How much is down payment when buying Jeep Grand Cherokee car?
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| Jeep Grand Cherokee Variants | Exshowroom Price | Down Payment |
|---|---|---|
| Jeep Grand Cherokee Limited | ₹ 93,64,000 | ₹ 14,04,600 |
| Jeep Grand Cherokee Summit | ₹ 1,03,00,000 | ₹ 15,45,000 |
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.