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What's the next step after paying off your car loan?
I'm going to pay off my car loan next month. Is there anything I need to know about paying it off? What’s the next step?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on paying off your
car loan
! Now that you have it paid off, you’ll have one important step to take: If you live in a state where you retain the title to your car, you will need to obtain a lien release from your lender.Once you’ve gotten this release, you can take this lien release to the DMV and have the car retitled in your name without a lienholder listed.
If you live in a state where the lender holds the title, you should receive it in the mail. If you don’t, simply contact your lender to get it. Once you have it, it’s the same process to retitle the car to remove the
car lien
.You should also notify your car insurance company so that any claims settlements go directly to you instead of your former lienholder.
While you’re on the topic of car insurance, you can also decide whether you want to keep full coverage or go with liability or some other type of coverage. To make sure that you get the best deal on whatever new coverage you sign up for, check out the
Jerry
app—we’ll get you customized quotes from top insurers, so that all you need to do is pick the plan that works best for you. And once you pick a plan, we’ll even help you switch!Congrats again on the loan!
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- Gregory R.
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