Things To Do After Paying Your Car Loan
While your premiums might not drop immediately after your car is paid off, you must take care of a few things.- Get the title to your vehicle: This will be sent to you after paying off your loan.
- Remove the lienholder: Contact your insurer to clear the lien on your vehicle once you have the title. This is important because your insurance company will send payments to the lienholder if there’s a lien on your car.
- Review your coverage: This is the best time to modify and switch your car insurance coverage.