If you are researching where to buy repossessed caravans, you should look no further. Bank repo caravans can be found on auction by many of the same large auctioneering companies that sell repossessed cars, motorcycles, SUVs and other items.
Why buy repossessed?
Financial service providers will often repossess items from clients if they could not or would not make their monthly loan repayments. They will usually hold the goods for a short period, giving the client the chance to find the money to pay off the loan, and if the client cannot come up with the money the financial service provider will pass the items on to an auctioneer to try to get some of their money back. Buying repossessed goods can save you a lot of time, money and worry for several reasons listed below.
- Repossessed goods are often newer than other second hand items.
- Repossessed goods might still have service plans intact which will save you money in the long run.
- Repossessed goods may have their warrantees intact (for example a rust warrantee) which would also save you money in the long run.
- Repossessed goods are sold on auction and therefore the potential buyers decide what they are willing to pay for the item. Often, especially at second hand dealerships, goods will be marked up beyond their value, but at an auction there is no set price. You decide what you are willing to pay.
To sum, buying a repossessed caravan over a brand new or second hand caravan might save you time and money and make the process easier, more efficient and less stressful.
Where to buy repossessed caravans
Although there are huge number of auctioneering houses selling cars, motorcycles and other vehicles, caravans are not as commonly found on the auction floor. The best option in finding an auctioneering company that sells caravans is to look for the larger auction houses whose range of goods for sale is wider. Some of the biggest auctioneering companies include well known companies like Aucor and Burchmore. These two companies hold their auctions throughout the week on different days. They hold their events at different venues throughout the country including Bloemfontein, Durban, Cape Town and Gauteng.
Both Aucor and Burchmore put out catalogues listing all their goods for auction. It is wise to peruse the catalogue before hand to find any caravans that you might be interested in. They also allow you to view the caravans for sale the day before the auction. You can make a thorough investigation of any of the goods they have for offer so that you can be sure of the choice you are making.
Aucor and Burchmore are supplied by reputable and well known banks like ABSA, Wesbank, Nedbank and FNB who sometimes repossess almost brand new caravans. There are often well known types of caravan up for auction including Gazelle, Gypsey, Sprite, Wilk, Jurgens and other reputable brand names.
Financing your repossessed caravan
Buying even a repossessed caravan can be an expensive payment and many people require financial assistance to be able to afford these items. The larger and more well known auctioneering houses, like Aucor and Burchmore, will make sure that all the major financial service providers are present at the auctions. If you have a good credit record and proof of a steady income, you can discuss a loan with them then and there and have you financial assistance approved.
The following tips offer good advice on how to buy the right repossessed caravan.
- Make sure you study the catalogues and visit the auction house the day before the event to do a thorough inspection of any goods you might be interested in bidding for.
- Make sure that you are clear on the auctioneering process so that you do not make a mistake on the day.
- Decide on a budget and ensure that you stick to it.
- If you need financing, come prepared with all the relevant documents.
- Use a reputable auctioneering house to avoid disappointment.