What is a Lien Holder in San Jose California?
Car Title Loans & Lien Holders
Buying a car is a major purchase and may be the second biggest purchase you ever make, after you buy your house. Many people need to take a loan to buy a vehicle and when you do this the creditor becomes the lien holder on the car. In other words, the creditor has an ownership interest in your new car while you still owe them money on the loan. The creditor remains the lien holder until the car loan has been paid in full.
A Lien Holder When There is No Car Loan
There are cases when there is no loan for a car or the loan has already been paid in full and yet there is still a lien on the vehicle. These liens often come about when a vehicle owner uses the vehicle as collateral for another loan. If there is a lien on a vehicle, that information will be clearly written on the car title. A car title may list a number of lien holders, including current and former liens. This is important information to know if you are ever looking to buy a used car.
Liens and Loans in San Jose CA
Types of loans that may result in a lender being listed as a lien holder on a car title are short term loans and include car title loans. These are personal loans that may be given to applicants who hold a current car title. The lender becomes the lien holder on the car title for the entire period until the loan is repaid in full. The car is used as collateral for the loan, although the owner is able to continue driving the car as usual for the entire period. Once the loan has been repaid in full, the car title will return to the owner of the vehicle.
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