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How To Check Your Vehicle Loan Status Online?

mahindra-finance-author

by Mahindra Finance

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February 22, 2024

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5 mins read

Have you taken a car loan? If yes, then you should periodically check your car loan status online so that you can get confirmation of payments, plan your financials, and understand how to use the opportunity to settle the loan early. If you don’t know how to check car loan status; fret not. We will explain how to check vehicle loan status online by following a few simple steps. 

How to check car loan application status

Gone are the days when you received physical mail from the lender about the car loan status. With most lenders having their own online websites and mobile applications, you can easily track the status of your car loan in just a few taps. 

Here’s how to check your car loan status in a few simple steps: 

1. Keep information ready

To begin your quest on how to check vehicle loan status online, you should keep all the information with you at all times. This includes your car application number or car loan account number as well as your ID and password for the website of the lender. 

2. Go to the lender’s website or mobile app

Once you have all the necessary information at hand, visit the official website or mobile application of the lender. You can download the application from either the Play Store or the App Store. You can visit any of these platforms to securely access all the information regarding your car loan. 

3. Login to your account

Use your ID and password to log in to the lender’s official website or mobile app. If you’ve forgotten the ID, check your mail or SMS related to the car loan status. On the other hand, there is an option on the lender’s website or app to reset the password if you have forgotten the credentials. 

4. Go to the loan account section

Once you’ve logged in to your account, you need to go to the loan account section. On the account page, you can find information related to your car loan, including the repayment schedule, the total amount repaid, interest rate, and upcoming payments.

You can also check how much interest and principal amount you are repaying towards your car loan every month. In the initial few months of your car loan, you will be paying a higher interest than the principal amount. But in the later months, your car loan interest amount will come down as you will be paying a higher principal amount. However, this doesn't change the amount you pay to the lender every month. 

5. Check payment history

You can check several other information on the official website of the lender. For instance, you can the payment history to find out whether the repayments you’ve been making towards the car loan are actually getting reduced from your loan. Moreover, some lenders also provide an option wherein you can see prepayment charges and other things. 

Not able to check car loan status?

If you’re not able to check the car loan status, you need to contact the lender. You can also first visit the online helpdesk of the lender wherein you can get the answers to your questions without contacting an official. However, if this doesn't solve the purpose, you can try contacting a bank official and get clarity on how to check car loan status. 

Benefits of checking car loan status

Here are the several benefits of checking car loan status:

  • Checking the status of your car loan helps you track the payments so that you can check if the repayments have been processed correctly.
  • Collecting the information about the remaining loan amount and other details can also help you manage your finances.
  • You can also check the progress of your car loan repayments by periodically checking your car loan status. 
  • Last but not least, you can get all the information in a single place and don’t need to rely on paperwork or visit the lender’s office.

Conclusion

By now, you must have learned how to check car loan status as well as how to check vehicle loan status online easily by visiting the bank’s website or mobile app as well as the benefits of periodically checking the loan status. You can also use the lender’s website to check your car loan application status. This saves time and paperwork as you don’t have to visit the lender’s office physically.

You get similar advantages with the Mahindra Finance car loan which provides up to 100% financing on ex-showroom value on four-wheelers from top manufacturers like Mahindra, Hyundai, TATA Motors, Maruti Suzuki, Renault, and others.

FAQs

1. Why is it important to check my car loan status online?

Checking your car loan status online is important because it helps you track your payments and manage your finances.

2. What should I do if I'm not able to check my car loan status online?

If you're not able to check your car loan status online, contact the lender's customer service or finance department. You can also visit the online helpdesk of the lender to get answers to your questions without contacting an official.

3. How can I check if there is an outstanding amount on my car loan?

You need to log in to the lender’s website or mobile app to find the outstanding amount on your car loan. You need to go to the car loan section to find the relevant information regarding your car loan.

4. What information do I need to keep handy to check my vehicle loan status online?

To check your vehicle loan status online, you should keep the following information ready:

  • Car application number or car loan account number
  • ID and password for the lender's website or mobile app

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