Best way to pay for a private car purchase?

17
Found 28th Aug 2012
What's the best way to pay for a private car purchase?

Looking at approx. £10,000 and a long journey to get it via train so not wanting to carry that amount.

cheers
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17 Comments
bank transfer electronically. If the seller can give you internet access, and you have e-banking, you can transfer it across to their account after checking car is ok and it will be with them usually in minutes.
Alternatively, you could pay it into your bank and give them notice that you would like to withdraw the amount from the branch closest to where you are buying it from. Make sure you take ID with you when you wish to withdraw.
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AberdeenDad

bank transfer electronically. If the seller can give you internet access, … bank transfer electronically. If the seller can give you internet access, and you have e-banking, you can transfer it across to their account after checking car is ok and it will be with them usually in minutes.



I personally wouldnt accept a bank transfer since the bank to claim up to 6 months down the line the paying account was hijacked.

Best way IMHO is to arrange collection from a branch preselected near the location you are picking up from. In fact, I'll even give you a lift from the bank! X)
or a bankers draft (but there's a fee of about £25 for that)

I would check with your bank if there's a limit to the amount they'll allow you to transfer at a time - can you not withdraw the cash in a local branch once there if you want to do it that way?
Banned
AberdeenDad

bank transfer electronically. If the seller can give you internet … bank transfer electronically. If the seller can give you internet access, and you have e-banking, you can transfer it across to their account after checking car is ok and it will be with them usually in minutes.



Why not just use a phone to do it? either on the internet or call centre. Then the seller can call their bank to check it's gone in or pending.
First I would say that you need to be sure of the person you are paying the money to. Make sure he lives at the address that he has stated and that the car is registered to the same address.

Things could still be legit if that is not the case, but there is more of a chance of dodgy stuff
I would not be taking a train to buy a used car, " sight unseen ", if it is not as described you will have the hassle of getting a train back at short notice, so costly and inconvenient.

I would get a friend with a car to take me.
Banned
Once sold a 1984 audi quattro to two blokes from Austria. They came with a trailer and paid £6,000 cash. Took us about an hour to count and check it all.
Phony notes, put a few real ones top and bottom incase of checks.
lumoruk

Once sold a 1984 audi quattro to two blokes from Austria. They came with … Once sold a 1984 audi quattro to two blokes from Austria. They came with a trailer and paid £6,000 cash. Took us about an hour to count and check it all.


An hour to count £6,000, They pay in coins?
Personally I wouldn't take much cash to a house even if you got it from a local bank. Too many stories of people being jumped or conned around.

Bankers draft in the name on the V5 only. See the car first incase you want to knock them down a bit though.
Edited by: "oddballjamie" 28th Aug 2012
I used to work in a bank so from personal experience, Bankers Draft is your best bet. It might cost £20-odd but it's better than carrying that amount of money round with you and is far more secure and trusted
Bankers draft is the way to do it, I bought a car for 13k, paid 4 cash and the rest as a BD, think we did the paperwork then went to the bank with seller to put funds in his account, when cash was in account he handed me the V5C and the keys.

Met the him first at his house before I decided to buy the car and to suss him out. You need to be good at spotting a liar or someone whos up to no good, thats one of my few talents. I'd advise most people to buy from a dealer if spending large amounts. And I'd never meet a stranger with more than pocket change.
Edited by: "spaceinvader" 28th Aug 2012
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oddballjamie

An hour to count £6,000, They pay in coins?



It was pitch black!
Original Poster
cheers guys
lumoruk

It was pitch black!



Someone bought a car from you in pitch black darkness. They were braver than me.
Banned
oddballjamie

Someone bought a car from you in pitch black darkness. They were braver … Someone bought a car from you in pitch black darkness. They were braver than me.



wasn't mine, was brother in laws. Was just helping with the transaction as I put it on ebay. Yes they were brave but they wanted one from here as cars there get eaten up by all the grit. I don't think they realise we suffer the same problem.
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