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How do I find out the remaining balance on my car loan?
I want to pay off my car loan, but I'm not sure how much I owe. How can I find the remaining balance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Don’t stress about finding the remaining balance for your
car loan
; it’s super easy! If you simply want to know the balance, you can go online and get it or you can contact your lender.Since you’re paying off the loan, the process is a bit different. You’ll actually want to contact your lender and obtain a payoff letter. This states the exact amount you need to pay off the loan, including any extra accrued interest or
prepayment penalties
.Once you pay off your car loan, you should also decide what you want to do with your car insurance. You can choose to maintain full coverage or you can save money by switching to liability coverage.
No matter what type of insurance you choose, you’ll want to make sure you get the best rate. One easy way to do this is through the
Jerry
app—we’ll get you customized quotes from top-of-the-line providers, so that all you have to do is choose the policy that works best for you. (And once you’ve chosen one, we’ll even help you switch!)Best of luck with paying off your loan—you’ve got this!
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- Gregory R.
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