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What happens when you finish paying your car loan?
I’m making my last car loan payment next week, and I’m not sure if there’s anything I have to do once it’s paid off. What happens when you finish paying your car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations! That’s a big accomplishment, and you must be excited to be making your last
car loan
payment next week. Once the loan has been paid off, you are the sole owner of the vehicle, and there are just a few things you should do, including:
- Get your title back. Many states are title-holding, meaning the lender has the car’s title and will mail it back to you in a few weeks once they remove themselves as alienholder. However, if you live in a non-title-holding state, you should already have the title and will need to visit the DMV to remove the lienholder.
- Review your car insurance policy. Now that you are the sole owner of the vehicle, you can remove thecomprehensiveandcollisioncoverage, although it is wise to keep.
When updating your car insurance company and making coverage changes, your rate will undoubtedly change. If you want to ensure you’re getting the best rate, use
Jerry
, an insurance comparison app that shops for low prices with over 50 different insurance companies for free. If you’re hesitant to switch plans or insurance providers because you’re worried about the work involved, don’t be. Jerry does all the paperwork for you and even helps cancel your old policy! And if you have any questions along the way, just text one of our agents through the app. They will always be there to assist you.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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