What is the best way to pay for a car

andygb

This may seem a silly question, but I am on the verge of buying a car for £3K, and I am wondering the best way to pay for it. Although I have been around cars (buying and selling) for around thirty years, what is the best method of paying for the car in a private sale, because all of my purchses over recent ywears have been from auctions, and they are easy to deal with (simple card payment)?
I have the funds immediately available, and the seller is fairly local. I am happy with the car, and I want to pay for it and collect it today. Is cash too risky, and would I be better off doing a same day transfer between our banks. If I pay by cheque then there is a delay whilst it clears, and we have the Easter weekend complicating the clearing days.
If there is a delay, whose responsibility is the vehicle whilst the payment is clearing?

david29dpo

Some sellers may have a problem with cash, ask.
Most banks do instant transfer these days but again some sellers have a problem giving out there bank details.
The goods remain the property of the seller until payed for but where does that leave you in the mean time? Good question. If the car is nicked etc while payment is going though are you sure the seller will give you your money back? No, nor me! Cash i think!

ellies_angel

When I sold my car I got them to do a bank transfer over the internet from their account to mine. It went straight into my account showed as a cleared balance so they took the car away. (We both had TSB accounts, but it would have been just the same to have used my RBS account)

andygb

Thanks for both your replies. I think that the other guy will accept a bank transfer if it is done today (I spoke to him last night, and he needs the money in his account to put towards another vehicle on Saturday).
I definitely want something "instant", so that I can get the car insured and drive it away ASAP.
I will contact my bank shortly (they are probably still tucked up in bed at this time in the morning) and see if their is a charge for a same day transfer to another bank.

shiny76

andygb wrote: »

I will contact my bank shortly (they are probably still tucked up in bed at this time in the morning) and see if their is a charge for a same day transfer to another bank.

There shouldn't be a charge for payment via Faster Payment service and the money should be credited almost instantly.

alinwales

Even BACS payments now must be cleared within 1 working day (reduced from 3)

(I believe some banks limit how much can be sent by FP)

rodenal

Worst case you should be able to pay (£12 odds at my bank) for a CHAPS payment - goes through in 2 hours max from memory, though usually instant.

andygb

My bank charge £20 for a CHAPs payment, and it has now been suggested that I do the internet option and go for a free fastewr payment, which will hit their account within a couple of hours.
Thanks for your help folks.

vaio

another vote for cash

davemorton

Cash here too.

s_b

we need to keep our eyes open in the rant section when OP says
bank lost my money ombudsman on holiday please help

£3000 in cash wouldnt even cure a table wobble