"If I pay the “payoff” amount on my car, will I still owe the bank monthly payments? "

"I've saved up enough money to pay the ""payoff"" amount on my car loan, which is about $8,000. If I go ahead and put this money to use, will I still be stuck with monthly payments?

"

Answer
“If the bank’s website says that $15,000 is your payoff amount, that is what you owe them for the car. If you pay that amount, you will have paid off the loan and you will own the car free and clear. Therefore, you will not owe the bank any more monthly payments, including interest.
That being said, you should call your lender and verify that the payoff amount is correct, as sometimes it can take a while for data to be updated and you don’t want to pay the bank more than you owe them. “
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Johnny Puckett
Answered on May 05, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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