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When you buy a car with a loan, the bank holds the title until you pay it off, but you are the owner of the vehicle. For example, if Josh has a car loan, the bank technically owns the title, yet he can still sell, refinance, or use the car as he wishes. His insurance is for him as the driver, not the bank. Once the loan is paid off, the bank transfers the title, confirming he is the full owner. This arrangement of holding the title while you own the vehicle is common in car financing.