Here are the definitions of each field of the car loan payoff calculator.Īuto Loan Balance - the current balance of your car loan The car loan payoff calculator helps car owners calculate how much they can save from an auto loan payoff. How to use the auto loan payoff calculator? Your lender will send you a letter on the release of the lien, and you can use that letter to get a new title from your state DMV. Once you pay off your auto loan, the lien on your car is removed, and the legal ownership of the car will be transferred from your lender to you. How to get my car title after I pay off my car loan? Just make sure there is no penalty for paying off your car loan early.ĭepending on the interest rate and the size of your 72-month car loan, you could save thousands of dollars in interest payments. Yes, you can pay off your 72-month car loan earlier. In fact, a prepayment penalty is something you should check before signing the car loan contract when you first buy the car.Ĭan I pay off my 72-month car loan earlier? Is there a prepayment penalty for paying off my car loan early?Įach lender is different, and every card loan contract is different, you will need to contact your lender to see if there is any prepayment penalty for paying off your car loan earlier. If you have a 5-year car loan, you will save loads of money when you pay it off in 3 years. The key to paying off your car loan earlier is always to pay more than the statement balance.
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