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shopping for cars online

Advantages and Disadvantages of Shopping for Used Cars Online

This entry was posted in Repo Cars and tagged , , on by .

Online shopping is convenient, especially when you’re buying essential products like shampoo, conditioner and laundry detergent. But when you’re spending big money, you have to be more careful about what you buy. 

There are pros and cons to shopping for used cars online. You get the convenience of shopping at home (which is especially helpful during a pandemic!) and comparing different features and prices. But, you don’t have a salesperson or test drive to lead the way. 

As you consider shopping for a used car online, here are the advantages and disadvantages to be aware of. Fortunately, you can make your online car shopping experience positive by being an informed consumer. 

Advantages of Online Car Shopping 

Many people have great experiences with online car shopping, but it’s important to do your homework. Here are some of the biggest benefits to expect when you buy a used car from the internet: 

  • No need to work with a car salesman or haggle for prices 
  • Compare hundreds of vehicles at once – you’re not limited to what’s on the car lot 
  • No risk of being upsold like you could at a dealership 
  • Enjoy a low-stress shopping experience from your home 
  • Research the vehicles on your list 
  • Take your time making a decision – you won’t face any pressure 
  • Apply for financing online through different carriers 

Disadvantages of Shopping for Cars Online 

Even though browsing used cars online is convenient and practical, there are some things to be aware of:

  • Unable to test drive the vehicle (at least at the moment)
  • Buying a repossession means you’re buying “as-is,” so you won’t have protection if something goes wrong 
  • No options for leasing the vehicle 
  • If the car is in a different state, it will be harder to see

Why More People are Buying their Cars Online 

Many people feel taken advantage of when they visit a dealership, and this pressure can lead to buyer’s remorse. Shopping from home is convenient and makes sense for people who don’t like the high-stress environment of a dealership. 

When you shop RepoFinder’s inventory, you can view the vehicles that fit your wants and needs, explore their condition and make an offer. You don’t have to leave home to do this, and you can enjoy a user-friendly platform that allows you to work directly with the banks and credit unions. Because it’s just you and the seller, you have the power to negotiate an even lower price. 

We always recommend doing an inspection before signing anything. Bring along someone who knows cars so that you can get an objective opinion. Otherwise, buying a used car online can be a great experience that allows you to purchase a vehicle you won’t regret later on! 

car windshield shattered in an accident

How to Tell if a Used Car Has Been in an Accident

If you’re looking for a cheap used car, you’ll have great luck browsing repo inventory. Despite popular belief, repo cars, trucks and SUVs are often in good condition. Most need a good cleaning and some basic maintenance but that’s it! 

However, it’s important to know that repos are sold as-is. They are priced just right, but you also inherit all of the problems. It’s not like shopping at a dealership where you can return the car if you don’t want or like it. 

With this in mind, there are certain things you’ll want to watch for when shopping for repos. One of the most important is making sure the car wasn’t involved in an accident. Improper crash repair can affect the way the car drives. 

Below are some signs that will help you determine if a repo vehicle has accident damage. If you spot these red flags, we recommend passing up the vehicle and looking at something else. 

Repainting 

Most collision work involves some type of paintwork. Even the best paint jobs usually leave behind some signs. Start by looking at the colors, sheens and finishes. They should all match up. 

Next, walk the length of the car and look at the reflections in the bodywork. Any waves or changes in luster may indicate that a panel was repainted. Also look for paint drips on panel edges or overspray on tailights, exhaust pipes and headlights. 

Spacing Between Body Panels 

Another thing to look for is inconsistent spacing between body panels. All gaps should be even throughout the vehicle. If you find that one gap between the door and body panel is not consistent with the others, it’s possible that there’s damage here. Of course, not all cars are perfect, but manufacturer defects should be subtle.

Frame Damage 

If possible, ask if you or the seller can drive the vehicle back and forth. This may not be possible with a repo, but it’s worth requesting. Watching the vehicle in motion lets you see if there is frame damage. Cars with this type of damage often drive sideways instead of forward.

If you’re not able to drive the car, get low to the ground and look for signs of “crabbing.” Crabbing is a sign of frame damage that happens when the front and back wheels don’t line up correctly. It typically comes from more serious accidents. 

Fresh Undercoat 

One of the first steps in repairing a wrecked car is adding a rubberized undercoat to the underbelly of the vehicle. This spray protects the car from salt, road grime and other contaminants. Even though it works great, be wary of why it’s there. Sometimes, people will apply a fresh coat to the underside to cover up recent damage. 

Missing Fasteners and Rusty Screws 

Having a few loose screws might not sound like a big deal, but it can indicate a larger problem. Loose screws, especially in the fender lines, means the car was involved in some rough road conditions. The screws might be missing because they no longer line up. 

Look for missing or loose screws in the wheel well, along the frame of the engine bay and within door jams. Rusty screws are also a problem because they typically indicate that the car has been smacked around. 

So what if you notice signs of damage? We recommend choosing a different vehicle for your own safety. But if you feel comfortable purchasing the car, you can always ask the seller for a discount. If you point out the areas of concern, they’ll probably be willing to work with you. For a full list of repossessions in your area, shop on RepoFinder.com today. 

online car shopping

Avoid These 7 Mistakes When Buying a New Car

This entry was posted in Repo Cars and tagged , , , on by .

It’s easy to make mistakes when buying a car. This is an exciting adventure for most people, but it also means that emotions can get in the way of making a rational decision. To avoid overpaying hundreds or thousands of dollars, here are some common mistakes you’ll want to steer clear of. Don’t let the initial excitement of shopping for a car turn into buyer remorse later on. 

Mistake #1. Limiting your selection.

While it’s always good to define what you are looking for in a car, it’s best to keep your options open in terms of manufacturers and models. If you fixate on a particular model, you could miss out on other vehicles that will meet your needs and budget. 

Mistake #2. Skipping the test drive or inspection. 

A lot of used cars look good on paper but don’t translate this way in person. This is especially crucial if you’re shopping for repos online and relying on the pictures. Dealerships usually let their customers test drive their vehicles, but not all banks and credit unions do. If you’re buying a repo, at the very least, have an inspection done. 

Mistake #3. Thinking about financing at the last minute. 

Don’t wait until you’re talking with the seller to think about financing. Do your homework and research your financing options. Educate yourself on the latest interest rates and what you’re most likely to pay. This will help you calculate your monthly payments too. 

Mistake #4. Not researching the value of the car. 

Before you settle on a car, we recommend researching the value of the cars you’re interested in. Why? Because this will tell you what you’re likely to get if you trade in the car or sell it to a new owner. If you’re willing to put in the extra work, you can often get more by selling the vehicle yourself. 

Mistake #5. Shopping at just one dealership. 

It pays to shop around. Visit at least 2-3 dealerships either online or in person. View their inventory, ask for quotes and compare deals. When looking at repo inventory on RepoFinder.com, you can “shop” with different sellers. Simply click on your state and a list of banks and credit unions will turn up. 

Mistake #6. Buying from someone you don’t trust. 

A vehicle is a big purchase. Never buy one from someone you don’t trust. If anyone makes you feel uneasy or can’t answer your questions about the car, you don’t need to buy from them. Choose a different seller who is honest, transparent and helpful with your questions. 

Mistake #7. Not considering repossessed vehicles. 

When shopping for used cars, it makes sense to check out the repo inventory from RepoFinder.com. Our inventory contains a wide selection of cars, trucks, SUVs, etc. that have been repossessed from their owners. Many are in great condition and being sold at highly discounted prices. 

As long as you avoid these seven mistakes, do your homework and keep a level-head, you should end up with a vehicle that you feel good about!

woman on pontoon boat

Looking for a Cheap Pontoon Boat? Check Out Bank Repo Pontoons

Thinking about buying a pontoon boat? In recent years, pontoon boats have become popular all across the country. Individuals, couples and families appreciate the simple change of pace these boats offer. Whether it’s fishing, partying, relaxing or water sports, these boats are able to do it all. 

Why Own a Pontoon Boat 

Before buying a boat, it’s important to assess your needs and budget. Pontoons are not good for rough waters or speed, and they have a wide turn radius. As long as you’re looking for a sturdy, comfortable and customizable boat, a pontoon will serve you well. 

In fact, you can turn your pontoon into a party boat with LED lighting and built-in speakers. Or, opt for a kid-friendly amusement park with inflatable water slides and tubes! And because these boats are relatively easy to maintain, they have a longer lifespan compared to other watercraft. You can also save on insurance, as pontoons are very safe boats. 

How Much Do Pontoon Boats Cost? 

The average cost of a pontoon boat is between $18,000 and $70,000, but they can go much higher than this. This is a wide range, but there are many factors that influence price: age, condition, features, engine power, etc. 

If you’re looking for a cheap pontoon boat, a great option is to shop for repossessed boats. This opens up a new inventory of affordable boats in fair or good condition. While it’s common for repossessions to need some maintenance, some are like new and were only taken because their owners couldn’t afford the payments. 

What are the Benefits of Buying a Repo Pontoon Boat? 

Repossessed inventory presents another opportunity for people who are looking for affordable boats and watercraft. This makes sense for many people because they may only use their pontoon during the summer months. 

The advantages to buying a repo pontoon boat are: 

  • Pay a fraction of the price 
  • Afford higher-end models or brands 
  • Get attractive financing from the lender (who is also the seller) 
  • Ability to negotiate with the banks 

Things to Look for When Buying a Used Pontoon Boat 

Buying a repossession does not necessarily mean that you’re sacrificing quality. Aside from the boat needing a good cleaning, you may only have to make a few light repairs. We do recommend being a smart shopper, doing your homework and inspecting the following: 

  • Furniture and flooring
  • Condition of the hull 
  • Motor performance 
  • Underneath the boat (it should be raised on a trailer)
  • Gauges and dials 
  • Shift and throttle 

RepoFinder.com has a wide inventory of repo boats, including family friendly pontoons. Click on your state and you’ll see a list of banks and credit unions in your area that have repo inventory. By doing your research, asking the right questions and completing an inspection, you can find a great boat at a fantastic price. 

SUV car

How Do I Buy a Car from RepoFinder?

If you’ve landed on our website, you’re probably shopping around for a car and looking for a great deal. We’re the place to make this happen! Our website offers a full list of banks and credit unions that are selling repossessed vehicles. (You can learn more about repossessions here). Even though the banks take these vehicles back, they don’t care to keep them. This is why they sell them to dealers or the general public. 

Many banks and credit unions choose to sell their repo inventory to dealers because they can get rid of many vehicles at once. Unfortunately, everyday people who are looking for a discounted vehicle aren’t able to access this inventory. But, you’re in luck! RepoFinder only sells to the public. This allows you to purchase repos directly from the source.

What are the Steps to Buying a Vehicle from RepoFinder? 

Whether you’re shopping for a car, truck, SUV or recreational vehicle, RepoFinder has it all. We even get small aircraft and boats! We’ll walk you through the process of buying a repossession so that you know what to expect. Please note that each bank and credit union has their own process for selling repos, so there may be some slight differences. 

View our list of repossessions

Start with our USA map and click on your state. This will pull up all of the banks and lenders that sell repo inventory. Because banks are always getting new vehicles, check back often if you don’t see something you like right away. Repo sales require patience! 

Make an offer 

When you find a vehicle that fits your needs and price range, you can make an offer. Most repos are priced by the bank based on the vehicle’s book value or recent appraisal. However, don’t be afraid to offer less. 

Sometimes you can see what other people are offering (open bid) and sometimes you can’t (closed bid). Open bids are more common because you can compete with others. You can give your offer verbally over the phone or by filling out an online form. 

Inspect the vehicle 

If your bid is accepted, it’s important to do your due diligence. Only work with sellers who are willing to let you inspect the vehicle. You may not be able to take it for a test drive, but you should be able to look at its condition. Remember, you don’t get protection with a repo, so it’s yours to keep once you drive it off the lot. 

Purchase the vehicle 

Once you’re comfortable with the purchase, you can proceed with the sale. The benefit to working with the banks is that you can get financing directly from them. In fact, banks are often willing to negotiate better pricing, terms and interest rates when you buy direct. And, you don’t have to deal with pushy salespeople working for commission. 

Hopefully you can see how easy it is to buy a car from RepoFinder. Remember these three things: be patient, do your homework and check back often. If you keep these things in mind, you should have no trouble finding a great vehicle at a fantastic price! 

orange jeep

How Does RepoFinder Differ from Dealer-only Auctions?

RepoFinder offers a simple directory of banks and credit unions across the U.S. that sell repossessed vehicles. Repossessions are vehicles that have been taken back by the banks when the owner falls behind on payments. Sometimes, these vehicles are taken without warning or court approval. 

To use our services, all you have to do is click on your state and you’ll see a list of banks and credit unions in your area that sell repossessions. Some have active listings, and some may not. Be patient and check back often, as things change daily. Our services are free to use. When you find a vehicle that you like, you can negotiate with the banks and purchase it at a discount. 

Why Do Banks Sell Repos for Cheap? 

Because banks make their money by lending money to others, the last thing they want to do is take back a car. However, this is the only way to recoup some of their losses. So, they’ll usually see if the owner can catch back up on payments, and if not, the bank will sell the vehicle to the public at a discounted price. 

There are two main reasons why banks sell repossessed vehicles for cheap. The first is that they want a quick sale. Cars take up space, and banks aren’t dealerships, so they want them off their lots as quickly as possible. Second, repossessions often need some type of maintenance, so buyers need to factor this into their purchase. To make the vehicles more attractive, banks discount the price to offset some of the repair costs. 

How is RepoFinder Different from Dealer-Only Auctions?

Each bank and credit union has a different way of marketing their repo inventory. Many prefer to sell their vehicles at dealer-only auctions because they can get rid of many vehicles at one time. Remember, banks are just looking to recoup some of their losses. They don’t care where the vehicles go. 

Dealer-only auctions are closed to the public. Only licensed dealers can attend. And unless you plan on getting into the business of selling vehicles, you won’t be able to obtain a dealer’s license. Dealers purchase the vehicles they want at a discounted rate, fix them up and resell them to the general public. Often, these vehicles are marketed as “repos” but they technically are not. A real repo sale happens between you and a bank. 

What are the Benefits to Buying Repos Direct from the Bank? 

When you buy a repo directly from the bank, you can expect a wide range of benefits: 

  • Cheaper price. Repos are sold at heavily discounted prices. 
  • Ability to negotiate. You can offer less than what the banks are asking for. Don’t be afraid to negotiate! 
  • Bank financing. Because you’re buying from the bank, you can also get help with the paperwork and financing. 
  • Commission-free. A commission-free environment ensures less pressure on you, plus the ability to work out better pricing. 
  • No emotional attachment. Banks have no emotional attachment to their vehicles. 

Ready to shop with RepoFinder? Enjoy a comprehensive list of banks and credit unions in your area that are selling repossessions. 

driving in the summer

Why Summer is the Most Expensive Time to Buy a Car (and Ways to Save)

This entry was posted in Repo Cars and tagged , , on by .

Summer is great for many things, but buying a car isn’t one of them. Cars tend to be most expensive during this time, usually after the Memorial Day sales. One of the reasons why car prices tick up in the summer is because the weather is nice and people are out looking at cars. People also tend to be on the road more in the summer, motivating them to buy something new. 

Of course, there are other factors at play as well, such as the time and day of the week. Monday, Tuesday and Wednesday are usually the best days to go car shopping because there’s less consumer traffic. Car dealers are often more willing to negotiate in order to sell a vehicle. On the other hand, weekends are busy, making it harder to get personalized attention.

If you don’t have time to wait and you need to buy a car this summer, there are a few ways you can save. 

Shop When Next Year’s Models Arrive

Dealerships have limited space, so when they get in their newer models, they need to sell off their older stock. These models often come in the late summer/early fall, so you can use this to your advantage.

While the newer models may have a few more design features and progressive styling, there’s usually not much difference between the current model and next year’s model. This means that you can get a new car for a lot less than a few months ago. 

Watch for Summer Holiday Sales 

The summer has some great holidays for car shoppers – Memorial Day, Fourth of July and Labor Day. Most dealerships run some type of sale during these times to drive traffic in and move out some older models of cars. 

Vehicles that tend to have the best deals during the summer are trucks and SUVs. The appeal to these vehicles is that they offer four-wheel or all-wheel drive, making them most attractive during the winter. Gas prices also go up in the summer, making these vehicles less desirable. 

Purchase a Banked-Owned Vehicle 

If the dealerships are still too expensive, consider alternative routes for purchasing a vehicle. For example, you can buy a bank-owned car for a fraction of the price of used vehicles at the dealership. 

Bank-owned vehicles have been taken from their owners because they missed too many payments. The banks don’t care to keep them, so they end up selling them at highly discounted prices. Be patient, as it can take time to find the perfect repo. RepoFinder.com has a full list of repos listed out by state – find one today! 

Even though summer is a more expensive time to purchase a vehicle, your car may not be waiting for you. For low prices and a huge selection of repossessed cars, trucks and SUVs, shop on RepoFinder.com.

two people in vehicle

People are Attached to their Cars. Banks Aren’t. Negotiate a Great Deal on a Bank-owned Car.

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Some people have an emotional attachment to their cars. They give them a name, gender and even a personality. Even though it may sound silly to have a personal relationship with a vehicle, it’s not uncommon. According to one study, 70 percent of respondents admitted to feeling “very attached” or “somewhat attached” to their cars. 

There are a number of reasons why people get attached to their vehicles. For example, people often go through major milestones with them – weddings, road trips, new babies. Some view their vehicle as a financial investment, while others have had them passed down. Because of this emotional attachment, 36 percent of people say they want their car to go to a good home. 

Don’t Want to Deal with a Sentimental Owner? Buy a Repo! 

While there’s nothing wrong with having an emotional attachment to your vehicle, things are harder if you’re on the other side. If you’re looking to buy a vehicle that someone is attached to, they may want to charge more because of this emotional investment. They may also be insulted if you try to negotiate. 

The good news is that you can purchase a used vehicle at a great price without having to deal with a sentimental owner. Bank-owned vehicles are in possession of banks and lenders – they were taken from owners who could no longer afford them. 

And trust us, the banks have no emotional attachment to these vehicles. They make money off lending money, not keeping cars. This gives you the upper hand – you can negotiate a better deal and get a more fair, unbiased breakdown of the vehicle’s condition. 

Tips for Negotiating with the Banks 

Buying a bank-owned vehicle is a great option if you’re looking for a fast and easy car sale. Here are some tips for negotiating a great deal on a repo. 

  • Knowledge is power. Know everything you can about the vehicle so that you can negotiate fairly. 
  • Think about financing early. Having pre-approved financing makes you a stronger candidate. The bank will be more willing to close the deal.
  • Read the paperwork. Make sure that the seller isn’t slipping in any additional fees or add-ons.
  • Be patient. If you need to walk away from the deal, that’s ok. Even though there are a lot of bank-owned vehicles, buying one of these cars is a process that requires patience. 

RepoFinder.com has a full list of bank-owned vehicles like cars, trucks, boats, ATVs, motorcycles and more. When you visit our site, click on your state and find the repos available in your area. It’s free, so find an affordable bank-owned car today! 

boat on the water

Don’t Sink Your Budget! 4 Ways to Save Money on a Boat

This entry was posted in Repo Boats and tagged , , on by .

It’s officially summer and many people are scrambling to figure out what they’re going to do for vacation. Things are slowly opening up, but many people are still scared to travel due to Covid. That’s why we’re seeing more families invest in RVs and boats so they can safely enjoy the summer season. 

But what about the cost of a boat? Not only is it expensive on the front end, but also you need money in the bank to pay for gas, repairs, maintenance, docking and more. Is there a way you can save money on a boat right now? Actually, there are many! Below you’ll find our tips for buying a boat without sinking your budget. 

1. Know what you plan on using the boat for.

A quick search of boats will turn up an endless selection of fishing boats, pontoons, sailboats, wakeboard boats and more. To know which one is right for you, determine what you plan to use the boat for. Do you enjoy fishing? Going tubing or water skiing? When you know what purpose you want the boat to serve, you can narrow down your options and look for the cheapest one. 

2. Determine the maximum size you need.

It’s tempting to get a big boat, but usually the bigger it is, the more expensive it is to buy and maintain. Even if you plan on inviting people out, is this worth going over budget for? Ideally, you should stick to boats that offer just enough room for your needs. 

3. Consider where you plan to store the boat.

Where do you plan to keep the boat when you’re not using it? Some people keep them on trailers while others dock them at home port marinas. Obviously, the bigger the boat is, the more storage space you’ll need. If your boat is especially large, you may need permits or professionals to move it. 

4. Shop for used boats instead of new ones. 

Probably one of the best ways to save money on a boat is buying used. Pre-owned boats are far less expensive than new ones because of depreciation. Not only are you limited to used boats for sale, but also you can shop this site for repo boats. These boats have been repossessed by their owners and are now being sold by the banks. Because vehicles aren’t valuable to banks and lenders, they’re often willing to negotiate a great deal! 

To save money on a boat, find the cheapest boat for your needs (no bigger, no extra features) and shop for it used instead of new. RepoFinder.com has a full list of repossessed recreational vehicles like boats, ATVs and RVs that are perfect for your summer vacation needs. Browse our site today for free and see what you can find in your price range! 

parked RV

Summer Plans Canceled Due to Coronavirus? Buy an RV and See the World Anyway!

With coronavirus cases still on the rise and many large events cancelled for the summer, you might be wondering how you can still give your family a proper vacation. While you may not be able to visit some of your favorite vacation spots, there is one thing that is safe and affordable – traveling in an RV! 

For someone who loves to travel, owning an RV is a great way to see the world while taking the comforts of home with you. You can plan a vacation with plenty of things to do and see while staying safe in your own motorhome. Bring the kids – bring the pets – here are the benefits of buying a bank-owned RV for your summer travels. 

Comfort and Privacy that Rivals Home 

One of the biggest perks of owning an RV is that you get to travel in comfort and style. No hotel rooms, noisy neighbors or bed bugs to worry about. An RV has everything you need to feel at home while on the road – a kitchen, a bathroom and a place to sleep and relax. You can stock the RV with your favorite things instead of trying to fill travel-sized bottles to bring on the plane. 

No Lost Luggage, Baggage Fees, Etc.

Another perk to traveling in an RV is that you don’t have to deal with any of the nuisances of traveling by plane. There’s no risk of losing your luggage or having to pay pesky baggage fees. You also don’t have to carry your luggage around a busy airport or resort. You can pile everything up in the RV and have your stuff accessible at all times. 

Freedom to Follow Your Own Schedule

Running late? Need to make an extra stop? No problem! When you see the world in an RV, you’re in charge. You don’t have to build your travels around plane departure times – or any public transportation for that matter. Take one day at a time and according to the mood you’re in. You can spend a relaxing day at the beach one day and hike through a national park the next. 

Bond with Your Family 

Many families feel that they’re able to bond well on an RV trip. You’re not sharing transportation with strangers, so you can talk, sing, tell stories, etc. while traveling. You can also see and do a wide variety of things, such as visiting museums, hiking mountains, roasting marshmallows over a bonfire and so much more. The relaxed vibe an RV trip offers also presents more opportunities for family bonding. 

Convenient and Affordable 

Traveling in an RV is also convenient and affordable. You can pack your own food and beverages instead of having to eat all of your meals out. You’re able to sleep in the camper for free instead of paying inflated hotel rates. You also have the flexibility to see and do what you want rather than being limited to the activities on a resort. 

The best way to save money on an RV is by shopping at RepoFinder.com. We have a great selection of pre-owned recreational vehicles that are waiting for you! A fun and relaxing summer vacation is still within reach – shop with RepoFinder today!