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How to obtain your car title after loan payoff Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with financial calculators and tools that are interactive that provide objective and original content. This allows users to conduct research and compare data at no cost — so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and where products are displayed on this site, including, for example, the order in which they may appear in the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other products for home loans. But this compensation does have no impact on the content we publish or the reviews you read on this site. We do not include the vast array of companies or financial deals that could be open to you.
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3 min read Published June 23, 2022
Authored by Holly D. Johnson Written by Author, Award-Winning Writer
Holly Johnson writes expert content on personal finances, credit cards as well as loyalty and insurance issues. In addition to her work for Bankrate and CreditCards.com, Johnson writes for clients on a regular basis which include CNN, Forbes Advisor, LendingTree, Time Magazine and more.
Editor: Chelsea Wing Edited by Student loans editor
Chelsea is with Bankrate since the beginning of 2020. She’s committed to helping students navigate the daunting costs of college and breaking down the complexities that are associated with student loans.
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Once you’ve made the final payment on an auto, you’ll need to obtain an official title issued by your lender to prove that you legally own the car. It is also an important document should you ever end up selling your vehicle down the road. What a car title lien is is a proof that your car is , often, your lender. In many ways it is similar to a lien on your vehicle is similar to a property title lien for your house. If you have a lien it is the lender holds the rights to the vehicle until you have paid off the amount you borrowed, in addition to fees and interest. When the loan is paid in full, that lien placed on the automobile title is lifted, and the title will be released to you. At this point, the title of the vehicle passes from the lender and you. How do you get your title once you have paid off the car loan Once you pay on your car loan, the lien holder is required to inform your state’s Department of Monitor Vehicles (DMV). It can be done electronically or by submitting specific documents required by the state. Either way, they will inform the state that you no longer carry an unpaid amount due on your loan and that you are the sole owner of the vehicle. «After you’ve paid off your auto loan, you’ll have an «unconstrained and undisputed» title for your vehicle, which means that you are now the sole owner of the vehicle,» says Julie Shinn, vice director for lender management at RateGenius. «Anytime there’s a change in ownership that require updating the title.» The process for changing the title procedure varies from state to state. process involved in getting the title for your car that you have paid off depends on your state laws. Some states manage the whole process, while others require you to do some laborious work. According to Shinn the lender will give you an agreement to release the lien in states where you must submit a claim to obtain your title. This includes formal documentation that the loan is paid in full. After that, you’ll need to take those documents to the state DMV for an updated title that is solely yours. If you live in another state, after the DMV is informed, they will automatically mail you the title to your vehicle with no effort on your part. To learn the process for your state, visit the State’s DMV website . What is the time it takes to receive a title following loan payment Shinn states the states that you need to file paperwork to get the title of your car in your name. You could expect to get your new title in any time from two to six weeks after you have submitted the necessary paperwork. Since every state’s processing times are different, the process may be a bit longer or shorter. Nishank Khanna, a CFO at Clarify Capital, says that states that have DMVs that issue auto titles electronically could take less time, generally around 15 to 30 days. However, processing and shipping time can drag on therefore, be sure to follow up with a call or email, or even an in-person visit in case you feel that it’s been a long time. Final considerations about liens While it is normal that you have an obligation placed on your vehicle, there are key details to remember. For example, a lien on your vehicle could — or at the very least make selling your car more difficult, says Brian DeChesare of Mergers and Inquisitions. This is based on the fact that you will need to pay off the vehicle loan and get access to the title prior to being able to sell your car or transfer it to another person. You may not have the funds to pay off your car prior to selling it, and if you happen to owe more than what your car’s value then you’ll be required to pay the difference. DeChesare adds that the opposite is true too: You won’t be granted the title to an automobile when buying from someone with a lien until they’ve paid to buy the car. This is an extremely complicated process. Some DMVs do offer a lien search option which allows you to determine who holds the title of the car and then contact them directly. As a result of these challenges, many drivers simply sell their cars with a lien to their dealership when they upgrade. When you at a dealership you’ll receive a trade-in value for your car that is hopefully more than you have to pay. The dealership will then transfer the title to its name so it can sell your car to an individual leaving you off the table. The final word If you’re trying to get your car title after you’ve paid back your automobile loan, you may need to simply to sit and wait. But, in some states, a trip to the DMV may be in your future. Either way, you should be proud of having paid off your auto loan. Be aware of your financial future prior to upgrading to a new car with a new payment, especially if your car is in good shape. Find out more
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Written by an Author, Award-Winning Writer
Holly Johnson writes expert content on personal finances, credit cards loyalty, insurance and other topics. In addition to writing on behalf of Bankrate and CreditCards.com, Johnson writes for clients on a regular basis which include CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.
Editor: Chelsea Wing Edited by Student loans editor
Chelsea has been working with Bankrate since early 2020. She’s dedicated to helping students navigate the high costs of college and simplifying the maze in student loans.
Student loans editor
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