Going to uk to buy car. Payment options

Washout

Hi

I'm going to birmingham to buy a car. But I will be looking at 5 or 6 differant ones. So I don't know who I will be buying from. Can I get a bank draft in sterling with the v pay to field blank and fill it in when over there. I plan on getting something for around 6k sterling so if I go with 5.5k draft and if need ed the rest in cash would that be ok?

Rega

The bank won't give you a blank bank draft to fill in.

mgbgt1978

A lot of people are very wary about bank drafts, loads of stolen & fake ones about.
For the amount you are talking about you would be better off using cash, just make sure your bank has enough sterling. You will probably have to order it a day or two in advance.

corktina

and make sure you take evidence of where you got the cash ....

Gumbo

corktina wrote: »

and make sure you take evidence of where you got the cash ....

even with the cash, UK dealers wont take it.
If you plan on viewing a few, best bet is to have the money in your account ready, fly over early, and view all cars, make the decision then tell the sell you be doing a transfer. be prepared to stay over night if you have to and budget that into the costs involved.

Some transfers can be done in a few hours, some take over night though.

CiniO

kceire wrote: »

even with the cash, UK dealers wont take it.
If you plan on viewing a few, best bet is to have the money in your account ready, fly over early, and view all cars, make the decision then tell the sell you be doing a transfer. be prepared to stay over night if you have to and budget that into the costs involved.

Some transfers can be done in a few hours, some take over night though.

Are you serious they won't take cash?
That's bit mad to force people staying overnight just to use bank service instead of cash.

In that case why would one not take cash, and when car is found, then go to bank where dealer holds an account and lodge money into that account.

All cars I bought in my life, I paid in cash.

bazz26

CiniO wrote: »

Are you serious they won't take cash?
That's bit mad to force people staying overnight just to use bank service instead of cash.

In that case why would one not take cash, and when car is found, then go to bank where dealer holds an account and lodge money into that account.

All cars I bought in my life, I paid in cash.

The UK has very strict money laundering laws these days.

Our man in Havana

Probably some sissy money laundering rules.

Washout

accomadation and expense isnt a problem.

will be staying with relatives.

came to my head that i could transfer money to my uncles account and he could do the draft or cash but with you talking about money laundrying strictness this may not be a good idea either...ill be there for a few days so it sounds like a bank transfer is the best option.


could i not just get the dealers account details and do a transfer through internet banking?

Yakuza

You could preload your credit card (or get a prepaid one) but if you have it lost or stolen, you could lose all the money as the bank won't cover it as it's not their money. You might be able to get a same-day international bank transfer, but that would be expensive.

Our man in Havana

The best you will get is a next day transfer that will cost you big.

darragh o meara

I've bought loads of cars in the uk and to be honest ive never had a problem dealing in cash. The last purchase was in June for 12k in a dealership. The only stipulation they had was that I went with them to their bank and lodged it with them which also gave them the opportunity to check all notes were legit. I've bought cars up to 16 k in cash, but if buying new or much more than your comfortable carrying on your person bank transfer or creditcard is the only job. However it must be noted that if you load cash onto your credit card and then decide not to buy and try withdraw it the bank will hit you hard in fees as I found out recently ( non car related purchase )

foxirl

Use http://www.transfermate.com/
Used them twice when buying cars in UK.
Lodge the money to their account a few days before you go over. Best to look into it a week before hand as they may need id and proof of address if over 10K
You will be given a better exchange rate than you would get from the banks. ( i did anyway)

When you pick a car call get the dealers bank details and ring transfermate and they will transfer the money straight away for a small fee. Get dealer to check their bank account and all sorted. Any money not used from transfaremate will be be returned to your own account

Yakuza

darragh o meara wrote: »

However it must be noted that if you load cash onto your credit card and then decide not to buy and try withdraw it the bank will hit you hard in fees as I found out recently ( non car related purchase )

It shouldn't cost anything to take what is effectively your own money out of an ATM, but i guess you might hit a daily txn limit?

Washout

if i load my credit card do i need to inform the CC company to let a big payment to go through before hand?

im 100% going to buying something. im going over for a week to look and get sorted..i also have to get it modded with a left foot accelerator. its so much cheaper to have done than over here. 800 euro here while its 400 or so in both places i called in birmingham.

Our man in Havana

if i load my credit card do i need to inform the CC company to let a big payment to go through before hand?

No harm telling them. You don't want the embarrassment of it being refused.