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Paying for a car in the UK

  • 05-03-2012 4:07pm
    #1
    Barack Obama
    Registered Users, Registered Users 2 Posts: 621 ✭✭✭


    I need to pay for a car in the UK. I take it that my options are -
    1. Cash
    2. Transfermate
    3. Bank draft

    Any advice appreciated. Thanks! :D


Comments

  • #2
    Sleepy
    Registered Users, Registered Users 2 Posts: 24,362 ✭✭✭✭Sleepy


    Did it once before, brought a bank draft for 90% of the amount agreed upon in advance of the trip and cash for the remainder in order to leave myself some room to haggle on any undisclosed knocks/scrapes etc.


  • #3
    creedp
    Registered Users, Registered Users 2 Posts: 5,960 ✭✭✭creedp


    Barack Obama wrote: »
    I need to pay for a car in the UK. I take it that my options are -
    1. Cash
    2. Transfermate
    3. Bank draft

    Any advice appreciated. Thanks! :D


    I bought a car in UK a couple of years back and the garage insisted on cash on the day or else I would have to transfer the money/send the draft in advance so it had cleared in the garage's bank a/c in advance of I taking the car. I couldn't be bothered with this messing so bought a couple of money belts and loaded £15k in sterling around my waste and headed for Dublin Airport. I was never so happy to hand over cash to somebody!


  • #4
    Barack Obama
    Registered Users, Registered Users 2 Posts: 621 ✭✭✭Barack Obama


    Sleepy wrote: »
    Did it once before, brought a bank draft for 90% of the amount agreed upon in advance of the trip and cash for the remainder in order to leave myself some room to haggle on any undisclosed knocks/scrapes etc.

    Hmm, good thinking not having the full amount just in case. I take it though that a bank draft takes days to clear and they would need to agree this beforehand? :confused:
    creedp wrote: »
    I bought a car in UK a couple of years back and the garage insisted on cash on the day or else I would have to transfer the money/send the draft in advance so it had cleared in the garage's bank a/c in advance of I taking the car. I couldn't be bothered with this messing so bought a couple of money belts and loaded £15k in sterling around my waste and headed for Dublin Airport. I was never so happy to hand over cash to somebody!

    That's a lot of cash!! :eek:


  • #5
    aido76
    Registered Users, Registered Users 2 Posts: 614 ✭✭✭aido76


    Bought a car in the UK. Used a Sterling bank draft. Didn't need to wait for it to clear. It was accepted no problem. Draft was issued by Ulster bank. Maybe that made a difference!


  • #6
    creedp
    Registered Users, Registered Users 2 Posts: 5,960 ✭✭✭creedp


    aido76 wrote: »
    Bought a car in the UK. Used a Sterling bank draft. Didn't need to wait for it to clear. It was accepted no problem. Draft was issued by Ulster bank. Maybe that made a difference!


    No so was mine and they wouldn't accept it! I should have told them to stuff it but I wanted that car and the price was very good for what I was getting. But I can tell you €15k in sterling in €20 notes is no fun to carry around. The blasted bank wouldn't give me any larger notes - something to do with counterfeiting. Having said that the VRT was €7k:mad: on the car which is daylight robbery. Never again, from now on back to buying 4 year old cars and won't have to shell out that kind of dough to the taxman


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  • #7
    CiniO
    Registered Users, Registered Users 2 Posts: 16,069 ✭✭✭✭CiniO


    Where would you get sterling cash?
    If it's exchanged in the bank, then exchange rate is very poor. It actually comes better to use bank draft, as exchange rate for drafts are better than for cash.


  • #8
    creedp
    Registered Users, Registered Users 2 Posts: 5,960 ✭✭✭creedp


    CiniO wrote: »
    Where would you get sterling cash?
    If it's exchanged in the bank, then exchange rate is very poor. It actually comes better to use bank draft, as exchange rate for drafts are better than for cash.


    This was 4 years ago for me and the rate for cash was better or very similar than for the draft. I think it was something like 93p per euro. I'd have to check to be sure but I have no idea where the paperwork is now as I have moved house since. There was no problem getting the cash as far as I can remember except for tha fact that it was in £20 notes and had to be counted out to me at the bank and the same at the other side by the garage. It took bloody ages!


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