Would you consider buying a repossessed car for your family?

In the world of auto loans, the bank giveth and the bank taketh away: If you can’t pay for a car, best put that dream on hold until you have the means to actually afford a set of wheels. Otherwise repossession comes into play, leaving you with no ride and messed-up finances, too.

On that note, one man’s financial irresponsibility can become a bargain for another.

“Some may have the impression that just because repossessed cars are pre-owned, they are worn out,” says Fitz Chee, head of Buena Mano, which offers financing services for pre-owned and repossessed vehicles. “It is worth noting that a typical car-loan period can span anywhere from one to five years, and as such, repossessed cars are fairly new, and mostly in good condition.”

Chee added: “Clients experience a bargain-hunters’ gain. We continue to improve our processes to make sure car ownership is fast, affordable, and easy for our clients.”

According to Buena Mano, individuals can save as much as 30% buying pre-owned or repossessed units instead of brand-new ones. It adds that customers are guided through the entire car-buying process, and assisted when assessing the physical condition and paperwork of a unit before purchasing.

The prospect of finding a repossessed car in ideal condition makes visiting the company’s stockyard a very tempting proposition. Would you considering buying one for your family instead of a brand-new unit?