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Do The Auctions Offer Financing On Vehicles?
The answer to this question is both, "Yes" and "No." Let us explain…
Normally, if you are the winning bidder of a vehicle… Cash, or its equivalent (Cashier’s Check, Money Order) is required for payment on the spot.
Here’s one helpful tip should you chose this route of payment: Many bidders will bring Bank/Cashiers’ Checks in denominations of $100. (EX: Should you bring (20) $100 Checks, you could purchase up to $2,000 in value) Be sure to count out the correct number of checks to the auctioneer at the appropriate time.
You may also wish to acquire financing (Calculating an approximation of $$ amount and your goals, of course) from your own Bank or Credit Union prior to heading down on auction day. This way, the auction house can simply transfer the appropriate funds from your bank account.
Here’s another tidbit of info: These days, a good number of auction houses are affiliated with finance and loan companies that are all too ready to lend you the money you need to buy your vehicle at auction.
Last, but not least… You may be interested to know that there are actually Online Vehicle Financing Companies that offer used car loans at much lower interest rates than a typical "brick and mortar" company might provide. In fact, FYI… There are online versions of reputable Bank/Lending Institutions that offer rates lower than their own off line office rates!
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