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Buying a car by bank transfer - good or bad idea?

168 Posts


in Motoring
I've found a car I really want to buy and I'm having an RAC check being done on it tomorrow which is costing £256. The car is at a dealership.
I've looked at so many cars and so many different dealerships over the last few weeks my head is swimming with information, and I forgot to ask this dealer if they accept credit cards. I just asked them and they only do bank transfer.
Is this safe? I had the intention of paying by credit card in case something went badly wrong with the car and I'd have more comeback.
How does everyone else pay? I haven't bought a car in years.
I've looked at so many cars and so many different dealerships over the last few weeks my head is swimming with information, and I forgot to ask this dealer if they accept credit cards. I just asked them and they only do bank transfer.
Is this safe? I had the intention of paying by credit card in case something went badly wrong with the car and I'd have more comeback.
How does everyone else pay? I haven't bought a car in years.

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Debit cards are normally accepted because traditionally it was a flat fee, which is also why companies will do cash back with debit card but not credit cards, and so a few pence against the value of a car is acceptable.
There is still the fundamental issue that there is no mechanism of recall so if the car fails to turn up with a debit card you could have done a chargeback but no such mechanisms exists with BACS/Faster Pay.
There aren't really many other options, in theory you can use escrow type services but unless you are buying a Ferrari it'd be massively cost prohibitive and still only ensures you get the car and they get the money... could still be it turns out to be a lemon and they are terrible to try and deal with.