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.

Answer provided by
Eric Schad
Answered on Jul 01, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“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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