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How do you put a lien on a car as collateral for a loan?

Timothy Norman

in Student Loans

1 answer

1 answer

Rodney Fox on June 17, 2018

If it is a personal loan you must write a statement saying that you will lend x amount of dollars to this person using the car as collateral and how long it will be beforeand to pay and at what rate, like a $100.00/week/month. You must also have the date, both your names, the vin number on the car, make model, color. Make two copies and each one signs both and both retain a copy. I would like to add that it is wise to have both signature notarized by a notary public . Tends to be seen as "more legally binding in a court of law.

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