Although you owe the same amount each month, how your payment is applied can change based on when you pay and if you have any late fees. When you submit a payment each month, this is how it will be applied to what you owe: First, your payment will be used to pay any late […]
The total amount you pay each month stays the same. How it is applied to what you owe (in interest, late fees, and principal) can change, depending on if you paid on time, early, or Interest is calculated daily and adds up each day between your monthly payments. For example: Your daily interest charge is […]
Interest on your account is calculated daily. You can calculate your interest using this formula: Your principal balance x Your annual percentage rate ÷ 365 (days in a year) = Daily interest charge For example, you owe $12,000. Your annual percentage rate is 22%. So, using the formula above: $12,000 x .22 ÷ 365 = […]
All SAFCO customers have simple interest financing. They’re common in auto credit and are also referred to as financing. Simple interest contracts are paid back in equal, monthly installments that are determined when you receive the financing. That’s why you’ll see the use of the term Retail Installment Sales Contract on your paperwork. Each monthly […]
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