If you are interested in buying a second hand car, it might be a good idea to know of at least four banks selling repossessed vehicles so that you can make a wise choice.
In today’s fast paced, ever changing world, everybody seems to be on the go all the time. We all have obligations and things to do, and often very little time to do them in. Getting from your home to work, to your children’s school, to the shops, to appointments, to the doctor and a myriad of different places that you need to be day to day in good time and as safely as possible is essential. Transport has become one of the integral components to successful living and each and every one of us makes use of it at some point, generally several times a day.
Because transport is expensive but essential, looking into banks that sell repossessed vehicles would be a good route to take.
How do you get around?
There are several ways that people get from A to B these days including but not limited to the following:
- Public transport
- Getting lifts from friends and families
- Having your own vehicle
Undoubtedly, having your own vehicle is the best, most convenient way to get around but purchasing it can be difficult and expensive. That is why looking into repossessed vehicles is a good way to find you’re a car that suits you.
Buying a repossessed car through an auction
If you cannot afford a brand new vehicle, and if you do not trust second hand dealerships, you could look into repossessed vehicles. Buying a repossessed vehicle has the following benefits:
- Repossessed vehicles are often newer than other second hand vehicles.
- Repossessed vehicles might still have service plans and warrantees intact.
- Auctions are a good way to have control over the price you pay for a vehicle. At an auction, the potential buyers decide what the vehicle is worth.
Which bank should you get your repossessed vehicle through?
Many banks have to repossess assets like property, vehicles, boats and other items when the client cannot or will not make their monthly loan repayments. Most banks will hand over their repossessed items to professional auctioneers who will handle the appraisal, auctioneering process and often the logistics and transport. Professional auctioneering companies like Aucor and Burchmores will generally be members of the South African Institute of Auctions, a body that aims to ensure that all auctioneering business is done correctly, ethically and with respect to both the auctioneer and the buyer.
Four banks selling repossessed vehicles
There are many banks that offer repossessed cars and other vehicles for auction, but four that are well known for their good service are:
All four of these banks are long standing, reputable and have a large amount of satisfied, happy customers. They are big financial corporations with many customers and a lot of business.
What banks that repossess vehicles do
Often, these four banks will repossess vehicles and then hold them for a period of time before putting them on auction. They do this so that the client that could not make their monthly loan payments has a chance to find the money and pay the bank back. Once the holding period is over, the bank will then usually send the vehicles to one of the major auction companies who will advertise, organise and hold the auction. The banks usually want the vehicle sold as quickly as possible so that they can make their money back.
To sum, it is essential to have transport of some kind to live your life fully. Because many of us cannot afford brand new cars and because there are several instances of dishonesty with second hand dealerships, buying bank repossessed vehicles is probably the best way forward for you.