By now you’ve read our beginner’s guide to online auctions and are feeling suitably confident with how to go about placing yourself in the best possible position to bid on your dream car. And yet, what happens once the hammer drops and you’re potentially left scrambling for funds to meet a price that may have escalated to “just” beyond of your budget?
Remember, too, that a winning bid amount is subject to VAT and buyer’s commission, as well as potential documentation and admin fees.
Established in 2003 by a team imminently familiar with the auction process, Auction Finance has developed its systems to best accommodate those looking to add a reassured sense of confidence to their auction experience.
Aware that the auction process is “voetstoets” and not bound by right to repair, it’s always recommended that potential bidders visit their chosen auction house’s viewing days in order to carefully inspect their shortlisted vehicle(s) ahead of the scheduled auction date. It’s on these viewing days where a representative from Auction Finance is available to consult around the completion of a pre-approved finance package set to cover the vehicle(s) you’re interested in. Though pre-approval is not compulsory, it adds both piece-of-mind to the bidding process while expediting the time it takes for a new owner to take delivery once the auction is finished.
Your application completed and required documentation included, Auction Finance’s chosen operating system is capable of applying to up to thirteen current financial institutions for potential approval in less than 15-minutes.
Once green-lit for the maximum amount of finance allocated for a specific vehicle (the preferred way to bid for 70% of private attendees), this finance remains valid for up to 30 days; with Auction Finance able to scout for similar purchasing opportunities at other affiliated auction houses around the country, should the preferred lot not be successful.
Well acquainted with the intricacies of the purchasing via auction, Auction Finance offers an array of value-added products aimed at offering addition peace of mind to the process. That said, from services like dent and scratch protection to a two-year extended warranty, 100% deposit protection, short-term insurance and even retrenchment cover on your purchase are all available to a would-be bidder.
“Auction Finance can assist the private buyer with a start-to-finish finance process to ensure the purchase of their dream car on Auction, including a competitive comprehensive insurance quote from our broad panel of insurers”, says Johan Olivier, founder and owner of Auction Finance.
A motoring journalist with more than 20 years experience, Ian McLaren will be compiling a series are articles documenting his learning curve when it comes to all things auction. Find him on Twitter, Instagram and TikTok at @IanMcLaren76.
These articles aim to offer insights only and in no way encourage reckless or hit-and-miss purchasing decisions.