How much is down payment when buying Mahindra XUV500 car?
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| Mahindra XUV500 Variants | Exshowroom Price | Down Payment |
|---|---|---|
| Mahindra XUV500 W9 | ₹ 17,21,418 | ₹ 2,58,213 |
| Mahindra XUV500 W9 AT | ₹ 16,80,225 | ₹ 2,52,034 |
| Mahindra XUV500 W5 | ₹ 14,15,993 | ₹ 2,12,399 |
| Mahindra XUV500 W7 | ₹ 15,46,554 | ₹ 2,31,984 |
| Mahindra XUV500 W11 Opt | ₹ 18,77,576 | ₹ 2,81,637 |
| Mahindra XUV500 W11 Opt AT | ₹ 19,10,000 | ₹ 2,86,500 |
| Mahindra XUV500 W7 AT | ₹ 15,86,000 | ₹ 2,37,900 |
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.