You may apply online with the above application, buy visiting a dealership, or a RMG GROUP Financial Center.
With a simple interest loan, interest accrues daily. As you pay off the principal balance, the daily interest charge will decrease.
To calculate the daily interest charge, first convert the interest rate percentage into a decimal by dividing the interest rate by 100. Multiply that number by your principal balance, and then divide by the number of days in a year (365 or 366 for a leap year). This will give you the daily interest charge.
If the loan has a 9% interest rate and a $10,000 principal balance, you convert the interest rate into a decimal: 9 / 100 = .09, and calculate the daily interest charge: .09 x $10,000 / 365 = $2.47 daily interest.
Simple interest is a method of allocating monthly loan payments between interest and principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment.
If we receive a payment and it has been 29 days since your last payment, then you will be charged 29 days of interest on the unpaid principal balance of your loan. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan.
Yes, as stated in your loan contract you are required to maintain insurance on your vehicle throughout the duration of your loan. Your insurance policy must name RMG GROUP Auto Finance as the loss payee. We offer insurance through RMG GROUP Insurance.
Yes. You can make extra payments at any time with no penalty. If you would like to apply a portion of your payment or an additional amount to principal only, select the principal payment option within Wells Fargo Online®.
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