What’s a lien
Once you purchase a car from a dealer or from a personal seller, remember that there might be a lien registered against it. Along side automobiles, and also this relates to other utilized automobiles such as for example ships or motor domiciles.
A lien is really a lender’s claim for repayment that is registered against a vehicle. Loan providers and garages have actually the ability to spot a lien in your vehicle.
Liens stay registered from the motor vehicle before the debt happens to be compensated in full plus the lien was eliminated.
A car or truck may have several lien upon it.
Why you ought to search for liens
Before buying a car in a private purchase or by way of a dealer, be sure there clearly wasn’t a lien regarding the automobile.
Authorized car dealers are legitimately needed to make yes liens are taken out of utilized vehicles.
It’s important to test for liens if you’re purchasing an used automobile by way of a private purchase. If you discover that there surely is a lien, it should be eliminated just before can register the automobile together with your province or territory. Continue reading