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How To Pay For Your Vehicle At A Used Car Auction

Tuesday, April 23rd, 2019
payment methods for buying a car at auction

Technology has changed how you can pay for your new car at auction. You no longer have to walk into a sale with a pocket full of cash to buy a personal or business vehicle. Auction houses now have the ability to verify your funds, enabling them to offer you different payment options. This means you don’t need a dealers license to buy the car you want. Common payment methods include checks, financing, credit cards, and cash.

Cashier’s and personal checks

You may have a few days past the auction to pay for the car you’ve won through bidding, although many auctioneers require payment the same day. You should be able to go to the bank and get a cashier’s check to pay for your new vehicle. Typically, your bank charges a minimal amount to get one. But, this saves you from having to attend an auction with a large sum of money in your pocket.

If you are paying with an uncertified check, you should ensure it reaches the auction house in a reasonable time frame. These are typically accepted at an in-person car dealership providing you have the funds in your bank account.

The auction house will have to ensure you have sufficient funds before you can bid and pay by check. Talk with them before you bid if you are planning on paying with any type of check. There may be a limit on how much you will be allowed to offer when paying through this method. There may also be a hold on your vehicle until the check clears your bank.

Financing options

You may also use a financing option to pay for a vehicle won through an auction. This method of buying a car is generally done through the online auction process and requires a credit check before financing is possible. How much you will be allowed to bid will depend on the findings of the credit check.

The financing option is a safer method of paying for your new car or cars at auction. You will not have to worry about carrying a large amount of cash. Generally, used car auctions run longer online, as there are many vehicles up for bid from different sellers.

Credit cards

You have the option of using your credit card to pay for a vehicle at auction as well. Credit cards have become one of the most widely accepted methods of payments. A bonus of using this method can be the incentives and rewards given by credit card companies for making purchases. A vehicle is a high-ticket item that will quickly boost your points.

Cash payments

The most traditional form of payment at an auction is cash. Having a set amount of money on your person helps to keep you from over-bidding on a car that is not within your budget. Car auctions are exciting and at times you could get caught up in the bidding process. Be careful you don’t pay more for an item then what you are able to. If you know your budget, you are at less of a risk of over-bidding.

Check out the vehicles coming up for bid before attending the car auction. Research what the price range would be for the cars you are interested in bidding on too. This will help you have an idea of how much money to bring with you to the event.

Car, truck, and equipment auctions in Texas

To learn more about car auctions, contact the experts at High Plains Auctioneers today. You can reach us at (806) 244-6776 or Contact Us by email for more information. Check out our Upcoming Auctions to see what we will have available and our Terms and Conditions to learn more about payment options.