Tag Archives: cheap cars

pickup truck

Seized vs Repossessed vs Government Owned: What’s the Difference?

When shopping around for a used vehicle, you have more options than just the dealership. You can shop easy and get a great deal when you consider seized, repossessed or government owned vehicles. But first, it helps to know the difference between these types of vehicles, where they come from and how to get the best prices. 

What are Seized Cars? 

Each year, thousands of cars are seized by the banks, the government and law enforcement agencies. Many of these vehicles are put up for auction and sold to the public. Some are purchased by dealerships, cleaned up and then sold for a higher price. If you’re looking for a bargain, you’ll want to stick to vehicles that are being sold directly from the banks or lenders. 

Cars seized by the banks or government don’t always have a lot of information on them. Therefore, it’s up to you to do your research, look at the images and ask questions. You can also learn more about the vehicle by understanding what type of car it is and where it came from. 

Types of Repossessed Vehicles 

Cars are sold at auction for different reasons. Oftentimes, they were taken from their previous owner who defaulted on their payments. In some states, it takes just two or three missed payments to start the repossession process. Banks and lenders work quickly because they need to recoup their losses. Other times, the cars come from law enforcement or government agencies. More details are often known about these vehicles. 

Let’s look closer at the different types of repo vehicles: 

  • Seized cars. These cars are taken by law enforcement for having too many traffic violations. Or, they can be confiscated during a raid. These vehicles are usually well-maintained by the owner. In fact, the IRS and courts tend to seize luxury vehicles in good condition because they’re worth more.
  • Repossessed car. Repo cars are seized by lenders who haven’t been receiving payments. These cars are sometimes in poor quality because the owners couldn’t afford their loan, and therefore, probably couldn’t afford maintenance and repairs either. But a lot of great repos are out there! 
  • Previously-owned government cars. Government-owned cars were owned by government agencies that no longer need them. Most agencies update their cars often so these cars tend to be newer and in better quality. 

Where Can I Find Seized Vehicles? 

There are a number of places where you can find repossessed, seized or previously-owned government vehicles. You can start your search on government auction sites. Many offer free trials, but you generally have to pay to become a member and place a bid. 

For the best bargains and widest inventory, check out RepoFinder.com. We have a huge database of repossessed cars, trucks, minivans, RVs, ATVs, motorcycles, boats, small aircraft and more. We provide information on all of our vehicles, as well as plenty of images. Our site is free to use, and to unlock all of the features, you can upgrade to RepoFinder Pro for just $4.95 a month – cancel anytime. 

To find bank-owned vehicles at great prices, RepoFinder.com has what you need!

credit union pickup truck

Benefits of Buying Credit Union Repo Cars

Credit unions are a popular way to finance vehicles. They tend to have lower interest rates and fewer minimum loan requirements than banks. And because credit unions establish relationships with their members, they’re often more willing to work with people who have poor credit. 

Credit unions make money by charging interest on loans, collecting account fees and reinvesting money. So, if a member is unable to back the money they borrowed to purchase their vehicle, the credit union can take away their car and sell it to someone new. 

If you’re considering purchasing a used vehicle, here are some benefits to buying a credit union repo. 

Lower Prices 

Certainly, the biggest benefit to buying any type of repossessed car is the cost savings. You’re not paying anywhere close to what you would pay for a used car at a dealership – and you can walk away with a better vehicle in return! Your savings all depend on the car you’re buying and the condition it’s in, but experts say you can save around 20 to 40 percent. 

So why are the prices so low? Is it because the cars are in bad shape? Not necessarily. Credit unions aren’t in the business to sell cars and want them off their lot as soon as possible. To make these vehicles attractive, they must be priced competitively. However, in exchange for buying the car at a discount, you are buying it as-is. 

Easier Financing Options 

Another perk to buying a car from a credit union is that you can get easier financing options. Credit unions are motivated sellers so they’re often willing to negotiate and offer better loan terms if you get the financing through them. And depending on the cost of the car, you may even be able to pay in cash. 

If you do need financing, repos work similarly to a new or used vehicle. To strengthen your offer, it’s helpful to get pre-approved for financing in advance. This way, the credit union will know that you are a serious buyer. Typically, there’s less paperwork compared to a dealership as well.

Safe, Trustworthy Sellers

If you purchase a vehicle from a private seller, you don’t know what you’re getting. While credit union vehicles are purchased as-is, you are still buying them from a reputable seller. If you browse the inventory on RepoFinder.com, you’ll see that our sellers provide as much information on each vehicle as possible. 

Most sellers also encourage you to inspect the vehicle before signing the paperwork. They are not trying to rip off anyone – they are just motivated sellers looking to get rid of their repo inventory! For the best deals, keep an eye on the cars that you’re interested in. Credit unions slash their prices if no one bids on their vehicles. 

Ready to find a credit union repo car that meets your needs and won’t hurt your bank account? Check out the inventory at RepoFinder.com for free! 

buying a used car

Can You Get a Car Without a Down Payment?

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You desperately need to buy a car but you lack the cash to make a down payment. A dealership might tell you that’s no problem – and it might not be. For them. But for you, it could mean a very high monthly payment that you can’t afford. So what happens when you need a new car to get you to work or school but you don’t have the cash to put down? Believe it or not, you do have a few options. 

RepoFinder.com has a huge inventory of bank-owned vehicles ready for their next owners. These vehicles are priced attractively so that the banks can recoup some of their losses. If you’re shopping for a used car on a budget, this could be the best way to get the car you need at a price you can afford – and without a large down payment. 

How Important are Down Payments? 

Buying a car is one of the biggest purchases of your life. The size of your loan depends on how much you put down, as well as the interest rate and repayment terms. Ideally, you should try to cover at least 20 percent of the purchase price when making a down payment. This can come from a trade-in, the cash you put down or a mix between the two. 

Ultimately, there is no one-size-fits-all answer for how much of a down payment to make on a car. But the more you put down, the better. Here are a few reasons why: 

  • With a 20 percent down payment, you might get better loan terms or a lower interest rate 
  • When the car depreciates, a sizeable down payment prevents you from owing more on the car than it’s worth (this is called ‘upside down’)
  • Without a down payment, you’re rolling all title and registration fees into your financing, causing you to pay more over the life of your loan 

Even a Small Down Payment Makes a Difference 

If you can’t afford to put 20 percent down, even a small down payment can make a difference. Let’s say you purchase a car for $20,000 at a 5.13 percent interest rate. At 60 months with nothing down, your payments are $415 a month. By putting just $1,500 down, you can reduce your monthly payments to $387. 

What if you suddenly need a new car but don’t have any money saved up? Good news – you can trade in your vehicle and use its equity for the down payment. Of course, this only works if your car is paid off or worth more than what you owe on it. But even if your car is only worth a few thousand dollars, this is enough for a down payment. 

Shop for Cheap Used Cars on RepoFinder

It sounds attractive to buy a car with zero down, but it’s usually not the best decision. You’ll likely get saddled with higher monthly payments and end up owing more than your car is worth. If you’re still not having any luck, shop the affordably priced bank-owned vehicles on RepoFinder.com. There are motivated sellers looking to sell repossessed vehicles at a discount to the public. You can find great deals and a simple $1,000 down payment goes a long way! 

girl driving old car

8 Signs it’s Time to Buy a New Car

From technology to car repairs, how do you know when it’s time to buy a new vehicle? You may not be ready to make the investment, but you also don’t want to wait until your car is no longer functional. By starting your search early, you can take your time looking for vehicles that fit your needs and budget. 

Below are eight signs that it’s time to buy a new or used car from the banks or your local dealer. 

1. Major repairs are wearing you thin. 

The cost of repairs depends on the damage that has been done to the vehicle. Sometimes, the repairs are worth more than what the car costs. If you’re constantly having to put money into your vehicle and it’s not worth anything, it’s time to cut your losses and invest in something reliable. 

2. Your car is becoming a money pit. 

When your car constantly requires repairs and maintenance, it becomes a money pit. Imagine the time and money you’ll save by not having to bring your car back and forth to the auto shop. Unfortunately, once a car experiences frequent repairs, they generally don’t stop. 

3. It’s lacking the latest technology. 

Your car may be outdated compared to the new cars of the generation, but is this really a reason to upgrade? It could be. While your car doesn’t need all the bells and whistles to be safe and functional, it should have certain technology to keep you and others safe. Nowadays, many cars are equipped with backup cameras, lane assist, collision detection and more. 

4. Your car is far behind on safety. 

You should always feel safe in your car. While having the latest technology is helpful, your car should also have good safety ratings. Check the National Highway Traffic Safety Administration (NHTSA) database for your vehicle’s safety rating as well as the Insurance Institute for Highway Safety. Also stay on top of recalls and check your car’s lights, wipers and brakes. 

5. Duct tape is your vehicle’s fashion accessory. 

Some people drive around with their cars taped up because they can’t afford their deductibles. Not only is this an eyesore but also it can compromise your vehicle’s safety. Rather than driving around a near broken vehicle, swap it for something that’s safe, reliable and affordable – RepoFinder can fill all three! 

6. You’re embarrassed by your car. 

If you park in the back so that people don’t see what you drive, it’s probably time for something new. Here at RepoFinder, we don’t believe you need to drive around brand new cars to get noticed but you should have something that you’re not embarrassed of. Why pay for something you hate? 

7. Your car no longer fits your needs. 

As your life changes, your car needs do, too. A growing family requires a spacious SUV or minivan while a pair of empty nesters can get by on a fuel-efficient sedan. If your car no longer accommodates your lifestyle, it’s time to go shopping for something more practical. 

8. Your car has trouble starting.

If you do the happy dance when your car starts, it’s only a matter of time before it doesn’t. Who wants to be stranded or late for work because of an undependable car? Being proactive prevents this from happening and also ensures you’re not pressured to buy something the day your vehicle dies. 

Overall, these are some of the most important factors that influence when you should buy a new car. Although these signs might appear to be nuisances, they can actually put you and other drivers at risk. To shop for affordable bank-owned vehicles, browse the inventory from RepoFinder.com today. 

red repo truck

What are the Cheapest Cars to Insure?

When buying a new car, it’s a good idea to consider how much your insurance rates will be. To help you out, there are several studies that provide this research so that consumers know which cars will be most affordable. Fortunately, knowing this information can help you save hundreds of dollars a year on car insurance! 

What Determines the Price of an Auto Insurance Policy? 

First, it’s helpful to know how car insurance is calculated, as it’s not all about the car you drive. Each company has their own formula, which is why rates vary among car insurance companies. However, most companies use the following factors to determine the price of their auto policies: 

  • Your driving record
  • Your credit history  
  • How often you use your car 
  • Where you park your car 
  • Your age and gender
  • The type of car you drive

What Cars Have the Cheapest Insurance Rates? 

Even though there are many factors that influence what you pay for insurance, the type of car you buy can make a big difference on your rates. If you’re trying to keep your monthly expenses down, you’ll want to be aware of the most and least expensive cars to insure. And as always, compare rates with multiple carriers. 

Generally speaking, minivans and small trucks are the cheapest to insure compared to other vehicles. On the other hand, large sedans, sports vehicles and luxury cars have some of the most expensive insurance rates. New cars are also more expensive to insure because they’re worth more. 

Specifically, here is a breakdown of the ten least expensive vehicles to insure: 

  1. Honda CR-V – Small SUV
  2. Chrysler Pacifica – Minivan
  3. Honda Odyssey – Minivan
  4. Ford F-Series – Standard pickup truck
  5. Toyota RAV4 – Small SUV
  6. Chevrolet Equinox – Small SUV
  7. Chevrolet Colorado – Small pickup truck
  8. Toyota Tundra – Standard pickup truck
  9. Honda Ridgeline – Small pickup truck 
  10. Ford Fiesta – Subcompact car

Other Ways to Save on Your Auto Insurance 

Aside from the type of car you buy, there are some other ways to save on car insurance. Bundling your auto insurance with a life or home policy is one of the best ways to get a discount. Also ask the insurance carrier about discounts they offer for safe driving, having no claims, being a good student and having safety features in the vehicle. 

For a great price on vehicles, shop with RepoFinder.com. We have a huge database of cars, small and standard pickup trucks, SUVs and more that are owned by banks or lenders. They don’t want these cars and are motivated to sell them to a new owner! You can get a great deal this way, and if you shop smart, you can save on car insurance, too! 

repo cars

What are the Steps to Buying Repossessed Cars?

When making the decision to buy a repossessed car, the best thing you can do is educate yourself on the process. Even though buying a repo car is similar to buying a used car, there are still some differences to be aware of. The more you know, the better position you’ll be in to make strong bids and take home the car you want.

Below are the steps to follow to make repo car shopping smooth and stress free!

Visit RepoFinder.com 

RepoFinder makes buying a used car easy. We are a directory of banks selling repossessions across the country. You can browse our listings for free and become a member and start bidding for just $4.95 a month! Our site is user-friendly and easy to navigate, making it easy to find valuable information on the cars you’re interested in. 

Narrow Down Your Search 

Make sure you do the proper research when browsing and closing in on a car. You can also filter vehicles by different categories to find something that’s just right for you! Repo car listings include the vehicle information, specifications and features. Most sellers do a good job of posting images, so be sure to examine the photos for the condition of the vehicle, possible damage and more. 

Bid on the Car You Want

Once you find the car you would like to purchase, you will need to bid on the vehicle. The most common is an open bid where all buyers are able to view the highest bid. Sometimes it’s a closed bid, meaning you won’t see what others have offered for the vehicle. Don’t get bid-happy though! Only offer what you feel comfortable and leave some budget for repairs and maintenance. 

Schedule an Inspection

You probably won’t be able to test drive the vehicle for liability reasons, but you should have it inspected. You can hire a mechanic to assess the vehicle or bring along someone who understands cars. If the vehicle is in another state, you’ll have to find an inspection company within that state. The mechanic will provide updates and their analysis of the car. Mechanics may not always find all the issues but their input is critical. 

Pay for the Car

After getting the analysis on the car you recently bid on, you’ll have to complete payment. Buying the car from a credit union is similar to buying from a car dealer or private party. The banks will assist you with the financing, and you’ll have to fill out paperwork and make a down payment. 

Buying a repossessed car is a process that most people may not be as familiar with, but it’s easier than you think! And you can get a great deal by shopping for bank-owned vehicles. Check out RepoFinder’s database today to start viewing the cars we have available! 

repo car

Frequently Asked Questions about Repo Cars

If you’re considering buying a repossessed car, you probably have questions about what the process entails and the types of vehicles to expect. Sometimes there is a stigma about buying these types of vehicles because little is known about them. But savvy car buyers aren’t afraid – they know what to look for and how to find great deals. 

Let’s cover some of the most frequently asked questions about repo cars so that you can be an informed buyer. 

What is a Repo Vehicle? 

When you can’t afford to make payments on your car, it will go into default and repossession follows shortly after. Based on 2020 data, nearly 2.2 million vehicles are repossessed every year. That breaks down to 5,418 repossessions every day, 226 repossessions every hour and 3.76 repossessions every minute. 

As you can see, repossessions are not uncommon. Sometimes repossessions are voluntary and sometimes they are involuntary. As a car buyer, you won’t know which type of repossession you’re getting. But it is important to know that not all repos are found stashed away in garages. Some are voluntarily turned in. 

Should You Buy A Repo Car? 

Repo cars come in all different conditions. No two used cars are the same, and this goes for repo vehicles as well. The best thing you can do is get your hands on a Carfax report and ask the seller to review the service history. You should also do your own research and schedule an inspection before signing any paperwork. 

As long as you follow the above tips, you’re likely to find a great repo to take home. Leave room in your budget to provide the car with the maintenance and repairs it needs. Some cars need a lot of TLC and some don’t. This is usually reflected in the purchase price. 

What Concerns Should I Look For? 

Buying a repo car is similar to buying a used car. There are things you’ll want to look for to ensure you’re getting a good vehicle and paying the right price. We recommend reading the Consumer Reports Guide for used car buying. 

However, do be aware that you’re not usually able to test drive repos because of liability issues. But you can look inside and outside of the vehicle and bring along someone who knows about cars. 

Will I Get a Good Deal by Buying a Repo Car? 

Typically, repo vehicles are sold through an auction so that the banks can recover some of their losses. This is why they’re sold at low prices – the banks want to make them attractive to the public. To win a bid, you’ll need to be the highest bidder, but even this should be a lot less than what you would pay through a dealership. 

RepoFinder.com has a huge database of repossessed vehicles, including sedans, SUVs, minivans, motorcycles, recreational vehicles and more. You can view our inventory at your leisure, contact the sellers directly and place a bid. Find a great deal with us today! 

recently sold repo car

5 Things to Do After Buying a Repossessed Vehicle

Bringing home your repossessed vehicle for the first time is a wonderful feeling! By this point, you’ve probably spent hours upon hours searching for the best repo cars, doing your research on each one and placing bids. 

Now that you have your car, the work isn’t done yet. Repossessed cars were previously owned by someone, and that someone may have neglected their car while they weren’t making their payments. To ensure you can drive safely in your new car, here are five things you’ll want to do after buying your repo. 

1. Transfer the Title and Registration 

The title is a legal slip that shows who the owner of the vehicle is.The seller should be able to process the title and perform the title transfer between you and the previous car owner. You can also apply for plates and registration on your own through your local DMV. This is an important process that must be completed before you do anything else with the repo. 

2. Get Insurance 

The next thing to do is insure your new car. If you already have auto insurance, all you need to do is call your agent and let them know of your new vehicle. If the car isn’t added to your insurance policy and you get into an accident, you’ll have to pay out of pocket for the repairs. And, if you don’t have insurance, work with a broker online or in person to find the most affordable car insurance. 

3. Clean Your Repo 

Your repo belonged to someone else, so you’ll want to give it a good cleaning. Banks and lenders are not car dealerships, so they don’t clean the repos when they come to them. You can choose to have your repo professionally cleaned or you can do it yourself. It all depends on the condition your car is in and your budget. 

4. Perform Repairs and General Maintenance

Some repos need a lot of work and others need none. Again, it depends on the vehicle you bought and how much you spent. Sellers try to make note of the repairs the vehicle will need, but you’re also buying the repo as-is. This means that whatever problems the car has, you will inherit. At the very least, check the oil, change or rotate the tires, change all the filters and replace all other fluids. 

5. Review the Owner’s Manual 

Lastly, look over the owner’s manual. If your car doesn’t have one, you should be able to get one online. The owner’s manual contains basic information about the car so that you can determine the correct tire pressure, recognize the lights on the dashboard and schedule routine maintenance. 

To find the best repos at great prices, shop with RepoFinder.com today. We have a huge selection of repossessed inventory, including pickup trucks, motorcycles, sedans, SUVs, minivans and more.

classic car

Save on Classic Cars with RepoFinder

If you relish classic cars, you certainly aren’t alone. People enjoy purchasing these vehicles because they either want something vintage to drive around for fun, or they want something to renovate and restore. Whatever your reasons are for buying a classic car, this is a relaxing hobby that offers plenty of rewards. The problem is that it’s also an expensive hobby! 

Luckily, there are some ways to make your hobby more affordable. Below are some tips on how to save time and money when buying a classic vehicle. 

Determine Your Reasons for Buying Vintage 

Are you buying a vintage car as an investment that will stay in your garage and increase in value? Or perhaps you’re buying one because it reminds you of your youth. You might even be investing in a classic car to restore, repair and maintain it yourself – a hobby that will keep you busy for years to come. 

When you determine why you want to purchase a classic car, you’ll have an easier time finding what you need. For example, if you’re looking for something fun and enjoyable rather than an emotional investment, you can look at auctions. Or, if you’re interested in restoring a vehicle, you can access a wide range of cars through a repo seller. 

Repossessed Auctions are a Great Place to Buy

As you browse classic cars on a site like RepoFinder.com, you can explore vehicles that you can’t find elsewhere. All types of vehicles – special cars, cars with unique histories, top-tier collector cars – are more commonly sold at auctions rather than in person. 

RepoFinder offers a huge inventory of vehicles that you can browse at one time. This is more desirable than going from website to website, and you’ll have a wide range of cars that you can consider all at once. Not to mention, some people really enjoy the thrill of bidding on classic cars and seeing if they win. 

Tips for Finding a Classic Car at an Auction 

When purchasing a classic car from an auction or repo site, here are some tips you’ll want to keep in mind:

  • Do your homework. Know what classic cars cost and how to account for maintenance and upkeep costs. You don’t want to overbid, pay more than you need to and then have to make costly repairs. 
  • Consider a membership. Most auctions require you to pay a fee, but you can significantly reduce these costs when you use a repo site like RepoFinder.com. For just $4.95 a month and no contract, you can access all vehicles on our site. 
  • Perform an inspection. Always read the description of the vehicle and carefully view the photos. Most sellers will allow you to do an inspection as well. Take advantage of this and bring along someone who knows vintage cars. 

Shop for Classic Cars Today 

RepoFinder gets classic and vintage cars from time to time. Relax, browse our site at your leisure and try our membership for one month. You’ll have access to all of our repos for just $4.95/month – and you can cancel at any time!

car inspection

Are Repossessed Vehicles Safe to Buy?

No matter what type of vehicle you’re buying, one of the most important things is that it’s safe and reliable. Driving away with a new or used car from a dealership offers a certain level of comfort, as you know the vehicles have been properly inspected. And if there is something that ends up being wrong with the car, you have a warranty from the dealership and the car manufacturer. 

But what happens when you buy a repossessed vehicle from a bank, credit union or auction? These cars are rarely inspected or looked at before going to a new owner. So are they safe to buy? Let’s find out! 

Repossessions ARE Safe – But it Pays to be a Smart Consumer

Repossessed cars are generally very safe, but as with any vehicle purchase, you’ll want to do your research and be a smart consumer. Some repossessed cars arrive in great condition and others require some TLC, which is usually reflected in the price.

As you look at repo cars to buy, find out as much information as you can about the vehicle online. Pay attention to the make and model, odometer reading and transmission type. Most banks and credit unions include lots of pictures so that you can check out the condition of the car’s interior and exterior. They want to sell their inventory quickly so they provide as much information as possible. 

Don’t Forget: Bring Along Someone to Inspect the Vehicle

Before you sign anything, inspect the vehicle to make sure you know what you’re getting. You can do this yourself if you feel comfortable, otherwise bring along someone who knows cars. You can expect repossessions to need some TLC, but you should trust the overall safety of the car. 

For liability reasons, most banks and credit unions do not allow potential bidders to test drive their vehicles. But, most allow (and even encourage) inspections and will let you start up the engine to make sure it runs.

Find a Safe Repo at RepoFinder.com 

As long as you do the right research and inspect the vehicle, you should have no trouble finding a safe, reliable repo at a great price. RepoFinder.com has a huge inventory of repossessed vehicles from various banks and credit unions in your area. We provide as much information as possible, including plenty of images to help you make an informed decision. Find your new repo vehicle with us today!