Is the car technically yours if you get a car loan?
"I just wanted to know if the car you finance is technically yours or if the bank owns it. Which is it?"
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Answered on Jul 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Yes, you technically own the car. You’re responsible for taxes, registration, and maintenance. However, you don’t own it “”free and clear,”” which means you no longer owe money on it.
The bank is the lienholder of the loan, which means if you don’t fulfill your obligation to pay the loan, they can repossess it. When you pay your loan off, you’ll get a lien release, which means they’ll no longer have a claim to the car.”
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