Representative example: Anton buys a Harley
Anton, a B.C. resident, has his eye on a 2020 Harley Davidson Softail Deluxe priced at $25,000.00. After making a 15% down payment of $3,750.00, Anton applies for dealership financing to cover the rest of the cost of the bike. Thanks to his solid credit history, he is approved for a loan to cover the outstanding amount plus 12% GST/PST ($21,250.00 + $3,000.00). Along with the cost of his loan, Anton also pays approximately $50.00 to register his motorcycle with the ICBC (Insurance Corporation of British Columbia).
| Cost of new vehicle | $21,250.00 total purchase price ($25,000.00 less $3,750.00 down payment) |
| Loan type | Auto loan (term loan) |
| Loan amount | $24,250.00 |
| Interest rate (APR) | 5.90% |
| Loan term | 6 years |
| Additional fees | 4.00% origination fee ($970.00) $0.00 application fee (waived by dealership) |
| Payment | $400.75 monthly or $184.76 biweekly |
| Total loan cost | $28,854.00 with monthly payments or $28,822.56 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.
