Question: I’ve been paying my car loan for a while now and I’m not sure, but I think I’m coming up on the last few months. I’m not sure how to check the balance on my loan, though. How much do I owe on my car?
Answer: There are a few different ways that you can check the remaining balance on your car:
Visit your lender’s website
You can usually check your car loan balance online if you have an online account set up with your lender. Log in to your lender’s website—your loan progress may be displayed on your main account page. You will be able to access a copy of your latest loan statement, which will include your current account balance.
Many lenders will also have an option for you to get a payoff quote. This will be the total amount that you owe right now. Note that this quote won’t include any interest that you’ll accrue if you continue making scheduled payments—it’s the amount that would satisfy your loan requirements if you paid it right then.
Contact your lender directly
Reach out to your lender by:
- Calling your lender’s customer service number
- Visiting a local branch of the financial institution that financed your loan
- Contacting the Finance Department of the dealership where you bought the car
Once you verify your identity, a representative should be able to tell you how much you owe on your car loan, how many payments you have left, and how much it would take to pay your loan off immediately.
Read your loan statements
Whether you’re receiving your loan statements electronically or via mail, you’ll be able to see your loan balance here (as of the statement date). It’s also possible the loan payoff date will be listed here, too.
Use a loan balance calculator
There are a number of sites that offer loan balance calculators. Enter the amount of your original loan, how much you’re paying a month, your interest rate and/or loan terms, and when you first started making payments. The calculator will then estimate how much you have left on your loan
You can also use a loan calculator tool if you don’t mind a little extra math:
- Use a loan calculator to find your original loan amount. Enter the purchase price of the vehicle, your interest rate, and the length of the loan period. Include the amount of your down payment of trade-in if you had one.
- Find the date you began making payments on your loan and count how many monthly payments you’ve made.
- Multiply the number of monthly payments by your monthly payment amount.
- Subtract that number from your original loan amount to get your current balance.
- Optional: Divide your current balance by your monthly payment amount to estimate how many monthly payments you have left.
Expert insurance writer and editor Amy Bobinger specializes in car repair, car maintenance, and car insurance. Amy is passionate about creating content that helps consumers navigate challenges related to car ownership and achieve financial success in areas relating to cars. Amy has over 10 years of writing and editing experience. After several years as a freelance writer, Amy spent four years as an editing fellow at WikiHow, where she co-authored over 600 articles on topics including car maintenance and home ownership. Since joining Jerry’s editorial team in 2022, Amy has edited over 2,500 articles on car insurance, state driving laws, and car repair and maintenance.
