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Why is my car loan payoff amount different from my current balance?
Shouldn't these two figures be the same? This is confusing; can you clear this up for me?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Since a car loan continuously adds
interest
, your car loan payoff amount will be more than your current balance. This is because the interest (usually compounded daily) is added to the current balance you owe.
“View full answer
- Gregory R.
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