1. CELEBRATE!

High five! You’ve paid it off! It’s exciting to see that item down to zero on your budget and you should take a moment to congratulate yourself for it!

2. GET YOUR TITLE

You will want to make sure you get the vehicle title in your possession and stored in a safe place. Here at Notre Dame FCU, once you payoff your vehicle, we will take care of the rest. Once payment is received, the process of releasing your title will be started. You will receive it through the mail in approximately 2-3 business days with standard delivery.

3. REALIGN YOUR BUDGET

You have been used to making that car payment amount every month anyway. Why not think about using your freed-up funds to pay down another debt? If you are in a good place with your other debts, it’s always a good idea to add a cushion to that savings account.

4. CONSOLIDATE DEBT

Maybe you haven’t had the chance to do much more than minimum payments on other debts. Sometimes with enough equity in your vehicle, you may want to consider another vehicle loan to pay-off those other debts. The interest rate on a car loan is often lower than credit cards.

5. TAKE ANOTHER LOOK AT YOUR INSURANCE

Thinking about your car is a good reminder to evaluate your insurance and make sure you have the right coverage and best rate. Contact our Shamrock Insurance to see if they can help save you money.

Once you reach that loan payoff, its a good feeling and we are excited for you too!