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What is a car loan payoff amount?
I'm trying to familiarize myself with car loan terminology before I commit to financing. What is the payoff amount referring to?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A car loan payoff amount is the total amount of money necessary to pay the entirety of your car loan, including interest plus principal. However, this amount isn’t just what’s on your last statement, as the amount can change due to the accrual of interest.
So if you’re interested in getting a car loan payoff amount, contact your lender. They will give you the total amount, as well as a timeframe to pay this amount before the figure changes due to added interest charges.
“
View full answer
- Gregory R.
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