Products

Product Overview

Offering SPS biweekly payment plans is a simple and easy way to boost dealer revenue while also providing a valuable service to consumers. With SPS biweekly plans, borrowers shorten the length of their loans, build equity faster and can easily customize the timing of their payments to exactly match their unique budgeting requirements.

 

Biweekly Plans

With a biweekly payment option, consumers will see an automatic withdrawal from their checking or savings account every other Friday. These withdrawals will be for half of their monthly loan or lease payment amount.

 

Because withdrawals occur biweekly, 26 biweekly debits will actually be made each year (52 weeks results in 26 biweekly debits). This results in the equivalent of 13 monthly payments in a 12 month period.

 

These extra paymets are applied directly to the loan's principal balance to ensure maximum savings. Over time, the result is a payment pattern that shortens loan terms and improves the consumer's equity position.