Well after many years of watching these high end car auctions on tv I'm finally going to attend a Mecum auction here in FL. Originally I was just going to go watch but after examining the list of amazing cars that are going up for auction, I came across a very interesting and very low milage Cobra. Judging from it's competitors coming across the block that day I have a strong feeling that this car is going to sell well below market value. Long story short I'm now going to go bid!
Although I have been wanting this car ever since the day it came out, unfortunatly I do not have the room for an extra vehicle at this moment so I am going to bid with the intention of reselling for a profit. My main question is where can I go to get financing for this type of transaction?
I have tried my local banks and credit unions and I keep getting the same answer that they do not provide financing for auto auctions, I think it's mainly because I may or may not even use the money, I just need to have access to it if I do indeed get the winning bid and I also have the intention of repaying this loan in full within a few months. I've been offered auto loans but I am required to have vehicle info and must purchase from a dealer etc. I'm finding that the banks either just don't understand this type of transaction or are unwilling to deal with it all together. Are there any legitimate companies out there that I can go to that specialize in collector car auctions? I can go about this as either a personal or a business loan.
Although I have been wanting this car ever since the day it came out, unfortunatly I do not have the room for an extra vehicle at this moment so I am going to bid with the intention of reselling for a profit. My main question is where can I go to get financing for this type of transaction?
I have tried my local banks and credit unions and I keep getting the same answer that they do not provide financing for auto auctions, I think it's mainly because I may or may not even use the money, I just need to have access to it if I do indeed get the winning bid and I also have the intention of repaying this loan in full within a few months. I've been offered auto loans but I am required to have vehicle info and must purchase from a dealer etc. I'm finding that the banks either just don't understand this type of transaction or are unwilling to deal with it all together. Are there any legitimate companies out there that I can go to that specialize in collector car auctions? I can go about this as either a personal or a business loan.