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Can I get a car loan for a car I buy at an auction?
Do you have to pay cash for a car you buy at an auction? I want to go to a car auction for a 1979 Trans Am, but I'm not sure if I have the cash to buy it outright.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“No, you can’t get a loan for a vehicle at an auction. That goes against the very idea of an auction, which is meant for the
used car
to go with the highest cash bidder.If you’re afraid you won’t have enough cash to purchase your Trans Am, you might want to get a small personal loan beforehand. This will give you the capital you need, and you can repay the loan if you don’t need the money.”
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- Gregory R.
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