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Where is my car title kept if I have a loan?
I was preapproved for a car loan and I finally found the vehicle I want to purchase. I’m scheduled to sign all the paperwork tomorrow. After I sign the contract, where is my car title kept?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations! Finishing up all the paperwork so you can get the keys is exciting! When you have a
car loan
, the title is kept with the lender in 41 states. In the other nine states, the owner of the vehicle (you) holds the title. These states include:- Kentucky
- Maryland
- Michigan
- Minnesota
- Missouri
- Montana
- New York
- Oklahoma
- Wisconsin
If you don’t live in one of the states above, the lender typically holds onto the title while they are the
lienholder
. Once the loan has been repaid, the lender will return the title to you by mail.When finishing up paperwork tomorrow, remember to provide
proof of insurance
if you haven’t already.To ensure you aren’t overpaying for your
car insurance
, you should use Jerry
, an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!View full answer
- Gregory R.
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