Speed Queen Extended Term Financing Promotions
Option 1 -
0% interest, No Payments for 120 days, Prime + 1.75% variable interest rate for remaining term of up to 92 months.
0% interest, No Payments for 120 days, Prime + 1.75% variable interest rate for remaining term of up to 92 months.
- Target: Customers who want to defer making a payment for 5 months. Also ideal for those customers who want to take advantage of recent reductions in the Prime rate.
- The current Prime rate is 5.50%. Therefore, the current variable interest rate on this option is 7.25%.
- 0% interest for 120 days.
- First payment is due on Day 150.
- Floor of 5.50% on the Prime rate, for the remaining term of the loan.
- Finance amount has to be > $2,500 to qualify for 96 month term.
Payment Examples
| Beginning Principal Balance | Term | Accrued interest during 120 day period | Principal Balance after 120 day period | Amortization Term | Monthly Principal & Interest Payment |
|---|---|---|---|---|---|
| $ 25,000 | 96 months | $0.00 | $ 25,000 | 92 months | $ 355.02 |
| $ 50,000 | 96 months | $0.00 | $ 50,000 | 92 months | $ 710.04 |
| $ 75,000 | 96 months | $0.00 | $ 75,000 | 92 months | $1,065.06 |
| $100,000 | 96 months | $0.00 | $100,000 | 92 months | $1,420.08 |
| $150,000 | 96 months | $0.00 | $150,000 | 92 months | $2,130.12 |
Approximate Payment Factors
| Amount Financed | 24 mo | 36 mo | 48 mo | 60 mo | 72 mo | 84 mo | 96 mo |
| $2,500 & above | .0532 | .0345 | .0260 | .0211 | .0180 | .0158 | .0142 |
- Approval Deadline: May 31, 2008
- Funding Deadline: July 31, 2008
- Finance Term: Up to 96 month total term available
- Customer Type: Veteran Customer
- Security Deposit: None
- Prepayment Penalty: None
- Loan Administration Fee: Standard loan
Option 2 -
Prime + 1.50% variable interest rate for 120 month term.
Prime + 1.50% variable interest rate for 120 month term.
- Target: New store or large rehab projects, requiring a 10 year financing term to minimize monthly payments on new equipment.
- This promotional financing term is 120 months, which is 36 months longer than our standard program.
- The current Prime rate is 5.50%. Therefore, the current variable interest rate on this option is 7.00%.
- Floor of 5.50% on the Prime rate, for the remaining term of the loan.
- Minimum finance amount must be $250,000
The sum of:
(Quantity Purchased) x (Speed Queen Suggested List Price) must be at least $250,000.
Payment Examples
| Beginning Principal Balance | Term | Promo Interest Rate | Monthly Principal & Interest Payment |
|---|---|---|---|
| $ 250,000 | 120 months | 7.00% | $2,902.71 |
| $400,000 | 120 months | 7.00% | $4,644.34 |
Approximate Payment Factors
| Amount Financed | 84 mo | 120 mo |
| >$250,000 | .01509 | .01161 |
- Approval Deadline: May 31, 2008
- Funding Deadline: September 30, 2008
- Finance Term: Up to 120 month total term available
- Customer Type: Veteran Customer
- Security Deposit: None
- Prepayment Penalty: None
- Loan Administration Fee: Standard loan
