deal, the lower their monthly payments, and the less interest they'll end up paying overall.
Lenders may ask for down payments of 0% or even 50%, depending on the borrower and the type of transaction.
A down payment on a property is a typical illustration of a down payment. The down payment for a home can range from 5% to 25%, with the remaining amount being covered by a mortgage obtained from a bank or another financial institution.
Car down payments function similarly.
The down payment may not always be refunded if the buyer causes the contract to fall through.
