About Car Liens

Other People Are Reading Can I Put a Lien on a Car When Someone Owes Me Money? How to Put a Lien on a Car DartUtils.loadGoogle160 = function() dmjs.runInlineAd = true; $('.AdUnit160').hide(); $('.AdWrapper').addClass('no160'); ; googletag.cmd.push(function() googletag.display('160x600');); Significance A car lien is similar to a hold placed on a car's title. When you get a loan and use the car for collateral, you are permitting the lending company to place a hold on your car. That means they file paperwork and get your county clerk's office to mark the title to your car. You will have trouble selling the car until the lien is removed.

Function The purpose of a car lien is to give a loan company some way to recoup a portion of their money if you default. The loan company needs some reason to give you the money you are requesting. In some cases, your signature saying you will repay the loan is enough, but in other cases, the loan company wants to know they have property that can be sold to recover the money if needed CK100.

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Misconceptions A car with a lien on the title can be sold under some circumstances. The borrower can talk to the creditor about removing the lien Autel Maxisys, which can happen if the loan is close to paid, or moving the lien to another piece of property. Some people also are comfortable buying a car with a lien knowing the lien eventually will go away, a risky move unless the person is willing to take on the loan.

Benefits For someone who is rebuilding her credit, a car lien is a good way to get a better interest rate. Some people hit hard times and are responsible but still need to rebuild. A car lien allows these people to get a loan without paying too much in interest and can be a good tool when used properly.

Warning Be careful when putting a lien on your car. You are putting the car up as proof you will pay the loan. If you fail to make payments in a timely manner, the loan company has the right to take your car. The company will sell the car, likely for much less than it is worth, and you still will owe the balance remaining on your loan minus the sales price of the car.
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