OK, I have no experience whatsoever with buying a used car, so please bear with me; I think I'm going to go and buy this used car, but the owner said that it's better to use a bank draft since the money will be cleared quicker and it's easier to transfer ownership under my name afterwards.
Now, the thing I'm so worried about is that if I were to pay the owner by using the draft, he can actually just ran away afterwards? Is there other safer ways to do this? Should I be worried?
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Buying a used car - should you pay the full amount first? watch
- Thread Starter
- 25-10-2015 11:33
- 25-10-2015 14:30
yeah, you go view, take it for a test drive, agree to buy it, do all your checks, make sure the V5 is in the sellers name and address, and then sort out the CASH or a bank transfer, sign the paperwork over and you're good to go.
bank transfers for the majority of banks are in the others account within minutes 24/7 now, or within a maximum of 2 hours if more checks are needed.
why overthink it, or overcomplicate it? you wouldn't walk in to a shop, pay for your shopping first and then walk around picking your items.
View, like, agree to buy, sort out payment, jobs jobbed
what the seller probably means buy faster to transfer ownership is that he doesn't want a cheque, that you will have to wait to clear before you drive it away, he wants 'cleared funds' a bankers draft is effectively cash, but without the wad of cash, just pay with cash or a bank transfer.Last edited by kernow24; 25-10-2015 at 14:33.
- 26-10-2015 07:53
Depends on the value of the car but generally cash is king, or bank transfer once you have seen the car and not before