Buying Used Cars For Sale - Dealing With The Payment
There are several alternative methods in which you can pay for a car either privately or through a car dealer, these methods include cash, cheque, banker's draft or bank transfer. You should decide on the best approach that works for you but be aware of the potential issues.
If you are buying a used car, you need to have some idea of the best way for you to pay for it. In many cases, the options are limited. However, some people put money aside or have enough from another source to pay cash for their vehicle. Don't take large amounts of cash when you're going to meet a private seller who you are not sure about, so use your common sense and always have someone with you.
It should be noted that both cheques and banker's drafts can be fraudulent or counterfeit so the seller may not be prepared to accept these. You should be extremely careful when using ESCROW or Shipping web sites as many are bogus and set up by fraudsters. Although if you do decide to use ESCROW, you should make sure that it's verified by the FSA and is based in the UK. Also, it is not recommended to pay using a money transfer company such as Western Union or Moneygram - these services exist purely for transferring money between people who know each other. You should meet the buyer at your bank and complete the transaction there, just to be on the safe side.
You should be aware of, and use to your advantage the fact that having the cash to pay for your used car is one of your best bargaining chips when haggling over used cars and trying to get the best deal possible. This is because the vendor gets paid straight away which is a major plus and can also avoid any credit card transaction fees. It's also cheapest in the overall long term as you remove any interest charges or other fees payable on financing your car. However, there are also several disadvantages, carrying large amounts of cash is quite risky and you also have very little leverage over the car dealer that sold you the used car if something does happen to go wrong.
