The world of auto financing comes with a wide range of terms â€“ and if you’re new to car buying or applying for a loan, it can feel overwhelming. If you can relate, you’ve come to the right place. At Skaha Ford in BC, we take the mystery out of auto loans with Easy Deal.
What is a Lien?
A lien is a lender’s claim for repayment registered against the vehicle. It remains on a car until the debt has been paid in full and no balance is owed. According to the Financial Consumer Agency of Canada, only lenders and garages have the right to place a lien, and vehicles can have more than one lien on it.
Before trading in your vehicle, it’s essential to check if it has a lien. If one or more are registered, you must remove the liens before the car can be sold to a dealership.
Need help selling your car, truck or SUV? Now is a great time to trade it in at Skaha Ford in BC. To get started, send us your information by completing this quick online form, then select your next vehicle from our inventory of new and used models. With Easy Deal, you can apply online for financing and select a pick-up time that works for you.
To learn more, contact our team today!