Paying for a car

Tim Robbins

Just wondering, thinking of buying a car from a garage. How do you usually pay them? Bank draft? Any other options?

Thanks

Atlantic Dawn

Depends on the amount, sub €5k you could go credit or debit card if within your limits. Over that amount draft or bank transfer.

The J Stands for Jay

Credit card, debit card, bank transfer, PayPal.

User1998

https://www.boards.ie/discussion/comment/117763276#Comment_117763276

What business have you ever walked into and paid by Paypal?

OP lower amounts would be cash/card. Higher amounts would be bank transfer, bank draft, or cheque

endacl

My OH paid for her car by revolut about a month ago. Took a couple of transactions...

The J Stands for Jay

https://www.boards.ie/discussion/comment/117763325#Comment_117763325

More than I've ever done by bank draft. Is it still even possible to get your hands on those things?

I paid for my last car with Revolut.

User1998

https://www.boards.ie/discussion/comment/117763403#Comment_117763403

Genuine question, what business have you physically walked into and paid by PayPal?

And yes your Revolut payment would have been debit card/bank transfer like I mentioned above

Bank drafts are handy because its like a cheque but the money is guaranteed

The J Stands for Jay

https://www.boards.ie/discussion/comment/117763923#Comment_117763923

Art, a long time ago.

Do any of the banks still actually sell bank drafts these days? None of the banks indeal with do.

https://www.boards.ie/discussion/comment/117764960#Comment_117764960

What banks that you deal with don't provide bank drafts?

brennarr

Last week I bought a €40k car from a main dealer garage with a bank draft. The draft itself was €2.40 in permanent TSB ready in under 5 minutes.

bazz26

Of course banks still issue drafts, it's handy money for them charging €2-€3 to issue one.

Gregor Samsa

Bear in mind that some banks have daily limits on bank transfers. AIB, as I found buying a car recently, is 10 grand a day - but they include Saturday and Sunday in Monday's limit. So if you transfer 10k on a Saturday, you can't do any more until Tuesday. I think BOI's is 20k.

Process I followed for a 19k car was:

• Viewed/drove car at dealer on Saturday
• €500 deposit on credit card on a Saturday
• €10,000 transfer via my AIB on Saturday
• €8,500 transfer via my wife's BOI on Sunday (when I realised AIB wouldn't let me transfer again until Tuesday).
• Everything cleared by Tuesday morning, collected car that afternoon.

Dealer was with BOI, and if I'd used BOI for the whole thing (or got a bank draft), I could have collected the car on Saturday or Monday.

Henry Ford III

I normally write a good old fashioned cheque. Normally a small one :D Dealer never waits for it to clear as he knows it won't bounce.

Bank draft is by far the handiest.

You would be in and out of the bank in 5 minutes.

tempnam

https://www.boards.ie/discussion/comment/117766723#Comment_117766723

Not if you bank with KBC. Went to pick up a new car a couple of years ago after the dealer called me to say it was ready. Headed into my KBC branch and told them I needed a bank draft for X amount. They told me it would be posted to me from head office in 3 - 5 business days!

Ended up paying for the car with a number of transfers from my banking app.

wotzgoingon

https://www.boards.ie/discussion/comment/117766693#Comment_117766693

How do they know it will not bounce? Bank draught is far superior to cheque. I was surprised reading your post that a garage would accept a cheque now a days. Too risky but they would accept it if you wrote the cheque out and came back a few days later after it cleared.

Henry Ford III

https://www.boards.ie/discussion/comment/117768983#Comment_117768983

I've been dealing with them for decades. Inevitably there's an element of trust.

bazz26

Jesus, I didn't even think banks issued cheque books anymore to non business accounts.

Killinator

I paid all 21k for my car 2 years ago with my visa debit card in one transaction.

I don't think Bank of Ireland have a limitt on transactions, just withdrawals. Don't know about others though

Gregor Samsa

https://www.boards.ie/discussion/comment/117769723#Comment_117769723

Indeed, BOI have no debit card transaction limit, but the other banks all do (well, the last one is high enough that most of us probably don't have to worry about it):

Debit Card Daily Spending Limits

EBS: €2,000 ;

PTSB: €2,500 ;

KBC: €2,500 ;

N26: €5000 ;

Revolut max of £5,000 in a 96 hour period.

Monese €7000

AIB: €7,100 ( €5,000 max per transaction) .

Bank of Ireland : No Limit

Bunq €50,000

https://www.moneyguideireland.com/debit-card-limits-on-spending-and-atm-withdrawals.html

dotsman

Just bought a car a few weeks ago. Deposit paid by credit card. Remainder (20K+) was paid via bank transfer on day of collecting (basically, took car for a final test drive with the sales rep and popped into the bank and did the transfer. This was made possible by the fact that it was A) a week day, B) there was a bank branch down the road from the dealer and C) the dealer had an account with the same bank as me (AIB), and thus, the finance team could confirm the transaction and issue receipt etc for when we arrived back at the dealership.

beachhead

Pay deposit by any form of debit or credit card.Balance by bank transfer which is limited to a daily amount by most banks.There is no limit on a bank draft except by what's in your acccount..Banks do issue cheque books to any personal customer who asks for one.Most people do not because of the high government levies on cheques-minimum 50c or possibly one euro now

beachhead

PTSB e5,000 per day

BOI e5,000 per day

KBC e5,000 per day

on cards issued by them

Buffman

https://www.boards.ie/discussion/2058204340/paying-for-a-car

Suitcase full of cash an option?🤣

Seriously though, I'd say bank transfer is the more convenient way these days. Last two I bought I paid deposit on Revolut card and transferred the rest on the Revolut App there and then. It hit dealer next morning and I collected. I guess if you want to be 100% able to drive away same day a draft would be best.

Tim Robbins

https://www.boards.ie/discussion/comment/117772391#Comment_117772391

yeah going for bank draft. Got one for 0.5 euro in BOI.

eirman

https://www.boards.ie/discussion/comment/117517563