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What's the maturity date on your car loan?
I got a letter in the mail that said my car loan maturity date is coming up in three months. What does this mean?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Reaching the maturity date on a
car loan
is exciting! This means your loan is finally coming to an end, and you’re officially out of debt—provided that you didn’t miss any payments.Since you will now own the car free and clear, you have a few other things to do, including:
- Removing the lienholder (lender) from your car title and retitling the vehicle
- Removing the lienholder from your car insurance
- Deciding what type of car insurance to keep on your vehicle
In the case of your car insurance, you can keep full coverage to protect your investment or you can switch to the minimum liability-only insurance to save money. As a general rule, you should keep full coverage insurance as long as your annual payments are less than 10% of the value of the vehicle. If it’s more than that, consider switching to liability-only insurance and keeping an emergency fund for repairs.
Whether you decide to switch your car insurance policy or not, make sure to shop around to get the best rate possible. With the
Jerry
app, you can search for quotes from dozens of insurance providers to make sure you always get the best rate.View full answer
- Gregory R.
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