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repo car vs used car

Repossessed Cars vs. Used Cars: Making an Informed Choice

This entry was posted in Repo Cars and tagged , , , on by .

When shopping for a used car, you have more options than just your local dealership. Repossessed cars can be a great alternative to traditional used vehicles. These cars have been seized by a financial institution from the previous owner due to non-payment of the loan. These cars are then sold at auctions or through dealerships. 

While repossessed cars may offer an opportunity to get a vehicle at a lower price, it’s important to understand the differences between repo cars and regular used cars. To help you make an informed decision, let’s explore the pros and cons of repossessed cars and used cars.

Repossessed Cars

Repo cars can be an attractive option for buyers looking for a good deal. Here are some points to consider:

  • Lower Prices: Repossessed cars are often sold at a significantly lower price compared to similar used cars in the market. Financial institutions are motivated to sell these vehicles quickly to recoup their losses, which can result in lower prices for buyers.
  • Varying Condition: The condition of repossessed cars can vary greatly. Some may be in excellent condition, while others may require repairs or maintenance. It’s important to thoroughly inspect the vehicle before you sign any paperwork. 
  • Limited Warranty: Repossessed cars may not come with a warranty or guarantee, unlike some used cars offered by dealerships. This means that any repairs or maintenance required after the purchase will be your responsibility. 
  • Limited History: It may be challenging to obtain a detailed history of a repossessed car. Be sure to conduct a thorough vehicle history check to gather as much information as you can.
  • Bidding Power: If you’re buying a repo car from an auction, you’ll be able to place a bid that you are comfortable with. You can even negotiate with the seller and perhaps even get financing through them for even better rates. 

Used Cars

Used cars are widely available through dealerships, private sellers and online platforms. Here are some considerations when looking at used cars:

  • Wider Selection: The used car market offers a wider range of choices in terms of make, model, age and condition. This allows buyers to find a vehicle that meets their specific needs and preferences more easily.
  • Detailed History: Used cars typically come with a detailed history report that includes information about previous ownership, accidents, maintenance records and any major repairs. This helps buyers make an informed decision.
  • Dealer Support: When purchasing a used car from a reputable dealership, you may have access to additional benefits such as warranties, financing options and after-sales support. This can provide peace of mind and added protection for buyers.
  • Negotiation Power: Compared to repossessed cars, there may be more room for negotiation when buying a used car. Private sellers and dealerships may be willing to negotiate on the price or include additional services or incentives to close the sale.

Shop for Repossessed Vehicles 

Both repossessed cars and used cars have their own advantages and considerations. Repossessed cars can offer lower prices, but they may come with varying conditions and limited warranties. Used cars, on the other hand, provide detailed history reports and dealer support, though you will pay more. 

When making a decision, it’s important to consider your budget, the condition of the vehicle, the level of support you desire and your comfort with potential risks. To browse through repossessed vehicles in good condition, visit RepoFinder.com today. 

repo car red sedan

Why Repossessed Cars Can Be a Good Investment

This entry was posted in Repo Cars and tagged , , on by .

If you’re in the market for a car and looking for a bargain, a repossessed car can be a great choice. Repossessed cars are vehicles that were taken back by banks or other financial institutions because the previous owner could not make their payments. While the idea of buying a repossessed car may sound risky, it can actually be a smart investment. 

Let’s look closer at the reasons why repo cars make an excellent investment! 

Lower Prices

Repossessed cars are often sold at a significantly lower price than their market value. This means you can get a good deal on a car that would otherwise be out of your budget. Because the banks want to sell these cars quickly, they often price them to move. Plus, the banks and credit unions are often willing to negotiate even further. 

Good Condition

Contrary to popular belief, many repossessed cars are in good condition. Some were taken back because the previous owner simply couldn’t afford the payments, not because the car was damaged or in disrepair. When you use RepoFinder to find a repo car, you can look at the condition of each vehicle and read the description to determine its condition. 

Access to High-End Cars

If you’ve always wanted a luxury car but couldn’t afford it, a repossessed car auction might be your chance. Banks and financial institutions repossess a wide range of vehicles, including high-end cars, that are often sold for significantly less than their market value. Because these vehicles carry high monthly payments, it’s not uncommon for owners to default on their loans. 

No Hidden Surprises

When buying a repossessed car, you can get a detailed report on the car’s history, including any accidents or repairs. This information can help you make an informed decision about whether or not to purchase the vehicle. Also be sure to look at the pictures, read the vehicle description and research the vehicle in general. 

Opportunity for Profit 

If you’re handy with cars, you can buy a repossessed car and fix it up, then resell it for a profit. Since you’re buying the car at a lower price, you have more room to make a profit when you sell it. Or, you can use a damaged car as a project piece or learning experience. If you or someone else in the house wants to learn how to fix cars, an old clunker is great to work on! 

Browse Repossessed Vehicles Today 

All in all, repossessed cars can be a smart investment for those looking for a good deal on a vehicle. Just be sure to do your research, inspect the car thoroughly and act quickly when you find a car that you like. Otherwise, it probably won’t last long! RepoFinder.com offers a comprehensive list of banks and credit unions that are selling repo inventory. Visit our site today – it’s free! 

used cars for less

Best Used Vehicles for $15K or Under

This entry was posted in Used Cars and tagged , on by .

Buying a used car can be a smart financial decision, especially if you’re on a tight budget. With a budget of $15,000, there are plenty of great options available – even in this market. To find the best deals on used cars, open your search to repossessed cars. The benefit in choosing a repo car from a bank or lender is that you can negotiate the price – and get financing directly from the seller!

Here are some of the best used cars you can find for $15,000 or less. 

Honda Civic (2014-2015)

The Honda Civic has always been a popular choice for car buyers because it’s efficient, stylish and easy to drive. The 2014-2015 models offer a good balance of style, reliability and fuel efficiency. They also come with a 1.8-liter four-cylinder engine that gets up to 39 mpg on the highway. 

Ford Focus (2014-2016) 

The Ford Focus is a safe, reliable vehicle with good fuel economy. It has a 2.0-liter four-cylinder engine that gets up to 37 mpg on the highway. It’s also an easy vehicle to drive since it has great body control and steering. Ford plans to phase out of the Ford Focus by 2025, so the current fourth-generation Ford Focus is not getting a replacement.

Toyota Corolla (2014-2016) 

The Toyota Corolla is another reliable and efficient car that has been a top choice for car buyers for many years. The 2014-2016 models come with a 1.8-liter four-cylinder engine and gets up to 39 mpg on the highway. Plus, the 2014-2016 models introduced a lot of new tech features, in addition to improved powertrains and safety features. 

Kia Soul (2015-2018)

If you’re looking for an alternative to a traditional SUV, the Kia Soul is a great choice. Its boxy design has surprising cargo and passenger space, a large liftgate for handling awkward cargo and both a USB port and Bluetooth. The base model is plain, but you can opt for the mid-level Plus trim that gives you an engine upgrade and other features. 

Hyundai Elantra (2014-2016)

The Hyundai Elantra is a budget-friendly car that offers good fuel economy and a compact design, making it a top choice for beginner drivers. As with the other vehicles listed above, the 2014-2016 models come with a 1.8-liter four-cylinder engine that gets up to 38 mpg on the highway. It also has a spacious design, giving you a good bang for your buck. 

Honda Accord (2013-2015)

Another great vehicle from Honda is the Accord, which offers sleek styling and plenty of advanced features. Plus, the 2013 model is considered one of the most reliable in the lineup, so it’s a great car for new drivers. The vehicle was also redesigned at this time, offering a sportier look and feel, a USB port and Bluetooth. 

Find an Affordable Used Car on RepoFinder.com 

Buying a used car is a great way to save money while still getting the reliable, efficient vehicle you deserve. RepoFinder continually updates its list with banks and credit unions that are eagerly selling their repo inventory. See what types of vehicles you can find for $15,000 or less! 

buying a used car

4 Reasons to Choose a Short Term Car Loan

This entry was posted in Financing and tagged , , , , on by .

When you don’t have the money to pay for a vehicle upfront, you’ll need to borrow money from someone, whether it be a family member, bank or credit union. Most people choose to finance their car purchase with an auto loan, as it’s fast, easy and offers consistent monthly payments. 

The most common auto loan length is 72 months (or six years) for both new and used vehicles. This length has increased over the years because of the rising cost of vehicles. The monthly payments are more affordable when spread over a period of six years compared to four years, though you will end up paying more in interest. 

If you are looking for the most economical option for your car purchase, you may benefit from a short-term loan. Even though the monthly payments are higher, the interest rates are lower, and you’ll be done with the loan much faster. 

Let’s look at why a short-term auto loan may make sense for you. 

1. Lower Interest Rates 

One of the best advantages of a short-term car loan is the lower interest rates. Since the loan term is shorter, lenders take less risk, which means they can charge less interest. The benefit to you is that you pay less interest over the life of the loan, saving significant money. 

2. Save Money in the Long Run 

To expand on the point above, you’ll save money on a short-term loan due to lower interest rates and a faster loan. Plus, you’ll own the car sooner. If you do run into problems with your car, you’ll have the money to fix it, or you can trade it in for something new. Things are more complicated when you still have a loan to pay off. 

3. Build Equity Faster 

A short-term car loan also allows you to build equity in your car faster. Equity is the difference between what you owe on your car and what it’s worth. With a shorter loan, you’ll pay more toward the principal balance each month, allowing you to build equity faster. This is a great option if you plan to only keep the car for a few years, and you can avoid being upside down on your loan. 

4. Flexibility

Short-term car loans also offer more flexibility than long-term car loans. With a shorter loan term, you have the option to pay off your loan faster, which can save you substantial money in interest. Additionally, a shorter term loan may give you extra options for refinancing your loan in the future, and you can save on insurance costs once you own the car outright. 

Shop for Repo Cars and Save Money 

If you want to save money on interest, build equity faster and have more flexibility in your payment options, a short-term loan may be right for you. When you look for repo vehicles on Repofinder.com, you have the option to secure financing in advance or work with one of our sellers – they are banks and credit unions themselves! It’s the best way to save money while still getting a great vehicle! 

work vehicle

Why Repo Cars are Great Options for Work Vehicles

If you’re in the market for a new work vehicle, you might want to consider purchasing a repo car. Repo cars are vehicles that have been repossessed by banks or financial institutions due to non-payment of loans. While this might sound like a risky option, repo cars can actually be a great choice for work vehicles. Let’s explore some of the reasons why! 

Affordable Prices

One of the biggest advantages of buying a repo car is the price. Because these vehicles have been repossessed, banks and financial institutions are eager to sell them quickly to recoup their losses. As a result, repo cars are often sold at significantly lower prices than comparable vehicles on the market. This means you can save money and get a reliable vehicle for your work needs.

Low Mileage 

Sometimes, repo cars are newer vehicles that have low mileage. This is because many people who default on their loans do so in the early stages of the loan, before they’ve had a chance to put many miles on the car. This means that you can get a work vehicle in great condition and with low mileage, which can help prolong its lifespan and reduce the need for expensive repairs.

Variety of Options

Repo cars come in a variety of makes and models, which means you can choose the vehicle that best suits your work needs. Whether you need a truck for hauling materials or a van for transporting people or equipment, you can find a repo car that fits the bill. This variety of options also means that you can be more specific with your budget and needs. 

Access to Financing 

Many banks and financial institutions that sell repo cars also offer financing options. This can be a great advantage if you don’t have the cash on hand to purchase the vehicle outright, or you don’t want to fill out a bunch of loan applications online. These financing options can also come with lower interest rates than you might find elsewhere, which can save you money in the long run.

Find Your Work Vehicle on RepoFinder

If you’re looking for a new work vehicle, don’t discount repo cars. They can be a practical and cost-effective option for work vehicles. They offer affordability, low mileage, variety and access to financing. With these advantages, you can find a reliable work vehicle that meets your needs and budget. To start browsing for a work vehicle, visit RepoFinder.com today! 

repo car

How Cheap are Repossessed Cars?

This entry was posted in Repo Cars and tagged , , on by .

Repossessed cars are vehicles that have been taken back by a lender after the borrower defaults on their loan payments. These vehicles are often sold at auctions, and the prices can be significantly lower than the new or used cars sold at dealerships. However, the actual price of a repo car can vary depending on several factors. 

If you are considering saving money by purchasing a repo car, you’re probably wondering just how much you can save. Let’s take a closer look at how cheap repossessed cars really are and what factors can affect their price. 

Repo Cars are Not Cheap by Default 

It’s important to note that repossessed cars are not necessarily cheap by default. While it’s true that they are often sold at auctions, the prices are still influenced by supply and demand, the condition of the vehicle and other factors. 

For instance, with the recent car shortage, prices for all vehicles have increased, including repo cars. That said, it’s not uncommon to find repossessed cars selling for significantly less than their market value, especially if the lender is eager to get rid of the vehicle quickly. 

Lenders are Motivated Sellers 

When you buy a true repo car, you are buying it from a lender, bank or credit union. Since lenders are typically more interested in recovering their losses than maximizing their profits, they’re often willing to sell the car at a lower price to get it off their hands quickly. This can be a great opportunity for buyers who are looking for a bargain. 

To make yourself more attractive, it helps to secure financing ahead of time and come prepared to make a strong bid. Lenders are looking for quick and easy sales so they can recoup some of their losses. 

Selling As-Is Comes with a Discount 

Repossessed vehicles are also discounted because they are typically sold as-is. People often assume that as-is means poor condition, but this isn’t always the case. As-is simply means that the vehicle is being sold in its current condition, and there is no warranty (unless the manufacturer warranty is still active). 

As a buyer, you have to do your due diligence and balance cost with condition. In some cases, the original owner may have neglected the car, leading to mechanical problems or other issues. This will increase the cost of repairs and maintenance, offsetting some of the savings from the lower purchase price. Repo cars in good condition will cost more. 

Bidding Can Be Competitive 

Another factor to think about when buying a repo car is the auction process itself. Auctions can be competitive, and it’s not uncommon for buyers to get caught up in the excitement and end up paying more than they intended.

Additionally, some auctions may require you to pay additional fees and taxes, which will also add to the overall cost of the car. Nevertheless, some people prefer the auction atmosphere over working with a car salesperson. 

Find Affordable Repos at RepoFinder 

So, how cheap are repossessed cars? The answer is it depends. While they can be a great deal, the actual price you pay will depend on a variety of factors, including the condition of the car, the lender’s motivation to sell and the competition at the auction. Always do your research and approach the auction with a clean budget in mind. 

To find the best deals on repo cars, visit RepoFinder.com. We continually update our directory with links to banks and credit unions that are selling their repo inventory. They are motivated to sell, and the transaction is between you and  them directly – no middlemen! This is the best way to save money while still getting a great car! 

great car deal

The Anatomy of a Great Used Car Deal

This entry was posted in Repo Cars and tagged , , , on by .

Car shopping isn’t always the most enjoyable experience. It can be stressful, disappointing and even confusing. For example, how do you know when you’re getting a great deal on a car? Unlike brand new vehicles that cost a premium, used vehicles include a discount. How much of a discount they get depends on various factors such as their age, model and condition. 

Most people who purchase used cars are doing so to save money. If we’re being honest, most of us would love to drive off the lot with a brand new car. So it only makes sense that when shopping for a new or repo car, you want to make sure you’re getting the best deal possible. Below are the elements that go into a great used car deal. 

Good Purchase Price 

It’s fairly easy to tell if the car is marked right by looking up its value in Kelley Blue Book or Edmunds’ True Market Value. Keep in mind that you’ll get an average price for the vehicle based on what people in your area have paid. It will not be exact. Some people will have paid more, and others less. But at least you’ll have an idea of what the car is worth. 

Possible Incentives 

It’s possible that a used vehicle might include some incentives, such as low-interest financing, to make it look more attractive. If the car you’re interested in is eligible for incentives, make sure they are applied correctly. Many people prefer the ease of shopping for a repo car because they can place a bid they feel is fair – there are no incentives, rebates or other offers to mess with. 

Low-Interest Financing 

Ideally, you’ll want to shop around for the best auto loan rates. Dealerships do offer financing, but the interest rates are often higher, which means you’ll pay more over the life of your loan. Shop ahead and use this to negotiate at the dealership if need be. If you plan to buy a repo car, you can obtain financing from the seller, as most are credit unions and banks who are open to negotiating. 

Minimal Fees and Taxes 

You should always know what you’re paying for your vehicle – including taxes and fees. Often, people ignore these hidden fees because everything is lumped into one payment. But it pays to ask questions and be informed. In a good car deal, you should only have to pay three fees: state and local sales tax, motor vehicle registration fees and a reasonable documentation fee. In some states, state law controls the fees. What you want to watch out for is dealers creating their own fees. 

No Additional Add-Ons 

As mentioned above, people appreciate the simplicity of buying a repo car because they don’t have to worry about overpriced add-ons. Everything is straightforward. Find a car you like, place a bid, and if your offer is accepted, move forward with an inspection and paperwork. If you purchased a used car from a dealer, watch out for unnecessary add-ons like paint protection packages and extended warranties. 

Find the Whole Package at RepoFinder.com 

RepoFinder.com has a list of banks, lenders and credit unions in every state that are selling repo inventory, including cars, trucks, SUVs, recreation equipment and more. They are highly motivated sellers that are looking to clear out their inventory and recoup their losses. You can also negotiate good deals with them, sometimes with zero-interest financing. Browse our vehicles today and see if you find something you like! 

college students

Why Repo Cars a Great Choice for College Students

If your college kid could benefit from having their own car, this article is for you! College students don’t typically have a ton of money. They’re focused on going to school, getting good grades and building their resume. Except for maybe a part-time job or two, most college kids can’t afford to buy a new car and make the payments on it. 

At the same time, the parents of college students are also often strapped for cash! They’re likely helping out with the cost of tuition, as well as room and board, food, books and other things. Affording a car payment on top of it might be too much. Fortunately, there is an option for college students and their families: repossessed cars. 

What are Repo Cars? 

Repo cars are vehicles that have been taken from their owner because they didn’t make their payments. When you take out a loan to buy a new car, you’re agreeing to make the monthly payments on time. If you don’t, the lender has the right to repossess the car. You’ll likely have an opportunity to catch up on payments once the car is repossessed, and if you can’t, it’s sold at an auction.

Lenders don’t like having to deal with repo cars. They’re in the business to make money by lending money. They don’t want cars sitting on their lot, nor do they want to spend time trying to find a buyer. That’s why they often unload repossessed cars quickly by selling them at dealer auctions. 

The trouble with dealer-only auctions is that they are only open to people with a dealer’s license. They are not open to the general public. If you want to get your hands on a true repo from a bank or lender, RepoFinder.com is the way to go. We have a huge list of repo inventory from banks, credit unions and lenders all over the country. 

Why Repo Cars are a Great Choice for College Kids 

Whether you’re shopping for yourself or your college student, here are some reasons why repossessed cars make a great fit for young people:

  • They’re affordable. Repo cars can save you as much as 30 percent compared to what you would pay at a dealership for a new car. You can also negotiate with the seller to get a better price. 
  • They’re cheaper to insure. Because repo cars cost less and are typically a few years old or older, they’re also cheaper to insure. If your college kid is going to be driving back and forth to school and home, you want to be able to save on insurance. 
  • You can pay in cash. Since repo cars are more affordable, some people pay in cash. Paying in cash makes you a stronger negotiator, and you can save money on interest rates. If you and your college student have been saving up for a car, you can put your money together and make this great purchase! 
  • There’s a wide selection. When you look for a repo car on RepoFinder.com, you’ll find a great selection of vehicles. You can shop at your leisure, view the photos, ask questions and more without leaving your home. 

Buying a vehicle for a college student is a big venture, but it’s one that’s often needed. College kids need a way to get to and from school, work, etc., so a car quickly becomes essential. To find an affordable car for your college student, visit RepoFinder.com today. 

car fixer upper

3 Things to Consider When Buying a Car Fixer Upper

This entry was posted in Repo Cars and tagged , , , on by .

Buying a car fixer upper is not a bad idea, as long as you keep your expectations realistic. You’re not buying something new, so you can expect to put in some work. At the same time, you can save money and make the car your own. But just because you are saving money on the front end does not mean that you can’t get ripped off. 

Below are three things to consider when buying a car fixer upper.

1. Take Your Time – Don’t Rush!

Unless you need a car immediately, take your time finding a vehicle that meets your needs and budget. Be open to different makes and models of vehicles, as you never know what you’ll find for old, beat-up models. You can also negotiate with sellers most of the time, especially if you’re looking at a repossessed model.

Lenders will take back a vehicle when the owner stops making their payments. However, banks and credit unions don’t sell cars, so they have trouble storing them on their lots. They simply want to recoup some of their losses, so they are usually very open and willing to negotiate. Be sure to include RepoFinder in your search for fixer uppers. 

2. Look for Matching Parts

Once you find some vehicles that fit your criteria, try to find parts online. There are some essential repairs you can expect to make, such as changing the brakes. Search for these parts and make sure that they are available so that you can make the car safe to drive. 

Also consider some bigger projects like replacing the transmission or engine. You’ll want to look for these parts, as well as smaller parts like headlights, fenders, car batteries, spark plugs and oil filters. If you want to be able to fix the vehicle, the correct parts must be available – and affordable. 

3. Be Willing to Negotiate 

Car fixer uppers cost less than other cars, but you want to make sure that the bargain you’re getting will be worth the time and money you put in. If the vehicle is a hobby, then you have more freedom as to how and when you make the repairs. But if the vehicle is a necessity, the repairs will need to come sooner.

Get a general idea of what fixer upper cars cost, and be willing to negotiate with the seller. See the car in person first as well so that you can determine if it’s a vehicle needing repairs or a complete piece of junk. Talking with the seller also allows you to ask questions face to face. 

Shop for Car Fixer Uppers Today

These three tips will help you when buying a car fixer upper that is worth your time and money. Add RepoFinder to your list – we have a huge database of repo cars, trucks, SUVs and recreational vehicles that are being sold at bargain prices. Some are fixer uppers needing a bit of work, and others are in great condition. Find a car that you love today! 

saving for car

What are the Fastest Ways to Save for a Car?

This entry was posted in Used Cars and tagged , , , on by .

If you’re in the market for a new car, SUV or pickup truck, you’re probably aware that you need to gear up for high prices, sparse inventory and few incentives. It may not be the best time to shop for a new vehicle, but you might not be able to wait any longer. 

Fortunately, things are getting better, and car prices are no longer increasing. But you can still expect to pay significantly more for a car today than a year or two ago. Below are some tips from the experts on how to save for a car – and fast! 

Pick the Car You Want First 

Decide on the vehicle you want to buy before you start saving. You may have a few different models picked out, and that’s okay. By having some vehicles in mind, you can look up their prices and know how much you have to save. Don’t forget to add in extra for fees, sales tax and insurance payments. 

Decide How You’re Going to Pay for the Car 

Once you have a car in mind, you can decide how you’re going to pay for it. Creating a timeline can be helpful, as you’ll be able to find a balance between the monthly payments you can afford and a down payment you can save for. There are a number of free online payment calculators you can use to crunch these numbers. 

Set Up a Separate Savings Account

As you begin to save for your new car, keep your “car cash” separate. You don’t want to end up using your savings for other things like groceries, gas or a night out. Having a separate account allows you to see how much you have saved for your car and where you are in relation to your goal. To make things even easier, set up automatic transfers from your checking account. 

Not sure how much you should be putting away each month? Anything helps, but experts recommend pretending like you already have the car payment. What you would be paying in a car payment can go directly into the savings account.

Sell Your Car Right Now 

Normally, you would trade in your old car when you buy a new car. But these are different times, so it might be worth it to trade in your old car right now. In the meantime, you can drive a different car you own, car pool with neighbors or use public transportation. The purpose of this is to get the best price for your trade-in right now.

Save Money. Shop with RepoFinder. 

When you’re ready to buy your new car, be sure to consider all of your options. RepoFinder has a huge inventory of repossessed vehicles, and they are available to the general public. You do not need a dealer’s license. You can take advantage of low prices, an expansive inventory and quick sales. Check out our used vehicles today!