Looking for a cheaper way to get a new car? Banks in the Philippines are offering repossessed cars for sale. You can now take a look at our updated list of used cars for sale from banks.
Bank Repossessed Cars List
Most of these vehicles come from their auto loan programs where clients have failed to fully pay their cars. Take a look at the list of second hand cars available in these banks:
| BDO |
| BPI |
| East West Bank |
| PSBank |
| RCBC |
| Security Bank |
Requirements in Buying
The usual requirements of a bank involves your capacity to pay. In some cases, the same documents and requirements are provided as with applying for a loan if you are not paying in cash. They may include but not limited to:
- Proof of capacity to pay
- Valid IDs
- Accomplished purchase form
What is a Repossessed Car?
It is a vehicle that the bank acquired when the borrower was not able to pay for it. Banks that offer auto loans can repossess the car from the owner in the event that he or she is no longer able to pay for it.
Advantages of Buying Them
Repossessed cars of banks have undergone quality check. You can be assured that they have made their part to make the car usable for the next owner. Most of the time, these cars are also priced way below its current market price.
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