Representative example: Anton buys a Harley
Anton has been saving up to buy a new Harley Davidson motorcycle. He plans to upgrade his old cruiser to a 2021 Electra Glide Revival (ringing in at $35,000). He makes a down payment of $10,000 on the bike and is left with a $25,000 payment. He applies for dealership financing for the remaining amount, with an interest rate of 6.2%.
Cost of new motorcycle | $35,000 |
Down payment | $10,000 |
Loan amount | $25,000 |
Interest rate (APR) | 6.2% (or $4,139 over 5 years) |
Additional fees/strong> | 4% origination fee ($1,000) |
Monthly payment | $486 per month for 5 years |
Total loan cost | $29,139 + $1,000 upfront origination fee |
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.