Online Car Auctions: Payment and Financing Options

You’ve done your research, you’ve placed your bids, and now you’ve won your vehicle. What’s next?

Paying for that vehicle is going to be your first step. You’ll need to know immediately how you can pay, as well as the financing options you can use.

Online car auction companies typically give you several payment methods to choose from, including cash, credit cards where eligible, wire transfers, and more. These options are easy to use, safe and secure, similar to buying online from places like Amazon. You can even have the vehicle you won at auction delivered to you.

But, what if you’d rather finance your vehicle with a loan instead of paying for it all up front so you can save some cash for your business? Most auctions work together with multiple financing companies that offer lines of credit that are customized specifically for what you need. This way, you can pay off the vehicle over time. This is sometimes referred to as a floor plan, or flooring a vehicle.

You’ll work with a customer service representative to process your application quickly, so it’s a good idea to do some research on your flooring options, even if you think you may not need one. It’s always better to know all your options when buying an auction vehicle online.

If you decide to finance a vehicle, one of the great things is being able to use your floor plan to pay for some of the auction fees, including vehicle delivery that we mentioned earlier. Financing is an easy way for you to save some time while keeping cash in your pocket to put into your business.

No matter how you pay for your vehicles, you’ll find the options and convenience you crave. Auction companies want their buyers to quickly – and happily – move on to the next auction without fretting over previous transactions.

To begin participating in online car auctions, register for an IAA account with our simple online registration process. If you're already an IAA member, log into your account and find your next vehicle.

Was this article helpful? Check out some of our other educational content regarding online car auctions. We’ve previously hit on various topics, including who is eligible to buy, the need to build a sound bidding strategy, and the importance of conducting research prior to auctions.