Tag Archives: repo cars

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! 

first-time driver

How to Save Money on Cars for First-Time Drivers

First-time drivers look forward to buying a car, however, they typically don’t realize how much a new car can cost. Buying a new car off the lot can be very expensive and you may end up regretting your purchase in the future. Fortunately, there are many ways to save money on cars while still getting the features you want. 

Here are some money saving tips that first-time car buyers – teens and college students – can benefit from.

Set a Budget

By setting an appropriate budget, you’re less likely to go overboard on your purchase. The average car depreciates 14% every year, so you certainly don’t want to be in a financial hole for the next 5 years.

To determine how much car you can afford, it’s usually recommended to spend no more than 35% of your pre-tax annual income on a car. Lower is better, but ultimately, you’ll have to decide what you are comfortable spending. You can use this calculator to help establish a sensible budget. 

Assess Your Needs 

It’s not necessary for first-time drivers to own an exotic vehicle. While you might want to get a certain car for bragging rights, this probably isn’t necessary right now. Instead, consider what you need the car for (i.e., to get to work or school), how often you’ll be driving and the types of conditions you’ll be driving in.

For example, if you live in a cold-weather climate, you’ll want to consider cars that are equipped with four wheel drive or an anti-lock braking system. These features make winter driving safer and more comfortable. Also, what will you be using the car for? If you’re simply driving to school and your part-time job, you won’t need a car that’s built for off-roading. Something simple and modest will do. 

Consider a Repo Car

Repo cars are vehicles that have been repossessed due to the owner defaulting on their loan. As with used cars, repo cars are available in different makes, models and conditions. Purchasing a repo car off RepoFinder.com is very similar to purchasing a used car.

Repossessed vehicles are also considerably less than a car from a dealership, offering significant savings. Take your time researching the vehicles and always request an inspection before signing any paperwork. However, do be aware that repo cars aren’t usually available for test drives due to liability reasons. 

Find a Cheap Repo Car Today 

To summarize, there are many unique ways to save money on cars for first-time drivers. Doing your research, being open to all options and shopping for repos are all great ways to save money. Not to mention, you can build good money-saving skills that will reward you long into the future. To find an affordable used car for a new driver, shop with RepoFinder.com today.

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! 

repo car cleaning

Car Cleaning Hacks for a Like-New Car

No matter the type or age of your vehicle, keeping it clean is a priority for most car owners. There’s just something refreshing about getting into a clean and tidy vehicle that smells just as good as the day you brought it home – if not better! 

If you recently purchased a used vehicle, here are some car cleaning hacks you’ll want to follow. We recommend these tips to customers who purchase repossessed vehicles from us. Many of the cars we sell are in great condition but they still require basic maintenance. The good news is that these tips will save you from costly detailing services. 

Use a Makeup Brush to Clean the Vents 

We recommend keeping a makeup brush in your car to clean out the air vents. These vents get dusty and this dust blows all over the car when you’re running your heat or air. Keep a makeup brush stashed away in your glove box and use it to remove dust from the air vents. 

Squeegee Pet Hair off the Seats

If the previous owner had a pet, there’s a good possibility that you’ll find pet hair all over the seat. As sticky as this hair can be, you can get it off your seats using water and a squeegee. Fill up a spray bottle with water, mist the seats and run a squeegee over the upholstery. This will remove all the pet hair. 

Use Cooking Spray to Remove Bugs 

If there’s a ton of bugs on your repo car, use a can of cooking spray to get them off. This is a lot better than scrubbing the bugs off, as this can damage the paint job. Be sure to let the cooking spray sit for a few seconds and use a microfiber cloth to wipe off the bugs. 

Deep Clean the Upholstery

To take things a step further, you can deep clean the seats in your car using a vinegar and baking soda paste. Mix the two ingredients together until it forms a paste. Scrub this paste into your seats and then rinse it out. It will remove stains and leave your car smelling fresh and clean! 

Use Magic Erasers on Surfaces 

Magic Erasers are cheap and easy to use. Keep some on hand to scrub away dirt, dust and grime. These sponges are especially effective on plastic and vinyl surfaces, though you will want to be careful on leather as it can scratch. You can also use a toothbrush to clean out dirt from nooks and crannies. 

Wax Your Car 

Getting your car waxed a couple of times a year goes a long way in keeping it clean. When you go through the car wash, dust and dirt will lift away. Waxing your vehicle also prevents nicks and chips from forming in the paint. To save money, you can wax your car yourself using basic ingredients like dish soap and hair conditioner. 

Bring Home a Repossession Today 

These are just some of the ways you can get your repo car looking like new! Most repos need a little TLC when you first bring them home because they haven’t received much attention from their previous owners. The good news is that all of these hacks are cheap, easy and use basic ingredients from the home. To shop for repossessions, click on your state on our home page and search though the available vehicles. 

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! 

repo vehicle for sale

Where Can I Buy Repossessed Cars for Sale?

Auto repossessions are more common than people think. If you’ve fallen behind on your payments, the lender can repossess your vehicle to recoup some of their losses. However, your car may also be repossessed for other reasons such as not carrying adequate insurance. 

Repossessions are certainly not fun, especially when you depend on your car to get to and from work. But there’s a light on the other end of the tunnel – repossessed cars can be sold to the public at steep discounts. If you’re not in a position to pay full price for a new vehicle, a repo car is an excellent alternative. 

So where can you pick up a repo car, truck or SUV? Below are your options. 

Lenders and Credit Unions

Some lenders and credit unions make their repossessed inventory directly available to the public. They’ve waited to receive payment from the owner and were unable to work something out, so they’re eager to recoup their losses in a quick sale. And, lenders and credit unions are not in a position to store or care for vehicles, so they are especially motivated to sell them. Their loss is your gain!

Vehicle Auctions 

Vehicle auctions, both online and in-person, provide another opportunity to shop for repo inventory. The nice thing about auctions is that you’ll have a wider selection of vehicles to choose from as opposed to a lender that only has a few cars on their lot. That said, there is a lot more competition with auctions, so you must be prepared to make effective bids, as well as have pre-approved financing or cash lined up. 

Repo Company 

Repo companies are the middlemen between the lender and the buying public. This route is actually very convenient because you can browse a wide inventory of vehicles, perform quick searches and place a bid all in one sitting. While you might think that this route will cost you more, it probably won’t. The cars are still being sold by lenders and credit unions, so they want to sell them quickly. You can expect the prices to still be on the low side. 

Used Car Lots 

Your last option for purchasing a repo vehicle is a used car lot. This is a straightforward way to purchase a repo, and you don’t have to worry about bidding against others. Even better is that the cars are often cleaned up and light repairs are made. However, in exchange for all of this, used car lots charge more for their repos. In fact, some are the same price as a used car!

Shop with RepoFinder Today 

There is no right or wrong way to shop for repo vehicles. It all comes down to the selection and the price you’re willing to pay. RepoFinder offers a huge selection of repossessed SUVs, compact cars, hatchbacks, minivans, crossovers and more. Browse our selection of repos today and see how easy and affordable it is to shop with us!

financing for a car

Can I Get a Car Loan with Bad Credit?

Car loans are available for people with bad credit, but they typically have high interest rates. In an ideal world, you can work on building up your credit before purchasing a new car. However, this isn’t always possible. If you need a car now, you’ll have to bite the bullet and do so. 

Fortunately, there are some ways to get a better car loan, including shopping around and making a good-sized down payment. Below is more information on getting an auto loan with poor credit. 

Check Your Credit Score 

Claim a free copy of your credit reports. This way, you’ll know where your credit falls and the types of loans you’re eligible for. Generally speaking, a credit rating of 669 or less is considered fair or poor. If you don’t need a car immediately, we recommend working on bringing up your credit score. Things you can do include: 

  • Pay all your bills on time 
  • Reduce your debt as much as possible
  • Check your credit report for errors 
  • Have any inaccuracies removed from your report 

Research Different Auto Lenders 

If you can’t wait on a used car, you’ll need to find out what auto lenders serve people with lower credit scores. These lenders typically have higher interest rates but they can help you get the car you need in a pinch. Here’s a complete list of specific auto loans that are good for people with poor credit. 

Save for a Down Payment 

If you can put money down on your used car purchase, you can take out a smaller loan and pay less in interest overall. Plus, having a down payment can help you secure a loan easier as this is something that many lenders take into consideration when determining risk. 

Consider a Cosigner 

Another option that’s worth thinking about is adding a cosigner to the loan. If you have someone who is willing to do this, they can help you qualify for a better loan and interest rate. However, the cosigner is also assuming this risk, so make sure you’re prepared to make all the payments on time. Otherwise, their credit is at risk. 

Check with a Credit Union 

Credit unions are often willing to work with people who have bad credit. And, many credit unions sell vehicles they have repossessed from previous owners, which means one-stop-shopping for you. Check out the inventory from RepoFinder – the nation’s largest database of repo vehicles. Many credit unions sell their repo inventory at discounted prices and are willing to work with people who have low credit ratings.

As you can see, it is possible to get a car loan with bad credit. Try to give yourself time so that you can make the right decision for your needs and budget. Browse RepoFinder’s inventory and see the wide selection of sedans, pickups, crossovers, minivans, etc. that we have available through local credit unions.