What's the next step after paying off a car loan?

I just paid off my car loan—what do I do now?

Answer
Way to go on paying off your car loan! That’s definitely something to celebrate.
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 Jerry app to find quotes from top providers and secure the best deal on the coverage you want.
Eric Schad
Answered on Oct 26, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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