Buying a new car can be a stressful process and being overburdened with all the payments can bring more stressors. This is the reason paying off a car loan is such a happy occasion as it can weigh off your shoulders. However, just because you have paid off the loan, it doesn’t mean your work is done. You still have to follow a few steps to get full ownership of the vehicle.
When you have finally paid off the car loan, you should get a new title that lists you as a sole owner. Moreover, while the loan is active, the lending party will be either a partial or full owner of the vehicle on the title.
Why Do You Need a Car Title?
A car title is an official document that shows who has the full rights to the vehicle. It is also a document that states who will be liable for any issues that the vehicle might be involved in. This is the reason you must make sure your car title correctly reflects the current owner. You will also need a car title for things like registering or selling the vehicle. In case you don’t have the proper paperwork, you can get into trouble. When you get the new title after paying off the vehicle’s loan, it will make sure you don’t have to face any serious issues throughout your ownership of the car.
How to Get Your Title After Paying Off a Car Loan?
The first thing you should do after paying off your car loan is to get the lender’s name off the title. You can apply for a new title. If you want to avoid standing in long queues and filling out lengthy forms, you can always contact Swift Auto Title. We will take care of all your auto title needs. Our experts will take care of all the paperwork and will get the job done as quickly as possible.
Get a Lien Release
There is a possibility that once you have made the last payment on the car, the lender will send you a lien release. This is a document that releases their claim to the vehicle. However, if the lender hasn’t sent you the lien release, you can check with your lender to see how and when they will be sending one.
How long does it take to get the Vehicle Title?
The length of time between clearing your loan and getting a new title from your DMV will depend on various factors. If the lender is taking care of the entire process, you might have to wait longer since they will have a backlog of auto titles to request. However, if you are responsible for the new title, you may get the title quickly.