What You Need to Know About Bank-Repossessed Cars

car buyer guide what you need to know about bank-repossessed cars consumer iq

A new car will depreciate about 10% the moment it leaves the lot, and another 20% within its first year. You’re looking at around 50% value by the time your ride turns three years old. This may be bad news for the original owner but it’s a screaming deal for first-time and cost-conscious buyers. However, buying pre-owned from an independent seller can be a very risky affair.

Read more: The Complete Guide in Bidding at a Used Car Auction

Buying repossessed cars, on the other hand, is much safer. These vehicles were repossessed by banks for non-repayment or could have been used as collateral, rented out, or leased. Here are some very attractive reasons why you should consider buying them:

Safety


Because you’re transacting with a reputable financial institution, you can rest assured that the car is of good quality and was not acquired through illegal means. And yes, no more headaches when asking for documents and certifications. Of course payments will also be safer because you’re dealing with a bank, not some shady third-party seller.

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Excellent condition


You’re probably thinking: “Aren’t these second-hand cars all rustbuckets?” Think again! Security Bank has an extensive list of 2018 and 2019 models. They also document the vehicles’ mileage so you’ll know how much stress they’ve been put under. Remember, these cars were given up not because they were failing but because owners couldn’t pay for them anymore.

Did you know that you can use a Security Bank Auto Loan to buy a secondhand car? Check how much you can borrow with our Auto Loan Calculator:

You can check how much you can borrow using our Auto Loan Calculator below:

Affordable down payment


Keep in mind that these are essentially second-hand vehicles so depreciation works against the seller. Banks would normally want to offload these repossessed assets before their value dwindles even further. You’ll still be required to pay around 20-30% down payment but since you’re buying it at a greatly reduced price, your down payment will still be significantly lower than if you were buying a brand-new vehicle.

Interested in buying repossessed vehicles? Click here.

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