Now have loan for car, Cash or Bank transfer?

jason87

Pretty much what the title says.

It will be a dealership and it should be around 5k
Is it best to withdraw the lot, pay with cash and take the car on the day or do a bank transfer through my bank??

I hear bank transfers can take a few days if the banks are different, and the dealership won't let you take the car until the money is in their bank.

Cheers guys

chalkie99

I would prefer to keep a paper trail as so many people seem to have unforseen problems at a later stage.

Also a less risk of being mugged leaving the bank.

CHR15

Isn't there a limit on cash payments (money laundering)?

I think it's about £3k but I may be wrong.

Last car I bought I put £100 deposit by Credit card and the remaining money (£7k) by Debit Card and took the car there and then.

MrsTinks

It's simple... the dealership won't take cash payment... You can however pay by card so place the money in your bank account and the payment will be taken from your normal account card like you were buying a new jacket...
Dealerships these days do not have the facilities on the whole to deal with cash - it actually costs them too much money in insurance and so on to take cash and they would also risk falling foul of money laundering laws etc...
If you find a dealership willing to take cash...RUN AWAY! Go to a reputable one instead...

KingElvis

If it's a decent delaer just transfer the money to your account and use your debit card, I did one for 11k in January and it went though fine.

The dealer may have to phone for authorisation though.

jason87

Thanks guys,

The money is already in my bank so I will just go with my card then.
I was always reluctant to pay by cash anyway, im glad to hear you can have the car on the day with a debit card payment.