How To Finance The Vehicles You Win On Copart?
Most people prefer to finance vehicles rather than pay cash outright.
As part of serving as your single source auto solution, you can finance the vehicles you purchase in our online auto auctions through traditional consumer credit lenders and commercial flooring services providers.
Even better, you can use your own private lender or apply through one of the lenders who integrate with Copart’s platform. Here’s how it works.
How to Obtain Financing Through Copart’s Website?
Like any loan, you’ll need to apply for financing before you can use it as a payment method.
First, log in to your Copart account and go to the Account Settings menu. Then select Payments & Fees. Next, choose the Financing dropdown menu. You’ll see a list of available Financing Options. Select the Apply Now next to the lender you want to use and follow the steps through the application process. You can arrange financing through companies like Westlake Flooring Services, NextGear and other popular flooring companies.
If you’re approved, your lender account will be linked to your Copart account as a Payment method. When you go to the Payments Due page, select the vehicles you want to pay for with financing, then select the financing company you want to use as your Payment Option. Then complete your payment as usual.
How To Pay With Existing Flooring Accounts?
If you already have an account with a flooring company, you’ll need to select the Verify Account option next to your finance company under the Financing Options dropdown tab.
You’ll be asked to enter your credentials for your flooring company account, and then you’ll see this financing source a payment option in the Payments Due tab.
How To Set Up Financing With a Third-Party Lender?
You can use any financial lender you want, even if they aren’t listed in the Financing Options list, including credit unions, personal banks, business lenders and more.
Apply and get approved through the lender first. Then, have them contact Buyer.AR@Copart.com. Our Accounts Receivable team can link your loan account or line of credit to your Copart account as a payment method or arrange for your loan amount to be transferred into your Available Funds balance.
Buying Power & Deposit Rules Still Apply
Financing doesn’t alter any of the requirements for deposits and buying power, or the maximum total amount you can bid.
As a Basic Member, you’ll still need to deposit 10% of the total dollar amount of bids you plan to make. Premier Members enjoy buying power of up to $100,000 a day (or possibly more) for a single $400 deposit. All deposits are fully refundable, but such a refund will downgrade Premier Members to Guests.
Remember Copart Isn’t Your Lender
Remember that your financing agreement is through a third-party company. Copart provides the list of financing options and integration with our platform as a Payment Option for your convenience. Member Services can’t help you with your loan payments or other issues. You’ll need to contact your lender directly.
The Bottom Line on Lending
So, there you have it. If you’ve ever wished you could finance a vehicle available in a Copart auction, now you know how to do it. Now go find the perfect vehicle for you, set up your financing and payments, and start bidding, winning and buying!
