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Buying a car with a lien Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare information for free — so that you can make informed financial decisions. Bankrate has agreements with issuers, including 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 site are from companies who pay us. This compensation may impact how and when products are featured on this website, for example for instance, the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the information we provide, or the reviews you see on this site. We do not cover the entire universe of businesses or financial offers that may be accessible to you. Alfa Photostudio/Shutterstock
3 minutes read. Published October 27, 2022
Written by Holly D. Johnson Written by award-winning writer, author and author Holly Johnson writes expert content on personal finances, credit cards as well as loyalty and insurance issues. As well as writing for Bankrate and CreditCards.com, Johnson writes for clients on a regular basis which include CNN, Forbes Advisor, LendingTree, Time Magazine and more. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces. The Bankrate guarantee
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So, this compensation can influence the manner, place and in what order items are listed, except where prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, like our own website rules and whether a product is available in your area or at your personal credit score could also affect how and where products appear on this site. We strive to offer the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. If you are considering buying a used car through a private seller check if the car still has a lien on it from the lender. This can make buying more difficult however, it’s not difficult. It will mean taking a few extra steps to ensure that the lien is cleared prior to the transfer of the title to you. What exactly is a car loan? A car lien names an auto loan lender as the primary person of the title. It’s a legal document that acts as a security for a lender if a borrower defaults. The lienholder can make use of the lien as a basis to take over the car and that is the reason why they are considered . When an automobile loan is fully paid off and the lienholder is free of the loan and the car is owned in full by the lender. The impact of a lien on your car purchase When you purchase a car with an attached lien, make sure that the lien is removed before you finalize the payment. If you’re purchasing the car by cash and pay cash, you may be able to work directly with the lienholder in order to pay off the balance on your own. Begin by contacting the current lienholder to determine the amount required to release the car along with other terms that could affect the sale. You can then negotiate directly with the buyer. They’ll likely be looking to sell the vehicle in order to earn a profit. However, if you know the payoff amount, you might be able to secure a good deal — and avoid paying more than the car is worth. If you’re purchasing with the help of a loan Getting an loan of your own to pay for the purchase should be relatively simple. You may share the details of the acquisition with the lender to facilitate paying the lienholder. The remaining amount — if there is any -is paid to the seller. Once the lien has been fully paid, either you or your lender will receive the title that will allow you to record the vehicle in your name. Your lender will be listed as the new lienholder until you . If the seller pays off the loan prior to purchase sale will go ahead more smoothly in the event that the person selling the car simply pay off their auto loan and obtains the title prior to the sale. This isn’t feasible for certain individuals particularly those who owe thousands of dollars on a brand new car or those who owe more than what the vehicle is worth. If, for example, the seller is owed $20,000 for a car that sells privately for $17,000, they will still be required make payments to the lender $20,000 — $3000 more than what they’ll receive from the sale. In these situations the seller could decide to transfer the remaining amount of the auto loan into an unsecure loan similar to one that is a personal loan or a personal loan, to get the auto loan be discharged. Make the purchase official However you decide to handle the situation, be sure to write up an agreement that outlines how you plan to have the loan eliminated or transferred. Although it’s not required in all states, it is still recommended to prepare the bill of sale which outlines the transactions. It should be authenticated and signed by both parties to ensure that everyone is aware that the transaction took place. You may be able to utilize a third-party an escrow company to manage the financial aspect of this transaction. Escrow services can help ensure that the money to be transfered securely. Be aware that escrow firms charge fees for their services — and set it up with the seller to ensure that you’re using a legitimate firm. How do you determine whether the vehicle you’re purchasing has a lien ? Ask the seller — they should be upfront about the car’s ownership status. You may also look up the VIN, title and vehicle history report to confirm the seller’s honesty. Check the number of your vehicle’s identification (VIN) at the state’s DMV. If there’s a lienholder on the title and the DMV will be able to inform you. A title search will also provide you with information about liens. This is a great start point for finding lienholder information. Get a vehicle history report in addition. Autocheck or Carfax are two well-known businesses that list lien history alongside prior maintenance, damages and owners. The bottom line is that there are many instances where individuals purchase a used vehicle with an unofficial lien from an individual or a private company without facing any difficulties or problems. To ensure the process goes smoothly and avoid any major issues, be aware of the steps must be taken to clear the lien. You should also research pricing and arrange your own auto financing and ensure that any agreements you enter into with a private seller in writing. Learn more
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Written by an award-winning author, writer Holly Johnson writes expert content on personal financial, credit card as well as loyalty and insurance issues. In addition to writing articles for Bankrate and CreditCards.com, Johnson does ongoing work for clients which include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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