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What should I do when I pay off my car loan?
I’m about to make my last car loan payment online tomorrow, but what should I do when I pay off my car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When you pay off your car loan, you should get your free and clear car title and notify your
car insurance
company. The process for getting your free and clear title varies by state. If the lender has your title, you likely live in a title-holding state, and the lender will file the paperwork to remove themselves as the
lienholder
and mail you the title within a few weeks. In contrast, if you live in a non-title-holding state, you should already have the title and will have to contact the DMV to remove the lien. After notifying your car insurance company, they will update your policy, and your rate may change. Additionally, you’ll no longer be required to carry
comprehensive
and collision
coverage, although it may be wise to keep them. Now may also be an excellent opportunity to shop around and compare car insurance quotes from a few companies to ensure you’re getting the best rate and not overpaying.
If you’d rather leave the hard work of gathering quotes to someone else, use
Jerry
. The Jerry app can collect quotes from more than 50 top insurance companies, like Travelers, Nationwide, and Allstate, in seconds. If you’re hesitant to switch plans or insurance providers because you’re worried about the work involved, don’t be. Jerry does all the paperwork for you and even helps cancel your old policy! View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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