Clutch PayOff

You may choose to make installments biweekly or monthly: start payments 14 or 30 days after the car delivery. Contact your financial institution after your first payment to change your payment date.

Usually, payments are automatically debited directly from your bank account specified during the application. You could provide a void cheque or a direct deposit form for the account you want your payments to be debited. It must be a debit account, not a credit card one.

Your lender provides the loan information: the total amount you owe, due date, payment amortization schedule, interest accrues, and supplementary fees if applied. To pay down your loan, contact your bank through an online banking account, by phone, or at a nearby branch.

You get financing through a financial institution, and all your installments and interest are paid directly to the lender. Contact your bank advisor or visit the office to find the payment conditions, late payment fees amount, and due dates. If you don't pay back for a long time, your credit score will decrease, the car may be repossessed, and your case may be transferred to a collection agency and taken to court.

Yes, you can. Pay off your auto loan anytime before the end of the term penalty free with no obligation to pay the remaining interest.