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How do I check if my car loan is paid off?
I paid off my car loan—at least, I think so. How can I double-check?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you want to ensure that it’s fully paid, contact your lender to ask. It usually comes down to how you paid the loan off:
- If you made all the monthly payments on time for the duration of your loan, you should be fine. Your lender may send you documentation and the title so that you can retitle the vehicle without a lienholder.
- If you paid the loan early, check whether you only paid the principal balance. If so, you may have missed any interest that accrued. Your lender can provide a payoff letter outlining anything that remains.
Since you paid off your loan, you also have one more big decision: insurance coverage. While you can maintain full coverage, you may also want to switch to something more affordable.
Jerry
helps you compare rates quickly to find the best price for the coverage you need. And when you’re ready to make the switch, Jerry takes care of all the paperwork, phone calls, and even helps cancel your old policy.View full answer
- Gregory R.
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