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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?"

Eric Schad · Updated on Jul 27, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

“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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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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