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What happens when you pay off a car loan?
I just finished paying off my first-ever car loan, and I’m not sure what’s next. What happens when you pay off a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations! Paying off your
car loan
is a significant accomplishment, and you now have full ownership of your vehicle! Now that the loan has been repaid, there are just a few things you should do:
- Get your car title back from the lender. Fortunately, this step is easy, and the lender should mail you a clear and free title within a few weeks. However, if you are non-title-holding, meaning you still have possession of the title, you’ll have to submit the appropriatelienremoval documents to the DMV.
If you want to ensure you’re not overpaying for your coverage, use
Jerry
, an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away! They’ll even help cancel your old policy. View full answer
- Gregory R.
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