How to buy a car repossessed by the bank

A good option to not spend a lot of money on a car is to buy one seized by the bank. These are usually very new cars that their owner has not been able to pay and the bank offers them at very affordable prices. Ask your bank because, usually, these are usually not exposed and do not advertise. From there they will send you and inform you of everything. From .com we explain how to buy a car repossessed by the bank.

Steps to follow:


Your bank will indicate where you can visit all the seized cars they own. Usually not usually do with the name of the bank directly, you will be redirected to a web or branch of a dealer or workshop where you can see the variety.


It is advisable to be informed in detail about the condition of the car and the age of the car . Make sure you are in considerable conditions to buy it. The most advisable thing is to go and see him directly, in person.


Once you decide, and in case you do not have enough money, you should go to the corresponding bank office to request a loan that allows you to pay for the car. Usually as a requirement to grant the loan, the bank requests a fixed, stable payroll or be registered as self-employed, in addition to financial security.


In the same bank they will inform you how to request the car, they will be responsible and will carry out the entire procedure so that you benefit from your cars on deposit.


Ask them to carry out an inspection of your car, as well as give you a Carfax report in which you can study all its history.


At the moment you accept everything offered, you will sign a purchase-sale contract, through which the bank can offer you the loan to pay for the car.

  • Ask at various banks and study the conditions well.
  • Once you decide which car you want, ask for detailed information about it.