What You Need to Know About Bank-Repossessed Cars

A new car will depreciate about 10 percent the moment it leaves the lot, and another 20 percent within its first year. You’re looking at around 50 percent 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. Buying repossessed cars, on the other hand, is much safer.

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.

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 2017 models.

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 percent 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.

You can find the original article here: https://www.securitybank.com/blog/what-you-need-to-know-about-bank-repossessed-cars/

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