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What's the next step after paying off a car loan?
I just paid off my car loan—what do I do now?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You probably feel like you have a weight lifted off your shoulders—but there are a few things you still have to do:
- Retitle the car or get the lien release: This might be automatic in your state. If not, you’ll need to get the title from the lender and take it to the DMV.
- Call your insurance company: Advise your insurance company that you no longer have a lien on the car title. This ensures that any claim payments go to you, not your lender.
- Consider your insurance coverage: Lenders usually require full coverage, but now it’s up to you. It’s a good idea to maintain as much insurance as you can afford.
When you’re ready to compare policies, use the
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- Gregory R.
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