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What happens after I pay off my car loan?

I'm almost done paying off my loan—yay! I only have three payments left. What happens when I’m done paying off my car?

avatar
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations! Paying off a loan is really exciting.
After you pay off your loan, your lien will be satisfied. This means that the lienholder will send you the title or title release documents. Once you receive the documents, you’ll be able to
transfer the title
into your name.
Paying off your car loan will definitely lower your monthly bills. If you’d like to lower them even further, take a look at your car insurance. Many people pay too much for their insurance policies, but the
Jerry
app can help. Jerry will collect quotes for you, so you can compare policies and premiums to find a lower rate.
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