Car Loan Payout Figure. Everything You Need to Know
Thinking of paying out your car loan early or refinancing? Your payout figure tells you exactly what you owe. We explain how to get it, what's included, and whether early payout saves you money.
Why choose Simple Loans.
Know Your Balance
Get a clear picture of exactly what you owe on your car loan.
Save on Interest
Paying out early can save thousands in interest charges.
Refinance Options
Use your payout figure to compare refinancing deals from 50+ lenders.
Sell Your Car
Need the payout figure to sell your financed car privately.
Trade-In Ready
Dealers need your payout figure to process a trade-in.
Free Assessment
We can help you refinance for a better deal.
Understanding Your Car Loan Payout Figure
Your car loan payout figure is the magic number that tells you exactly what it costs to close out your loan today. It's different from your displayed loan balance because it includes:
- Outstanding principal: The remaining amount you originally borrowed
- Accrued interest: Interest calculated up to the payout date
- Early exit fees: Some lenders charge these on fixed-rate loans
- Discharge fees: Administrative costs to remove the security interest from your vehicle
Payout figures are typically valid for 14-30 days. After that, you'll need a new one as interest continues to accrue.
When Should You Pay Out Your Car Loan Early?
There are several situations where paying out early makes financial sense:
- You can refinance at a lower rate: If rates have dropped since you took out your loan, refinancing could save you thousands
- You've come into money: Using savings, a bonus, or inheritance to pay out your loan eliminates ongoing interest
- You're selling the car: You need to clear the loan to transfer unencumbered ownership to the buyer
- You're trading in: The dealer pays out your existing loan from the trade-in value
Not sure if it makes sense? Get a free refinance assessment and we'll calculate your potential savings.
How it works.
Request Your Payout Figure
Contact your current lender and ask for a payout figure, they must provide it within 7 business days.
Review the Amount
Check it includes any early exit fees, break costs, or outstanding charges.
Compare Your Options
Use your payout figure to compare refinancing with 50+ lenders and see if you can get a better deal.
Frequently asked questions.
What is a car loan payout figure?
A payout figure is the total amount needed to fully repay your car loan on a specific date. It includes the remaining principal, accrued interest, and any applicable fees (such as early exit or discharge fees).
How do I get my payout figure?
Contact your lender by phone, through their online portal, or in writing. Under Australian law, they must provide a payout figure within 7 business days of your request.
Is there a fee for paying out my car loan early?
Some lenders charge early exit fees, especially on fixed-rate loans. These can range from $0 to several hundred dollars. Many newer loans, especially variable-rate, have no early exit fees.
Can I save money by paying out early?
Usually yes, paying out early saves you the remaining interest charges. On a $30,000 loan with 3 years remaining at 8%, you'd save approximately $3,800 in interest by paying out now.
What's the difference between payout figure and loan balance?
Your loan balance is the principal remaining. Your payout figure includes the balance plus accrued interest up to the payout date, plus any fees. The payout figure is always slightly higher than the displayed balance.
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Simple Loans is a finance comparison tool. Holder of Australian Credit Licence No. 509582. All applications are subject to lender approval. Terms, conditions, fees and charges apply. This information is general in nature.
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