How Do You Buy A Vehicle At A Seized Auto Auction?

As more and more people are having trouble making ends meet because of the shaky economy, there are an increasing number of vehicles being repossessed by lending institutions and seized by government agencies, resulting in an increase in seized car auctions. This is creating an opportunity for more people to take advantage of used car auctions to save a great deal on money on a used car.

It is very common lately for banks and other lending institutions to take back someone's vehicle because they have gotten behind on their car payments. Even more so when there is no way for the customer to catch up on the missed payments. The result of all this is that finance companies, car dealers and banks are now overflowing with seized and repossessed vehicles that they must sell through a seized car auction if they have any hope of recovering their money.

There are also several departments of the government, from the local Sheriff's office all the way to the FBI, that have the power to seize all kinds of property, including vehicles, and then sell them through seized car auctions. There are many reasons why these seizures happen, either because of tax debts, or because of the use of the vehicle in some kind of illegal activity.

Since it ultimately costs a lot of money for these banks, federal agencies, police departments and other lenders to store these repossessed cars, they are quite anxious to get rid of them however possible. In many cases, the original owner of the vehicle has no recourse for getting his or her car back, or they may have a very short time to recover it before the agency is legally able to sell it off. If the odds are very high that the person will not be able to reclaim their vehicle, then it can be sold through a seized car auction, which the various agencies prefer to do, as it will minimize their storage expenses.

In many cases, a seized car auction can be a bargain hunters dream, enabling them to save hundreds, or even thousands of dollars, on a wide variety of cars, truck, vans, recreational vehicles, and even boats and other recreational sports vehicles. These seized, motor car auctions provide people with terrific opportunities to get a better quality vehicle than they might otherwise have been able to afford. For those who are really lucky, they could be driving away with their dream car after only paying one quarter to one half of the amount that they might have paid, had they gone to a regular dealership.

Before you attend seized car auctions it is best if you take some time and do a bit of homework upfront. If there is a certain kind of car you are interested in, then look up the current market value or the Blue Book value on it. Many people recommend that you should not do any bidding the first time you attend a used car auction; rather, simply observe the entire process from start to finish, thereby becoming familiar with the general auction environment and how a car auto auction works.




This has also been published as: on Quizilla, online car auctions on Squidoo

Online Lenders Offering Convenient Car Loan Rates In Ohio

Lenders Offering Low Interest Car Loan Rates In Ohio

The perpetual pursuit for the optimal car loan rates is critical now as the US economy is disintegrating. Consumers in many states, especially Florida, Nevada, California, Arizona, Georgia, Michigan and Ohio are facing huge housing foreclosures and job losses. How can you possibly find the cheapest car loan rate if you reside in one of those states and possess bad credit to boot.

Spending months trying to locate as many bankers as possible and getting quotes from each of them does not seem realistic when you are desperate to buy or refinance your vehicle. However, as much as the best car loan rates hinge on on the lender, there are certain other factors involved that will be discussed in the following paragraphs.

The crucial question is how to help yourself get the cheapest auto loan rate. The first thing to do would be to get your most recent credit report and credit score from one of the big three credit reporting agencies. Your credit score is one of the fundamental determining factors of the interest rate the banker will charge you for a auto loan. If your score is 600 or lower, you will be paying a higher interest rate than someone who's score is 725. If you have recently defaulted on any loans or credit cards, you'll find that your friendly neighborhood banker won't be quite so friendly when you go in for a car loan. If you have multiple small balance credit cards, you can try paying them off as quickly as possible, before you apply for a car loan. Every card you pay off will help raise your credit score.

Keeping a high credit score is of the utmost importance when looking for any type of loan. If your score is already low you can try to purchase a good, solid used car versus a brand new car. This will lessen the amount you have to finance and keep your monthly payments less..

Another route to get the best interest rate would be to get a secured car loan. In a secured loan you have to pledge collateral equivalent to the loan amount. This pledge can be any asset that you may have, such as stock, bonds, jewelry, antiques, your home (which I wouldn't suggest), and any other valuable property that you own, free and clear. Some bankers, that are specialists in bad credit car loans, will even let the car that you are financing to be allowed as collateral for the loan. Secured loans have to be dealt with carefully, as you may lose your collateral if you default on the loan. Though you may get a lower interest rate with a secured loan, you also are taking the gamble of losing whatever asset you pledged.

The other selection for a automobile loan is an unsecured loan where no collateral is essential by the lender. These are difficult to attain if you a bad credit report. Secured loans are much less risky for the bankers as they can take control of your pledged collateral in case you default. Because of this, most lenders are agreeable to give secured loans at a lesser rate of interest and to consumers with bad credit issues.

There are now many online credit unions that specialize in bad credit car loans for consumers in the hardest hit states like Nevada. Do your investigation, be prepared to fill out an application with sincerity and you may be in a new or used vehicle ahead of you ever thought feasible.

This has also been published as bad credit car loans on Zimbio