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Paying for a car

  • 16-08-2021 4:53pm
    #1
    Registered Users Posts: 8,751 ✭✭✭ Tim Robbins


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

    Thanks



Comments

  • Registered Users Posts: 73,754 ✭✭✭✭ 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.



  • Registered Users Posts: 5,255 ✭✭✭ The J Stands for Jay


    Credit card, debit card, bank transfer, PayPal.



  • Registered Users Posts: 2,978 ✭✭✭ User1998


    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



  • Registered Users Posts: 21,870 ✭✭✭✭ endacl


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



  • Registered Users Posts: 5,255 ✭✭✭ The J Stands for Jay


    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.



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  • Registered Users Posts: 2,978 ✭✭✭ User1998


    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



  • Registered Users Posts: 5,255 ✭✭✭ The J Stands for Jay


    Art, a long time ago.

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



  • Posts: 0 [Deleted User]


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



  • Registered Users Posts: 323 ✭✭ 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.



  • Registered Users Posts: 50,125 ✭✭✭✭ bazz26


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



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  • Registered Users Posts: 7,361 ✭✭✭ 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.

    Post edited by Gregor Samsa on


  • Moderators, Business & Finance Moderators Posts: 17,106 Mod ✭✭✭✭ 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.



  • Posts: 0 [Deleted User]


    Bank draft is by far the handiest.

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



  • Registered Users Posts: 487 ✭✭ tempnam


    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.



  • Registered Users Posts: 12,966 ✭✭✭✭ wotzgoingon


    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.



  • Moderators, Business & Finance Moderators Posts: 17,106 Mod ✭✭✭✭ Henry Ford III


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



  • Registered Users Posts: 50,125 ✭✭✭✭ bazz26


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



  • Registered Users Posts: 3,311 ✭✭✭ 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

    Post edited by Killinator on


  • Registered Users Posts: 7,361 ✭✭✭ Gregor Samsa


    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



  • Registered Users Posts: 3,534 ✭✭✭ 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.



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  • Registered Users Posts: 1,286 ✭✭✭ 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



  • Registered Users Posts: 1,286 ✭✭✭ beachhead


    PTSB e5,000 per day

    BOI e5,000 per day

    KBC e5,000 per day

    on cards issued by them



  • Registered Users Posts: 2,226 ✭✭✭ Buffman


    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.



  • Registered Users Posts: 8,751 ✭✭✭ Tim Robbins


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



  • Registered Users Posts: 970 ✭✭✭ eirman




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