What To Do Next After Paying Off Your Car Loan

Whether you acquired a beginning sedan like the Toyota Vios or a tried-and-true family SUV like the Nissan Terra, paying off a car loan is an impressive effort.

So, after you’ve paid off your car loan in full, you might be wondering what to do next. It’s an exciting yet perplexing time, and we’re here to help you figure out what to do next. Make sure you do these things before you drive out into the sunset with your newly paid-off vehicle.

Complete the paperwork

First, if you haven’t already, update your vehicle’s registration. Next, write a letter to your bank or financing agency demanding that your loan and channel mortgage be canceled. Put your request for the original official receipt and certificate of registration (OR/CR) on the same note.

The letter, along with your original loan contract and chattel mortgage form, should be submitted to the bank or financing agency. Bring two government-issued IDs to the transaction, and expect to wait a day to several days for your OR/CR to be released.

Also, you’ll still need to take the OR/CR to the Registry of Deeds (RD) branch where the bank or agency registered your loan. When the RD confirms that your loan has come to an end, they will provide you a form of cancellation so that the loan is no longer attached to your CR. After that, go to your local LTO office to get a new CR that doesn’t have the debt tied to it.

Celebrate such milestone

Paying off a car loan isn’t easy, as you probably know. For many people, driving their dream vehicle takes months of patience and sacrifice. As a result, you should consider celebrating the occasion in a unique way. Take a road vacation with some friends and family in your paid-off automobile. Make a trip to somewhere you’ve never been before. If that’s not your thing, a quick trip to your favorite drive-thru eatery might suffice.

Whatever you choose, be proud of what you’ve accomplished because it’s not every day that you get to own anything after a lengthy period of waiting and hard work.

Check out for upgrades

You might want to start thinking about freshening up your vehicle now that you’ve freed up a substantial portion of your monthly cash. Have you always wished for high-end tires? Perhaps you’d want a more powerful head unit and a better-sounding speaker system. You can also improve the performance of your vehicle by updating the brakes system and suspension.

The options are practically limitless. You can get ideas for your own build by looking at what other people have done. It might inspire you to create something truly unique to you, something you’ll be proud to drive everywhere you go. 

You’ve presumably had the car for several years at this point, so you’re the only one who knows which parts require repair and which ones are worth retaining. At the very least, be proud of what you’ve accomplished, and then sit back and marvel at the car you now fully own.

If you’re thinking about maybe getting another unit, you may want to avail the latest Car Loan Financing offers from GDFI.