Representative example: Jeremy buys an RV
Jeremy wants to buy a Class A RV to tour across Canada. He shops around and settles on a 2021 Tiffin Allegro 33 AL RED, with a ticket price of $315,000 (including taxes). Jeremy has $120,000 to give as a down payment on his new RV. His bank agrees to loan him $195,000 in RV financing with an interest rate of 5% and a term of 15 years.
This is what his loan will look like:
|Total cost of Class A RV||$315,000|
|Loan type||RV loan|
|Interest rate (APR)||5%|
|Loan term||15 years|
|Total loan cost||$195,000 + $82,569 in interest over 15 years|
*The information in this example, including rates 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.