Key highlights
- Many lenders fund auction purchases for eligible applicants
- Sort finance before you bid — payment is often prompt
- Pre-approval lets you bid with confidence
- Lenders assess the vehicle's value, age and condition
- Set a firm limit and factor in the buyer's premium
Auctions can be a great way to secure a business vehicle at a competitive price, but the fast pace means finance needs careful planning. The good news is that many lenders will fund auction purchases for eligible applicants. Overdrive helps you get organised so you can bid with confidence.
Do you need finance before a car auction?
Because auctions often require prompt payment, it pays to have finance sorted before you bid. Getting pre-approval where possible means you know your budget and can settle quickly once you win, subject to lender criteria.
What do lenders look for at auction?
Lenders assess the vehicle's value, age and condition alongside your business and credit profile. Some auction vehicles are sold without warranty or roadworthy, which can affect a lender's appetite, so knowing the details in advance is important.
How to prepare to bid at auction?
Set a firm limit, factor in any buyer's premium and additional costs, and keep your ABN and documents ready. For advice on how an auction purchase fits your tax position, check with your accountant or registered tax adviser.
Before your next auction, talk to Simon about getting finance ready. An obligation-free quote is a soft check that won't affect your credit score, so contact Overdrive and bid with a clear budget in mind.
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