Safest way to pay for a car ?

11
Found 8th Aug 2009
Hi,

I'm about to buy a 2nd hand car and wondered what the safest method would be ?

The owner won't accept a cheque ...obviously.....but is it better to pay by direct debit or bankers draft ?

What cover do i get ?

Do you get a blank bankers draft ? (as the cost hasn't been confirmed yet)

Cheers !

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11 Comments

Why wont the owner accept a cheque? Most people will only give you the car once it's cleared. What do yo mean by cover? In case they take your money and don't give you the car?

bankers draft......don't give a blank he can put any amount on.....when the deals done, leave a deposit then, for the rest of the amount do a bankers draft in the persons name, as that way you have proof that you have sold a car and paid the amount.

other safe way is.....there isn't when buying cars

Cash is King.

What are you worried about?
What cover do you want?

Waving green folding stuff under someones nose always gets the best price IMO.

pay deposit cash and then have a bankers draft made up for the rest.

Agree a price and go to the bank together and transfer the agreed amount between your accounts inside the bank. That way muggings ca nbe avoided.

Buying privately gives you almost no comeback whatsoever if you don't ask the right questions. For example, if you ask "Has the car ever been crashed before?" and the seller lies, but you later find out it's been total'ed you might have some kind of case. You will have absolutely no comeback if he gives you a receipt with "sold as seen on it".

CHAPS payment, will cost you about £20 but completely secure and immediate, saves carrying wads of cash - prime target for being mugged!!

Why not Cash?

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CHAPS payment, will cost you about £20 but completely secure and … CHAPS payment, will cost you about £20 but completely secure and immediate, saves carrying wads of cash - prime target for being mugged!!



Clearing House Automated Payment System (CHAPS) - Is not an immediate payment; It's a guaranteed same day transfer if done by 3pm - although they will tell you 2pm to cover late people asking for them.

Problematic for both parties as you will keep having to check with seller if received payment yet. I would go with bankers draft with cash deposit, just make sure you get a good receipt before handing cash or draft over.

Good luck with purchase.

Original Poster

Thank ALL for the advice .......cash deposit and bankers draft it is !! Cheers !!! :thumbsup:
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