Car Buy on Half Price: If you want to buy a car at half price, then online auction of bank-seized cars is a great opportunity for you. Here vehicles are available 40-60% cheaper than the market rate. The entire process takes place at home, without agents and is completely transparent.
Car Buying Tips: Nowadays, buying a car is everyone’s dream, but rising prices leave a hole in the pocket. But do you know that you can get bank seized cars 40-60% cheaper than the market rate? Yes, when the bank is unable to recover the loan amount from a customer, then they seize the car and sell it in auction. The good thing is that now all the auctions are online and anyone can easily participate in it. If you are planning to buy a bank-seized car for the first time, then know the step-by-step process in this article…
What is an online bank-seized car?
When the customer does not pay the EMI, the bank takes possession of the vehicle. These cars are usually in good condition, as most people fail EMI in the initial years of a new car. These vehicles are later put in auction. Best of all, anyone can bid on these cars, whether you’re a first-time buyer or looking for a second-hand car.
Why is buying a car online a profitable deal?
- You can see the listing of the entire country sitting at home
- no agent fees
- The process is completely transparent
- You get a much cheaper deal than the market price
- Documentation is clean
- If your budget is tight and you want a good condition car, then this is a good way.
How to buy a bank-seized car online?
1. Choose the most trusted auction website
First choose the right platform. There are many sites in India where banks list their seized cars. These include Foreclosure India, e-Auction India, Bank e-Auction and Autobse. On these you get verified listings of different banks. Try applying filters according to your city or favorite location.
2. Shortlist the car by model, year, kilometer and price
Once the site opens, apply filters as per your requirement. You can choose the car according to brand, model, manufacturing year, kilometer, fuel type and reserve price. It is important to read the auction notice completely as it contains the actual condition of the car, reserve price, parking location and terms.
3. Do physical check of the vehicle before bidding.
This step is most important. Don’t make decisions just by looking at photos online. The bank tells you the time for inspection, go there at the same time. Check engine condition, tyres, brakes, body, interior condition, service and document records. Keep in mind that in most cases a test drive is not available, so the better the test, the better.
4. Register on the site and submit EMD
To participate in the auction, upload KYC documents, deposit EMD (Earnest Money Deposit). This money is fully refundable if you do not win the bid. That means there is no risk.
5. Bid smart on auction day
Login as soon as the auction starts and watch the real-time bids carefully. Decide your maximum budget in advance, do not get carried away by last minute bids, the pace increases as the end time of the auction approaches, keep this in mind.
6. After winning the bid, make full payment on time.
If your bid is the highest, the bank sends you a win notification. It is important to make full payment within the stipulated time, otherwise the opportunity may be lost. After payment you get Sale Certificate, NOC, Form 35 and other bank documents.
7. Go to RTO and get the car transferred in your name.
Go to RTO with the bank documents and get the car transferred to your name. After this you become the legal owner.
What to do if you are going to buy a car online for the first time?
- First find out the market price.
- Check whether there are any outstanding challans, taxes on the car or not.
- It would be good if you have insurance history.
- Keep money ready in advance to complete the payment.
- Pay special attention to the launch year and mileage of the car.
Disclaimer: The information given in this article is for general information only. The procedure, terms and prices for purchasing a bank-seized vehicle may change from time to time. Before participating in any auction, check all details, documents, fees and terms carefully from the concerned bank, auction portal or authorized source. While taking any kind of investment or purchase decision, do your own research and take advice from experts.
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