How much is down payment when buying Kia Carnival car?
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| Kia Carnival Variants | Exshowroom Price | Down Payment |
|---|---|---|
| Kia Carnival Premium 7 STR | ₹ 24,95,000 | ₹ 3,74,250 |
| Kia Carnival Premium 8 STR | ₹ 25,15,000 | ₹ 3,77,250 |
| Kia Carnival Prestige 7 STR | ₹ 28,95,000 | ₹ 4,34,250 |
| Kia Carnival Prestige 9 STR | ₹ 29,95,000 | ₹ 4,49,250 |
| Kia Carnival Limousine 7 STR | ₹ 33,95,000 | ₹ 5,09,250 |
| Kia Carnival Limousine Plus 7 STR | ₹ 33,99,000 | ₹ 5,09,850 |
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.