FNB Repossessed Cars offer great value for money on a variety of brands and models. Potential buyers can get access to great quality brands such as Audi, Toyota, Mazda and BMW.
What is a repossessed car?
This is a car that has been reclaimed by the bank due to missed monthly instalments due on vehicle finance. Banks will repossess a car as a way of trying to make some money back and to avoid making any more losses in terms of maintenance and storage costs. Due to repossessions, the vehicles lose approximately 35% of their value and therefore the banks are losing a lot of money every time they repossess a car.
While banking institutions offer repayment periods of up to 72 months, many people under-estimate a number of costs and end up skipping payments.
Tips on buying Repossessed Cars:
Repossessions can be a good deal if you are smart and know what the market value of the car is.
One of the best ways to buy a repossessed car is to visit a dealership that specialises in them.
Without the high-pressure environment of an auction, buyers may be able to do a more thorough inspection of the car. It always helps to also take a qualified mechanic with you to the auction so that he/she can inspect the car beforehand.
How to buy FNB Repossessed Cars for sale:
Try to save up a deposit before you purchase the car.
- Do your research and try to find out as much as possible before you place a bid on a car. Keep in mind that the car comes as is.
- Make sure that you don’t buy beyond your means.
- If you can afford it, pay the car off over a shorter period of time.
Visit www.fnb.co.za for more information.