Vehicle finance can be obtained from Bankfin at repossessed car auctions held in the Cape Town, Johannesburg, Durban, Port Elizabeth and other regions of South Africa nationwide. Offices or desks are accessible usually on the day of an event allowing serious buyers to apply to borrow money from this division of ABSA bank with financial advisers on hand to advise and help potential customers. Bank guaranteed cheques are generally the requirement to put down a deposit on most repossessions after the bidding process has been completed.
Serious customers that are looking to purchase a vehicle from a bank repo auction should speak to a Bankfin representative before the event begins so that the financial provider can check credit records and make sure there is no trace of bad credit or a person has been blacklisted by another company. There is usually enough time to not only speak to an advisor before the auctioneer begins proceedings but also plenty of time to have a good look around at the makes and models of automobiles available on the day. In some cases, lists of repossessed cars are available to a customer and models can be viewed by a potential buyer a day early.
Buying a car, motorcycle, bakkie or other type of vehicle at a bank repossession auction in South Africa can help a customer pick up relatively new transport for personal or commercial use at a favourable price. However, there are risks involved and whether the automobile is paid for in cash by a successful bidder, or with money borrowed from a credit provider, the risks exists that things can go wrong mechanically and will ultimately be the responsibility of the customer who made the purchase.
If you are new to the bidding process then take our advice and spend some time at a few different events getting to know how the process works before you take the plunge and take part. Should you need to borrow cash to finance a repossessed vehicle then the Bankfin consultants at auctions in the various areas will be on hand to assist and advise you on cash amounts and repayment plans before you buy.