HOW TO FINANCE A REPOSSESSED CAR PURCHASE?
Financing a repossessed car purchase is similar to financing a traditional car purchase, but there are some nuances to consider due to the unique nature of repossessed vehicles. Here’s a step-by-step guide on how to finance a repossessed car purchase:
1. Explore the Listings and Choose a Car:
Begin your journey by exploring the listings of repossessed cars. Visit our website at www.dryve.ph for the list and take your time to find a car that suits your preferences and budget.
2. Bid and Consider Financing Options:
Once you’ve found the perfect car, it’s time to place your bid. Dryve Ph offers cash payment or financing. Financing option has a standard of 30% down payment as required by the bank partner.
For example, if a repo car costs 325,000 PHP, the 30% down payment amount is 97,500 PHP, and the amount financed is 227,500 PHP. If the loan term is 12 months, the interest rate is 7.19% so the monthly payment is approximately 20,321.44 PHP. Note that this is just a rough computation and other bank charges may apply.
3. Gather Necessary Documents:
Upon approval or winning the bid, the bank or financial institution will require certain documents to be submitted. These typically include a completely filled-out application form with loan details, a buyer’s information sheet, and valid government-issued identification with specimen signatures.
Depending on your source of income, you may need to submit different income documents. For those employed, this could include income tax returns and a certificate of employment. If you’re engaged in business, business registration certificates, permits, and financial statements may be necessary. Bank references or statements might also be required.
4. Await Approval and Settle Down Payment:
After submitting all required documents, patiently await approval from the bank or financial institution. This process typically takes 2-3 weeks. Once approved, you’ll need to settle the 30% down payment of the total cost.
5. Drive Your New Car:
Once the down payment is settled, you’re ready to drive off in your newly acquired repossessed car. Enjoy the freedom and convenience that comes with owning your own vehicle!
By following these steps, you can successfully finance the purchase of a repossessed car and acquire a quality vehicle at an affordable price. Remember to research your options, inspect the vehicle thoroughly, and secure financing that fits your budget and financial goals. Additionally, for expert guidance and assistance throughout the repossessed car buying process, consider utilizing Dryve’s services. With Dryve, you can streamline your car purchasing experience and ensure a smooth journey towards owning your dream vehicle. It’s easy #JustDryve
