How Are Bi-Weekly Payments Calculated?

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How are Bi-Weekly payments Calculated?

The bi-weekly payments shown on our website are based on the selling price (either the 'web price' or 'sale/special price'), including 13% Harmonized Sales Tax (HST), as the amount financed.

All payments are calculated with $0 down at a fixed interest rate from 4.99% to 7.99% dependent on the amount financed (see APR below).

The term and amortization are dependent on the model year of the RV to be financed (see Term and Amortization below).

Annual Percentage Rate (APR)

The financing rates vary depending on the amount being financed, model year and credit rating. The minimum amount considered for financing is $7500 (including HST).

On our website, this is the percentage preceding APR, illustrated in bold here:

  • $0 down @ 5.99% APR for 60/240 months OAC.

Rates Used For Calculating Payments On Our Website:

  • $7,500 to $9,999 = 8.99%
  • $10,000 to $19,999 = 6.99%
  • $20,000 to $79,999 = 6.59%
  • $80,000 to $99,999 = 5.99%
  • $100,000 & above = 5.59%

The rates described above are used to provide estimated bi-weekly payments on our website and are typical for the amounts financed and the age of the unit.  They are not guaranteed.  You may qualify for lower rates!  You can apply for pre-approval using our online credit application.

Term

A 60-month fixed-rate term is used in calculating payments until a unit is 15-years or older. For every year a model is older than 15-years from the current model year, 12-months are removed from the term. Future model year product is considered the current year for financing.

On our website, the term is the first number preceding months, illustrated in bold here:

  • $0 down @ 5.99% for 60/240 months OAC.

Terms:

  • 0 to 15 Years: 60-month term
  • 16 Years: 48-month term
  • 17 Years: 36-month term
  • 18 Years: 24-month term
  • 19 Years: 12-month term
  • 20+ Years: N/A

Amortization

The maximum amortization is determined by comparing the product model year against the current year and obtaining the difference. For each year a model is older than the current model year, one year is removed from the maximum amortization of 20 years. Future model year product is considered the current year for financing.

On our website, the amortization is the second number preceding months, illustrated in bold here:

  • $0 down @ 5.99% APR for 60/240 months OAC.

Term & Amortization Table

Model YearTerm (in months)Amortization (in months)
2019/202060240
201860228
201760216
201660204
201560192
201460180
201360168
201260156
201160144
201060132
200960120
200860108
20076096
20066084
20056072
20046060
20034848
20023636
20012424
20001212

Minimum Bi-Weekly Payments

If a payment is below $48 bi-weekly, the amortization will be reduced one year from the maximum amortization period until the payment is at or above $48.

Notice

Rates on O.A.C. are subject to change without notice. Bi-Weekly payments shown do not include applicable bank or licensing fees.

Example Bi-Weekly Payment

Example bi-weekly payment for a current model year RV using a 5.99% APR with a 5 year term over a 20 year amortization.

On our website, this appears as:

  • $0 down @ 5.99% APR for 60/240 months OAC
RV Price$30,000
+ HST3,900
Subtotal$33,900
Down Payment$0
Finance Amount$33,900
Bi-Weekly Payment$112
  
Principal Balance$28,825
Cost of Borrowing$9,430

* The principal balance remaining and cost of borrowing illustrated reflect making minimum payments for the first 5-year term.

Payments do not include bank registration fees ($65-$200).

Loans & Rates

  • All loans are On Approved Credit (OAC) for a 5-year fixed-rate term.
  • All loans are open! This means you can pay them down, or off completely, at any time during term! This can save you a significant amount of money.
  • Interest rates described are used to provide estimated bi-weekly payments on our website are typical for the amounts financed and age of the unit. They are not guaranteed.
  • You may qualify for lower rates! You can apply for pre-approval using our online credit application.

Pricing Policy

Visit our Pricing Policy page to learn about inventory prices found on our website.

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