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What do I need to do after I pay off a car loan?
I'm going to pay off my car loan next month. Is there anything I need to do afterward?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Paying off your
car loan
is an exciting time! When you pay off a car loan, you’ll have some paperwork to complete to take complete ownership of the car.You need to get the paperwork for your title. In some states this is automatic; you’ll simply get your title in the mail and have to retitle it without the lienholder. In other states, you might have the title in hand. In this case, you will have to get a lien release and go to the DMV to retitle the car.
While it might not be something you think about, you should also check your credit score. You may think that paying off your loan would result in a positive impact, most credit scores drop a bit due to a lack of credit from paying off your loan. You want to make sure that your credit report is accurate and reflects the car loan payoff.
Finally, you will want to consider your car insurance needs. If the car still maintains decent value or you don’t have an emergency fund for repairs, keeping full coverage
car insurance
might make sense. Otherwise, you may want to drop your coverage levels or switch to liability only so you can save money on car insurance.To get the best rate on your car insurance, use the number-one-rated car insurance app,
Jerry
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