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What should I do after I fully pay off my car loan?

I just paid off my car loan yesterday. Do I need to do anything else?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on paying off your
car loan
! While this is a great achievement, you still have a few tasks to complete to finalize the deal.
After paying off your loan, you need to:
  • Call your car insurance company to tell them you no longer have a lienholder
  • Retitle the vehicle so as to indicate you have no lienholder
  • Consider what type of auto insurance you want
  • Think about what you will do with the income you previously put toward car payments
You’re no longer required to have
full-coverage auto insurance
since you’re done with your loan, but you may still want to keep your policy the same for maximum protection. If you want to save money or don’t want to pay for added coverage, you can switch to a
liability-only plan
.
Whatever you choose, take advantage of
Jerry’s
comparison shopping service. Sign-up takes less than a minute, and you’ll be able to review competitive quotes from some of the industry’s top insurance providers.
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