What exactly is a Lien on a motor car Title Loan?

What exactly is a Lien on a motor car Title Loan?

We are able to spot a lien in your vehicle’s name when working with your car or truck as security. Liens are positioned on automobiles that have been utilized as collateral. A lien is the right to help keep possession of property owned by another individual until a financial obligation owed by that individual is paid down.

What exactly is a lien for?

The title regarding the vehicle you possess is in your name, however if there’s a lien in the title, the vehicle title loan lender adds their title to your name to own protection under the law on that automobile. The great thing that we don’t keep your vehicle while you are repaying the loan with us is. Rather, we allow it is driven by you while making the payments.

Adding a lienholder up to a motor vehicle name is completed therefore the lender may use your vehicle as security to make certain payment regarding the name loan. More →