If you are looking for a car but do not have enough money to purchase a new one, you do not have to despair. You can still get a good car at a bargain price through a public auto auction. Auctions are usually carried out by auctioneers contracted by lenders who are disposing off their clients’ cars in a bid to recover the money they lent them. Usually, when someone is applying for an auto loan, he may be required to place his car as collateral. In case he is unable to repay the loan, the car is auctioned by the lender.
Public Auto Auction
Banks and other creditors are not the only ones who have good cars on auction. The police also hold regular auctions of impounded cars that have not been claimed by their owners. These cars could have only been driven only a few miles but their owners may have been on the wrong side of the law, could have evaded and failed to turn up to pick their cars. The repossessed vehicles are usually sold at repo car auctions. For those looking to buy a car, showing up at a public auto auction held by the police can be beneficial.
Preparing For The Auction
Before the day of the auction, carry out research on what is required of those who will be bidding. Find out about the registration fees, carry copies of the identification forms required and of course, have your cash ready. At a public auto auction, the vehicles are sold at the third stroke of the hammer. In case you win the bid, you will be required to provide a down payment of about 30 percent of the total bid and the rest should be paid within 7 to 30 days. If you cannot make these payments, you will lose your bid and the vehicle reentered for another round of auctioneering.
If possible, make a point of seeing the vehicles that will be auctioned a few days before the exercise kicks off. Inspect them and determine how much you will be willing to part with. If you are not knowledgeable with automobiles, bring along your trusted dealer or mechanic. He can help you determine the value of the vehicle as it is. At a public auto auction, one can easily get a raw deal simply because he did not inspect the car or for acting in line with his emotions. Keep in mind you are doing business and are looking for a bargain. Think rationally and do your research well.
Public Auto Auction – How To Find Auctions
Finding auctions is easy. Simply check your local newspapers for ads on upcoming auctions. Alternatively, search on the Internet. According to Federal laws, all auctions must be advertised publicly. As such, you will usually come across information on upcoming ones on the local media. You local county offices will also be given a copy of the announcement of an upcoming auction. Check the notice board from time to time to get firsthand information. Some local dealerships may also organize auctions. Find out from them of any upcoming public auto auction.