Business Terms and Jargon Explained

What is Balloon Payment

Is the final payment on a lease purchase agreement you pay to own the goods. If you buy a car, the final payment means that you own the car. You may however sell the car to pay this last balloon payment. Any excess is our to keep but if there is a short fall on the amount you will have to pay the difference to the finance company.

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Term created / updated 2006-04-24 11:44:19

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