Selling My Car at RM Auctions
My experience of selling my car at RM Auctions was really interesting and it was such an easy process that I thought I’d outline it here for you to see. The auction house allows you to bring your car to them during the week and the are open from 9-5. The car is then entered into the next available auction for that particular type of car. Not well there are a number of auctions with themes such as classic cars, collectibles and even modern SUVs.
I had to make sure I took all my car documentation with me when I dropped the car off. I was then given a series of forms to complete which were quiet easy just requiring personal and banking details. As my car was a classic I was allowed to stipulate a reserve price for the car. I also found out that if I couldn’t get the car to the auction the auction house provided a collection service and a reasonable rate.
No Sale, No Fee with RM Auctions
One of the things I was impressed with was that if my car did not reach the reserve price and wasn’t sold then I did not have any fees to pay so it was a win, win situation. The staff were very experienced and made sure that my car was described well with all the marketing jargon that would get me the best possible price.
On the day of the auction I was unable to attend due to my work commitments however RM Auctions were great with this and kept me informed of the time my car would be put up. Once the action was over I immediately had a phone call from them telling me how much it had been sold for. I was really pleased at the competitive price I got for the car it was really more than I had expected.
The money was transferred with 48 hrs to my personal bank account. Now I am left with a very healthy bank account which I am eager to reinvest in my next classic car. Indeed I may try a trip to the auctions to try out the other side buying at auction.
How to buy at HH Auctions?
Buying at auction is and incredible experience and if you’ve never bought at auction before you will have a day never to be forgotten. It is indeed a quick, convenient and very easy way of getting a good vehicle at a good price. HH Auctions make the process of buying easy too and they provide lots of support and guidance to help you along the way.
I would advise that you be prepared before you come to the auction. Get a copy of the auction catalogue for the day of sale and highlight the vehicles that you are interested in. You then need to go onto the website and register that you would like to view and inspect these cars prior to the auction. Please do not go in blindly and bid for a vehicle which you have not previously inspected.
On the day at HH Auctions
On the day of the auction you may feel overwhelmed by the bustling environment with everyone rushing about but don’t let this put you off keep your focus and view each car thoroughly before the auction. A good tip is to write down on the catalogue how much you would be prepared to pay for the car. Don’t forget to take into account that the price on the hammer is not the total price as there will be a buyers fee to add on so make sure you take this into account.
You will need to register before you can bid and you’ll be given a number on a paddle which you can raise to bid. If you make the highest bid then you will need to go up to the podium and give the officer 20% of the price you bidded. This doesn’t have to be in cash though as you can use a Visa or Mastercard which is more convenient. You will be asked to complete a purchase form.
The final step is to go to the office where you will receive all the car documentation and where you can pay the balance including the buyers fee. The auctions will accept banker’s drafts, cash, cheques and most debit or credit cards. But check to see if there is an addition fee incurred for using credit cards. Once the paperwork is all signed and payments made you can take the car away. It such and easy process.
If you are looking for finance for a Classic Car you may find that most to the High Street lenders tend not to offer finance on cars that are over 10 yrs old. They don’t really understand that the classic car is really and investment. However there are a few online companies that will offer you really good deals and are very sympathetic to the classic car buyer’s needs. Many of these companies will provide classic car finance for everything from Jaguar E Types to the classic 911.
There are also many options available with a range of finance deals which can even be bespoke to you. They range from balloon payments to hire purchase and you can even choose the length of the plan from 1 to 5 years. There was even one which allowed you to make lump sum payments whenever you wanted so that you would be paying the loan off quicker or get smaller monthly payments.
Which Classic Car Finance Company?
When you are deciding on which company to use you will obviously be looking for a good financial deal however I would advise that you balance this with choosing a company that understand the classic car industry. It is also more convenient if the company is based in one area as you don’t have to be sending documentation to different locations and furthermore you will probably get to speak with the same team if not the same person each time you call them.
Find out how long the company has been doing Classic Car Finance for and what types of cars they have financed. You can even ask them for a list so that you have a general idea if they will suit what you are purchasing. It is really convenient if you make the application on line but make sure it is a simple process. Once you have submitted your application the Finance company will obviously do all the usual credit checks and they should then phone you with their decision. It is at this point that you will be made aware of the deals they have available for you. Personally I always request that they send this information to me in an email too so that I can go over it later to make sure it is exactly what I need.
When you have agreed on the deal you will finally need to send the finance company the documentation from the seller of the car and your signed documents so that they can arrange for the money to be transferred to you.