Meaning of the word "down payment" in English

What does "down payment" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

down payment

US /ˈdaʊn ˌpeɪ.mənt/
UK /ˈdaʊn ˌpeɪ.mənt/
"down payment" picture

Noun

1.

an initial payment made when something is bought on credit

Example:
We made a down payment on the new car.
How much is the down payment for this house?
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