Most loans require the borrower to place a reasonable down payment. Leases generally do require an initial down payment, beyond the first and last monthly payment.

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Leases often require an initial payment at the signing, but this is not always as substantial as a down payment for a loan. The initial lease payment can include the first month's payment, a security deposit, acquisition fee, and possibly a down payment, but the total upfront cost can be less than a typical loan down payment.

Most Loans Require the Borrower to Place a Reasonable Down