Do Banks Finance auction cars?

For this reason, it is not possible to secure financing for a vehicle that you might purchase. When you use an online auto auction to buy a vehicle, you must be prepared to make a cash payment, usually through a cashier’s check or perhaps another method if you’ve established a relationship with the website.

How do I buy a repossessed car in South Africa?

Here is how to buy a repossessed car on auction in South Africa without getting a dud.

Check for warranties and motor plans.
Make sure you know what the car you’re planning to buy is worth.
When you view the vehicle, make sure you inspect it thoroughly – including checking its service record.
Get the vehicle’s VIN number.

Can you finance a auction car?

You may also use a financing option to pay for a vehicle won through an auction. This method of buying a car is generally done through the online auction process and requires a credit check before financing is possible. The financing option is a safer method of paying for your new car or cars at auction.

Is it a bad idea to buy a repossessed car?

Repo cars often come with a caveat emptor warning — “let the buyer beware.” A repossessed vehicle may not be in the best condition, particularly if the previous owner couldn’t afford to maintain it, and the lender may want to simply get rid of the vehicle rather than allow it to sit there collecting dust (or leaves and …

Is it OK to buy a repossessed car?

Buying repossessed cars can be a great way to save money. Buyers can often purchase a vehicle at a cost lower than fair market value. You should always make sure you’re covered with an affordable car insurance policy. We’ve put together a quick guide to help you find and buy repossessed cars safely and at minimum cost.

Is it okay to buy bank repossessed cars?

Safe and Trustworthy Sellers Buying a repossessed car from a bank assures you of a legal and secured transaction, as you’re dealing with a reputable financial institution. On the other hand, buying a second-hand car from a private seller can be prone to fraud since you’re dealing with a stranger.

How do you buy a repossessed car?

Four Ways To Buy Repo Cars

Buy directly from the lender.
Buy from a repo reseller service.
Buy a repossessed car at a police repo or lender auction.
Buy a repossessed car from a used car dealer.

Are repossessed cars cheaper?

Repossessed cars are often cheaper than used vehicles, but buying a repo comes with some risks. As the economy sputters and the country sees record highs of unemployment, it’s becoming more and more challenging for car owners to pay their loans.

How do you pay at a car auction?

Most auctions will ask for a deposit on each vehicle before you can make a bid. Most of the time, the auction house asks you to pay by cash or debit / credit card. Once you win a vehicle, you can choose to put the deposit toward the payment of the car.

How do I get a car to auction at Wesbank?

Get approved. Personalise your deal. Sign your contract. Download the WesBank App today. Find the auction centre closest to you and view their catalogue of bank repossessed cars. Auctions are run once a week and auction car catalogues are updated at 12 pm before the day of the auction.

Where can I find a Wesbank car catalogue?

Your first point of call should be the Wesbank website at: https://www.wesbank.co.za/home/. Which not only lists all the destinations where the auctions will be held, but a catalogue of all of the cars on auction in those places. It really is that simple.

Where are the car auctions in South Africa?

These auctions normally take place at Bloemfontein, Cape Town, Gauteng and Port Elizabeth. In addition, a few other areas of South Africa. Hundreds of vehicles are for sale on a weekly basis. So you will find something bid worthy.

Is there a Westbank auction house in SA?

Oh and by the way it’s not Westbank auctions as people in SA tend to mis-spell it. One vital word of advice that Wesbank provides to its customers is that they come in to the auction house with a predetermined budget. The whole experience of attending an auction can be very exciting.