“Unless the loan has prepayment penalties
, you shouldn’t
have any problem paying off the car loan
However, if you pay off the loan after a month, don’t expect the dealership to do you any favors afterward. They may see your move as total deception. Because of this, it may be worth having a repair shop or another dealer for your maintenance moving forward.
Keep in mind, after you pay off the loan, you’ll also have to get a lien release and possibly retitle the car.
You’ll also want to reevaluate your insurance. Lenders require full coverage. Once you pay off the loan, you can change your coverage, though with a newer vehicle it’s a good idea to keep higher coverage.
If you want to explore your insurance options after you pay off your loan, try using the free Jerry
app. Jerry compares quotes from the top 50 providers and delivers the best deals to your phone in minutes.”