How much is down payment when buying BMW X1 car?
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| BMW X1 Variants | Exshowroom Price | Down Payment |
|---|---|---|
| BMW X1 sDrive 20d | ₹ 23,90,000 | ₹ 3,58,500 |
| BMW X1 sDrive 20d Exclusive | ₹ 30,99,000 | ₹ 4,64,850 |
| BMW X1 sDrive 18i | ₹ 22,00,000 | ₹ 3,30,000 |
| BMW X1 sDrive20d | ₹ 36,99,000 | ₹ 5,54,850 |
| BMW X1 sDrive20d Sport Line | ₹ 40,99,000 | ₹ 6,14,850 |
| BMW X1 sDrive20d xLine | ₹ 34,99,000 | ₹ 5,24,850 |
Down Payment is nothing but a type of payment made in cash during the onset of the purchase of an expensive good/service. The payment typically represents only a percentage of the full purchase price; in some cases it is not refundable if the deal falls through. Financing arrangements are made by the purchaser to cover the remaining amount owed to the seller. Making a down payment and then paying the rest of the price through installments is a method that makes expensive assets more affordable for the typical person. For example, because houses are extremely expensive assets, home buyers typically pay down payments that equal 5-25% of the total value of a home. The remaining 75-95% of the price will be covered by a bank or other financial institutions through a mortgage loan. The main purposes of a down payment are to ensure that the lending institution has enough capital to create money for a loan in fractional reserve banking systems and to recover some of the balance due on the loan in the event that the borrower defaults.