Fortunately, there are several ways to find out how much finance is left on your car, and in this article, we’ll go over the different methods.
Method 1: Check Your Monthly Statement
One of the easiest ways to find out how much car finance is left on your car is to check your monthly statement. If you’re making payments on your car loan or lease, your statement should include information on the remaining balance. This information may also be available on your lender’s website if you have an online account.
To check your statement, look for the section that shows your outstanding balance or principal balance. This will tell you how much money you still owe on the loan or lease. Keep in mind that the balance will decrease over time as you make payments and pay down the debt.
Method 2: Contact Your Lender Or Leasing Company
If you don’t have access to your statement or you’re not sure where to find the information, you can contact your lender or leasing company directly. They should be able to provide you with the current balance of your loan or lease. You may need to provide some information to verify your identity, such as your account number or Social Security number.
When you contact your lender or leasing company, be sure to ask for a breakdown of the remaining balance. This should include the principal balance, any interest charges, and any fees or penalties. Understanding the breakdown can help you plan for future payments and determine how much equity you have in the vehicle.
Method 3: Check Your Credit Report
Your credit report can also provide information on how much finance is left on your car. When you take out a car loan or lease, the lender or leasing company will report the debt to the credit bureaus. This information will show up on your credit report, along with the current balance and payment history.
You can request a free copy of your credit report from each of the three major credit bureaus once per year. When you review your report, look for the section that shows your current debts. This should include your car loan or lease, along with the balance and payment history.
Method 4: Use An Online Calculator
There are several online calculators that can help you estimate how much finance is left on your car. These calculators use information such as your original loan amount, interest rate, and payment history to determine the current balance. While these calculators may not be 100% accurate, they can give you a good idea of how much you still owe on the car.
To use an online calculator, you’ll need to gather some information about your loan or lease. This may include the original loan amount, interest rate, and payment history. You may also need to provide information about any fees or penalties that have been charged.
💡 Check out our car finance calculator.
Keeping track of how much finance is left on your car is important for several reasons. It can help you plan for future payments, determine your equity in the vehicle, and decide when it’s time to sell or trade in the car. By using one or more of the methods outlined above, you can easily find out how much you still owe on your car loan or lease.