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How To Buy Bank Seized Car- If you want to buy a cheap car at a low price, then the online auction of the bank can be a great opportunity for you. Here, cars are not only available cheap, but the entire process is digital and transparent.
New Delhi. Many people take loan from the bank to buy a car, but sometimes due to financial problems they are unable to pay the EMI on time and the bank confiscates their car. The interesting thing is that most of these cars are in good condition and look almost like new due to the low mileage. The bank recovers its money by auctioning these vehicles. This auction becomes a big opportunity for common buyers to buy a car cheaply.
The best thing is that you do not need any agent or broker. From car documents to registration, the bank provides you with all the official documents properly. That means no hassles, no fraud, just the best deals.
How to find auction cars?
Banks release information related to the auction on their official website. It also tells when the vehicle and property will be auctioned. Many banks have a separate repossession or auction department, which handles the sale of seized properties and vehicles. Apart from this, websites like Foreclosure India, e-Auction India, Autobse and Bankeauctions also provide information about bank auctions. You will get all the information here from when the bank will hold the auction.
Can I participate in the bank’s e-auction sitting at home?
Now you do not need to go to the auction venue, you can bid from home using just your mobile or laptop. There is no tension of any kind of fraud or agent’s commission. Easy search filters are available on the portals, so that you can find a car as per your budget and requirement.
Gather complete information about the car
Before participating in the auction, check the details of the car like model and variant, manufacturing year, reserve price, location of the car and also the market value of the same model. This will make it easier to decide whether the price received in the auction is beneficial for you or not.
If possible, do a physical inspection
Bank seized cars are generally not available for test drives but physical verification is allowed. If possible, go and collect information about the car’s engine, tyres, body, interior, service records and documents in advance.
