What are repossessed cars?

Repossessed cars are vehicles that have been reacquired by banks from buyers who have defaulted on their loan payments.

Why are repossessed cars cheaper?

Banks sell repossessed vehicles for much less than their worth, even offering occasional promo prices. This is because they aren’t looking to make a profit from selling repos. They just need to dispose of these second-hand cars as soon as possible to reduce the costs of storing and maintaining the vehicles.

What are the pros and cons of buying a repossessed car?

Pros of buying a repossessed car include saving between 20% to 40% off the cost of a brand-new car, and the possibility of finding newer cars in good condition. Cons include the risk of buying a car with hidden damage or defects, and the possibility of having to deal with the previous owner’s unpaid debts or fines.

Is buying a repossessed car suitable for me?

Whether or not buying a repossessed car is suitable for you depends on your personal circumstances and preferences . If you are a budget-conscious car buyer and willing to take on the risks associated with buying a used car, then a repossessed car may be a good option for you.

Where can I find a list of bank-repossessed cars in the Philippines?

You can check out the list of banks offering repossessed cars in this article to visit the bank’s website to browse the available repossessed cars on its used car list.

How do I buy a repossessed car?

Once you have found a car you are interested in, you can bid or make an offer. It is important to bring your trusted mechanic and check under the car for leaks before making a purchase.

The Complete List of Bank Repossessed Cars (Sep 2023)