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?

Answer
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!
Eric Schad
Answered on Oct 25, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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