How do you pay for a new car?

el Fenomeno

Extraordinarily silly question I'm sure, but when paying for a new car that's around the 40k mark, what method of payment do people use?

My bank only allows 5k max external transfer per day which is very restrictive. Do people just do that over 8 days for example? Or do you pay by bank draft?

Genuinely never used a bank draft before, how do they work or what's the timing around them?

Atlantic Dawn

You should be able to so a SEPA bank transfer for the full amount in to the dealers bank account.

Ginger83

https://www.boards.ie/discussion/2058233339/how-do-you-pay-for-a-new-car

Would people be buying 40k cars with cash?

Joseph

Sure you can do a bank draft, or typically as I think Atlantic is referring to, you can do an in branch transfer. When you go into the branch and do a paper transfer this is no limit.

The paper transfer if done by lunch will be in their account next day.

They should accept the bank draft same day though since a bank draft is guaranteed.

masterboy123

https://www.boards.ie/discussion/comment/118642955#Comment_118642955

Yes, I did and know few others 🙂

masterboy123

https://www.boards.ie/discussion/2058233339/how-do-you-pay-for-a-new-car

I did the Bank Transfer. A special form was given at the bank, once completed before 12 noon, the dealer received on the money following day.

Wildly Boaring

Draft I'd say.

Had to go wrong with it.

Jim_Hodge

Sounds ancient but I write a cheque. It's all the cheque book has been used for in many years but handy when either of us changes our cars.

Last time I did it, I put it on my Debit Card. I was surprised it worked but it seems Ulster Bank don't have transaction limits.

The J Stands for Jay

https://www.boards.ie/discussion/comment/118642955#Comment_118642955

Would anyone feel confident walking out of the bank With that much cash?

Ginger83

https://www.boards.ie/discussion/comment/118643813#Comment_118643813

Maybe I worded it wrong. I meant not many might be in a position to buy a car that value outright.

elperello

Depends on how well you and the seller know each other.

If there is trust a cheque will be fine.

washman3

https://www.boards.ie/discussion/comment/118642955#Comment_118642955

Ya. Few of them living within walking distance from me. Incidentally, none of them seem to have any visible source of income other than S.W. Must have paid for them in cash as i seriously doubt they could obtain a loan for anything near the value of those cars. I often wonder what's the magic formula as i drive past on my way to work at 5.30am in my 12 year old "banger". 😉

el Fenomeno

Thanks for the info. Didn't realise you could transfer the full amount in-branch so that'll do. Never bought a new car before, so was a bit in the dark!

masterboy123

https://www.boards.ie/discussion/comment/118644084#Comment_118644084

No problem and all the best.

What car are you getting? 🚗😎

el Fenomeno

https://www.boards.ie/discussion/comment/118644103#Comment_118644103

RAV4 Sport.

I know, another SUV on the roads. Don't shoot me!

masterboy123

https://www.boards.ie/discussion/comment/118644114#Comment_118644114

I got the new Tucson!

Rav4 was on my list too, great car.

unkel

Amateurs 😂 Here is how it is done in the 21st century:

Sold a car today private sale (€30ks), buyer payed me in cash (Revolut), the whole balance, payment was instant and free for both of us. Revolut account is completely free

Bought a car today private sale (€40ks), I payed the seller in cash (Revolut), the whole balance, payment was instant and free for both of us. Revolut account is completely free

Gant21

Did you buy a suv also?

el Fenomeno

https://www.boards.ie/discussion/comment/118644261#Comment_118644261

Yes, I specifically asked him to throw in a Wrangler so I could fend off internet sarcasm. Don't lose sleep over it!