We have the answers to your payment-related questions.
How do I make a change in my payment date?
You can make changes to your payment date after your first payment has been made and only if your account is current. Contact customer service to discuss the options available.
Am I allowed to make extra payments to my account?
Absolutely. There are various ways to do this. Contact customer service to discuss the amount and ways an extra payment can be made.
Am I allowed to defer a payment?
If your account is current defer payment options may be available to you. Please contact customer service to discuss further.
Is there a penalty for paying out my loan early?
No, there is no interest penalty for repaying your loan earlier than contracted. Contact customer service to find out what your payout amount is. Remember, you want to be quoted the payout on the exact date we will receive the funds as there could be a daily per-diem charge until the account is paid in full.
I am: moving, changing telephone numbers, or amending other information Carfinco has on record for me. Do I need to inform Carfinco?
Yes, contact customer service and we will update your information.
I am changing bank accounts; how do I switch my payments to the new account?
Contact customer service at least 10 days before your next payment is due. You will be asked to send updated bank account information to us. Failure to notify us may result in a payment being drawn on old account, which could cause you to incur NSF/late charges.
I have changed my insurance, do I need to notify Carfinco?
Yes, any changes made to your insurance may impact the terms and conditions of your loan. You must always maintain full comprehensive and collision insurance on your vehicle, with Carfinco shown as the lien holder. Anything insurance arrangement other than this could put your contract into default.
How does Carfinco calculate my interest?
The interest is calculated for the duration of your contract and added to the principal of you loan and other fees and then divided by the term of your contract to determine your periodical payments. The number of days in a particular calendar year (365 or 366) is used to calculate the interest.
There are two interest rates shown on my contract. What do they mean?
Firstly, we disclose the Annual Interest Rate, which is used to calculate the amount of interest you will pay on your loan if all the payments are made according to the schedule. This is the lower of the two rates.
Secondly, we disclose the Annual Percentage Rate "APR", which is the cost of borrowing rate that includes our Administration Fee and any other contract items that need to be included according to regulations.