Buying a car at auction can be a stressful experience if you don’t know what you’re doing. You need to be able to handle what can be a fast-paced experience. Furthermore, you’ll need to know enough about cars to ensure that the vehicle you’re looking at is worth bidding on.
The good news is that you can buy a car at auction and still get car finance. Below, we describe what to expect if you’re looking to purchase a car at auction. In addition, we explain how you can secure car finance to get the vehicle you want within your budget.
How to buy a car at auction
It’s not uncommon for dealerships, private sellers, or online traders to secure the used or nearly new cars at auctions. This allows them to then sell them on at a premium. By securing your own car at an auction, you’re bypassing this middle-man – and any additional costs they add on.
However, it’s best to head to an auction with some knowledge of cars. Examine the bodywork of each model you’ve got your eye on, as you won’t be able to test drive them. Read the descriptions of the cars that auctioneers provide, so that you know if there are any hidden terms or disclaimers in the paperwork.
Do a bit of research on the price and type of vehicle you’ve got your eye on, and set yourself a budget. Bidding will typically start low, but can increase rapidly, so you need to know where you stand before entering into a war. That way, you don’t end up splurging on a vehicle you can’t afford or purchasing a model that you ultimately find out is substandard.
Car finance for cars bought at auction
If you’re thinking about purchasing your next vehicle at auction, it’s best to get an idea of your budget before heading to the actual event. Use a car finance calculator to find out how much you can borrow. That way, you’ll know the budget you’re working with from the outset. This will ensure you stick within this range when you’re eyeing up a car.
At My Car Credit, we provide car finance for cars bought at auction in the same way that we would for cars found through alternative means. We just need the invoice from the auction – this is what the lender will then pay. As with non-auction car finance, the lender will then own the car until the pre-agreed amount is paid off by you through monthly instalments.
We’ll conduct the standard checks when you first apply, performing a soft credit search and asking for some personal information – but don’t worry, our soft search won’t impact your credit score. You’ll then be able to experience the same advantages of car finance as ever. What’s more, you’ll enjoy full use of your new car whilst making a series of affordable monthly repayments at an agreed-upon rate.
Contact My Car Credit today
If you’re asking, ‘can I buy a car at auction?’ The answer is yes! To find out more about buying a car at an auction with car finance, speak to one of our friendly car credit specialists today by calling 01246 458 810 or emailing firstname.lastname@example.org.
Rates from 6.9% APR. Representative APR 14.9%
Evolution Funding Ltd T/A My Car Credit
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Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!