How a vehicle auction works
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There are several ways to make your dream of owning a car or motorcycle come true through a vehicle auction.
Purchasing a vehicle at a vehicle auction is a practice that has become increasingly common due to its facilitating characteristics.
Among the options for consumers is the insurance auction. This involves the sale of vehicles from people who once claimed their insurance and were compensated. In this modality, it is very common to find motorcycles in more adverse situations, such as those with major defects and missing parts, or those with very few repairs to be made. Therefore, it is important to evaluate the details of the motorcycle you want to buy.
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On the other hand, the auction carried out by banks and finance companies works when someone buys a vehicle and is unable to continue paying the installments, forcing creditor companies to remove the car.
There are also options for judicial auctions, fleet renewals and even those promoted by Detran.
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Advantages and disadvantages of motorcycle auctions
One of the main advantages of purchasing a vehicle through auction is its final price. As it is a purchase method that is subject to different types of cars, in different states of conservation, there is room for the buyer to negotiate the final value of the deal.
However, it is also possible to come across some purchase options that are not very advantageous, which could create a headache for the driver in the future.
To ensure that the motorcycle auction business will be advantageous, do not forget to carefully check the origin of the vehicle, its mileage, its condition and its documents.
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See also Important tips when financing your motorcycle.
The moment someone decides to buy a motorcycle through financing, many doubts and questions arise. The question is completely normal, as with so many options it is difficult to make this decision.
What do I need to get motorcycle financing? This is one of the main doubts of those who chose to seek this service.
If you want to have your motorcycle in the garage, but don't know what it takes to hire the service, pay attention to our tips for those who want to finance their motorcycle:
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Prepare yourself financially
A bank or finance company will not approve financing if it notices that the customer is unable to pay the installments in sequence. Therefore, have long-term financial planning so that you are approved at the time of the analysis.
Choose the financial institution
There are many options that will appear when you are looking for a financial institution for financing. However, pay attention to the amounts charged in interest rates and all the conditions offered by them. Choose the bank that offers you the best credit proposal.
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Save money for a down payment
Paying a down payment at the time of financing will save you several installments. Keep in mind that the higher the down payment, the lower the number of installments and interest charged by the bank.
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Take all documents
When it is time to sign the financing contract, some documents are required by all banks. Are they:
- RG;
- CPF;
- proof of address,
- proof of income.
To prove your income, you can use a payslip, bank statement and even an Income Tax declaration.
Keep your name clean
There is no point following the entire previous step by step, if in the end your name is on the Credit Protection Service (SPC) or Serasa. Therefore, for the bank to release the credit, your name must be clean.
Can I buy a motorcycle without a down payment?
Yes, it is possible to obtain financing without paying anything down, but it will depend on the conditions imposed by the chosen financial institution. Banks normally finance the full value of the motorcycle when it is new.
Furthermore, as we said previously, the down payment serves to reduce the number of financing installments and, consequently, reduce the amount paid in interest. That's why it's ideal to have a specific value when closing the contract.
Now, if you chose to finance a motorcycle as a matter of urgency, it is important to have an income compatible with the value of the installments. Do not use more than 30% of your budget for monthly payments.
It is worth noting that, unlike the car consortium, if you are unable to pay the installments and give up, the bank will not refund the amount paid in the motorcycle consortium. In other words, always be sure and plan ahead.
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