How Are Bi-Weekly Payments Calculated?

How Are Bi-Weekly Payments Calculated?

The bi-weekly payments shown on our website are based on the selling price (either the 'Our Price' or 'Red Tag Clearance" Price, whichever is lower ), including 13% Harmonized Sales Tax (HST), Tire Tax (On New Motorized Units), Licensing Fee and any Admin Fee 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 used here at 1000 Islands RV Centre vary depending on the amount being financed, model year and your credit rating.  The minimum amount that will be considered for financing is $7500 (Including HST).

On our website, this is the percentage preceding the APR:

$0.00 Down @6.99% APR for 60/240 months OAC (On Approved Credit)

Amount Financed Used for Calculating Payments On Our Website:

  • $7,500 to $9,999 = 6.99%
  • $10,000 to $19,999 = 6.99%
  • $20,000 to $22,999 = 6.99%
  • $23,000 to $49,999 = 6.99%
  • $50,000 to $99,999 = 6.99%
  • $100,000 to $149,999 = 6.99%
  • $150,000 & above = 6.99%

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.  Based on your credit score and credit history, you may qualify for a lower rate.

You can apply for pre-approval using our online credit application.

 

Term

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 @ 6.99% 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

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 red here:

  • $0 down @ 6.99% for 60/240 months OAC