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What does maturity date mean on a loan?
I just got an email about the maturity date on my loan, and I don’t understand what it means. What is the maturity date on a car loan?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The maturity date on a loan refers to the date your final payment is due. If you’re receiving emails about your maturity date from your lender, that probably means that you’re approaching your final payment on your car loan.
If you’re not able to pay your loan by the maturity date, your lender will probably charge you a late fee. You’ll also continue to accumulate interest on the unpaid parts of your loan, meaning it will get more expensive over time.
Once you do pay off your loan, though, your lender will relinquish any claim to your vehicle. Your promissory note will also be retired, releasing you from financial responsibility. At this point, you’ll own your car outright!
To save up for your final loan payments, why not save on your car insurance? The
Jerry
app makes it quick and easy to find the best rates available on the coverage you need. Just download the app and answer some quick questions to see quotes customized for you.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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