Representative example: Logan finances a motorcycle
Now that he has an M Class license, Logan, a resident of Ontario, can ride a motorcycle. First, though, he needs to buy a bike. After doing some research, Logan heads to a nearby dealership, where he finds a 2020 Honda CB300R priced at $4,950.00. Logan makes a 10% down payment of $495.00 and heads to his local bank to get motorcycle financing to cover the remaining $4,455.00 + $643.50 HST on the purchase price.
Because Logan has a solid credit history, he is approved for a $5,098.50 motorcycle loan with competitive terms. Along with the cost of his loan, he also pays around $180.00 to register his bike with the province of Ontario – this includes the cost of license plates, a sticker and a vehicle permit.
Cost of new car | $4,950.00 |
Loan type | Auto loan (term loan) |
Loan amount | $5,098.50 |
Interest rate (APR) | 4.90% |
Loan term | 3 years |
Additional fees | 4.00% origination fee ($203.94) |
Payment | $152.58 monthly or $70.35 biweekly |
Total loan cost | $5,492.88 with monthly payments or $5,487.30 with biweekly payments |
*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.