Looking to pay off your auto loan faster? This calculator helps you see how much interest you can save by adding extra money to your monthly payment. You’ll also receive a detailed amortization schedule showing how those extra payments shorten your loan term and reduce the total cost of your vehicle.
Scenic Community Credit Union 
Auto Loan Payoff Calculator
Auto Payoff FAQs
How do I find my current loan payoff amount?
Contact your lender to request your current loan payoff amount. This total includes your remaining principal, any interest accrued since your last payment, and any applicable fees or early payoff charges.
Are there any penalties for early payoff?
Most credit unions and major lenders don’t charge penalties for paying off an auto loan early. However, some may require payment of outstanding interest or a small fee, so it’s best to confirm with your lender before making a large lump-sum payment.
What happens after I pay off my loan?
Once your loan is fully paid, you’ll own your vehicle outright. You can continue driving payment-free, sell it and keep the proceeds, or trade it in toward your next car. Your lender will release the lien, and you’ll receive your vehicle title as proof of ownership.
Will my credit score improve after paying off my loan?
Paying off a loan generally has a positive long-term impact on your credit. It shows responsible debt management and lowers your total debt. However, if your auto loan was your only installment account, you may see a small, temporary dip in your score because of reduced credit mix.
Can I sell or trade in my vehicle before it’s paid off?
Yes. If you sell your vehicle, you can use the sale proceeds to pay off the remaining balance. When trading in, the dealer typically pays off your loan directly and applies any remaining value toward your next vehicle. If you owe more than your car is worth, that difference—called negative equity—can often be rolled into your new loan.
Auto Loan Resources
Auto Loans
When shopping for your next vehicle, start with Scenic Community Credit Union. Enjoy a lower rate, a simple loan process, and personalized service every step of the way.
Auto Rebate Calculator
Trying to decide between a rebate and low-interest financing? Compare both options side by side to find the best fit for your budget.
Monthly Payment Calculator
Estimate your monthly payment or total purchase price. See how different terms and down payments affect what you pay each month.