Safest and easiest way to pay for a car

Damien360 · 12-05-2025 06:57PM #1

I'm sure this comes up loads but I generally buy in dealers so do a bank transfer to pay for cars but the young lad is buying from a small dealer (not main) for €17k.

Mix of small bank loan and cash from savings he has in credit union. What is the best way to complete this ? I would have thought a bank draft from bank for loan amount (10) but is the dealer likely to wait until that clears (I would if it was me). I would prefer he didn't carry that much cash even though this dealer has been there years with plenty of good stock. Same from CU portion ? But again is that going to be same scenario with clearance and that's probably not easy for the dealer ?

Appreciate any response.

User1998 · 12-05-2025 07:02PM

Ask the dealer

Seth Brundle · 12-05-2025 08:42PM

If a dealer isn't able to somehow take an EFT then I'd be somewhat concerned dealing with them! As already said though, ask them before asking us!

(A draft is quite like cash so do you really want to be carrying that amount around?)

CMOTDibbler · 12-05-2025 08:49PM

https://www.boards.ie/discussion/comment/123441848#Comment_123441848

A draft is made out to an entity, not cash. You can't just endorse them and stick them in any old account. And even if you could, it's a doddle to trace it. Would be flagged before it even got to be lodged.

Damien360 · 12-05-2025 08:49PM

I definitely don't want him bringing cash. The dealer can also offer financing so I assume he can take a bank transfer but that also takes time to clear. I'll let the young lad ask him and see where it goes.

Damien360 · 13-05-2025 03:23PM

Just a quick update. Trader wants only bank transfer, no cheques and no bank drafts as he got done previously on one of those. IBAN details on the invoice he sent. And he is ok with it coming from more than one source (bank and CU).

AndrewJRenko · 14-05-2025 12:50PM

https://www.boards.ie/discussion/comment/123444153#Comment_123444153

This leaves you with a timing problem. Are you going to pay in advance, putting you at a disadvantage? If not, how will the dealer know that you've paid?

CMOTDibbler · 14-05-2025 01:18PM

https://www.boards.ie/discussion/comment/123447160#Comment_123447160

This isn't a new situation. You pay first and get the car later. What's the disadvantage? The dealer reneges? Could happen, but your bank will get your money back for you.

14-05-2025 01:32PM

I'd lodge the CU money (or ask them to do it by EFT!) into my own bank account, then do one EFT transfer to the car dealer for the full amount. Transfers don't take long these days, usually they clear on the same day if sent early in the day and sometimes in seconds if you both bank the same bank.

SodiumCooled · 14-05-2025 01:41PM

https://www.boards.ie/discussion/comment/123447283#Comment_123447283

Depending on the bank it may not be possible to do in one go either way. I believe some banks have a 10k daily limit and it’s 5k for EBS (I’m with them and there is no way around this).

Damien360 · 14-05-2025 01:44PM

https://www.boards.ie/discussion/comment/123447283#Comment_123447283

CU one cleared in less than 24 hours. Bank not cleared yet.

CMOTDibbler · 14-05-2025 01:45PM

https://www.boards.ie/discussion/comment/123447309#Comment_123447309

You can go over the 10k limit directly with your bank, but there's lots of form filling and questions about the source(s) of the money. Can take up to three days.

AndrewJRenko · 14-05-2025 02:17PM

https://www.boards.ie/discussion/comment/123447247#Comment_123447247

The dealer reneges. Or you notice a problem with the car before handover. Or the dealer delays.

There's a good, general principle in consumer affairs of never handing over your money until you're getting the goods.

I don't think your bank will be getting involved in a consumer dispute to be getting your money back for you. If you handed over the money, it's your problem to solve, not the bank's.

I'd be pushing him to accept a CU draft. He can phone the CU to validate it, or meet at the CU if necessary.

If for any reason the sale doesn't go ahead, you can bring the draft back to the CU and they'll cancel it and return the funds to you.

SodiumCooled · 14-05-2025 02:59PM

https://www.boards.ie/discussion/comment/123447325#Comment_123447325

Not with EBS, 5k is the transfer limit they said its not possible to get around this in any way.

CMOTDibbler · 14-05-2025 10:11PM

https://www.boards.ie/discussion/comment/123447614#Comment_123447614

That's extremely weird. How do businesses manage?

User1998 · 14-05-2025 11:47PM

https://www.boards.ie/discussion/comment/123449002#Comment_123449002

By not using EBS.. AIB is practically unlimited

Jim2007 · 15-05-2025 12:55AM

https://www.boards.ie/discussion/comment/123447247#Comment_123447247

Nope that is not the case. A bank can't recall a transfer once it has been credited to an account and it is to another bank group it is more complex. And a dealer would be well advised to move the money out immediately.

Jim2007 · 15-05-2025 12:59AM

https://www.boards.ie/discussion/2058409797/safest-and-easiest-way-to-pay-for-a-car

It would be extremely unwise to carry cash in such a situation as any number of people might be aware of the fact he would be carrying cash.

Damien360 · 15-05-2025 08:51AM

https://www.boards.ie/discussion/comment/123449385#Comment_123449385

This is exactly what was worrying me. Thankfully the bank transfers went through all good and he tapped for the final small amount to complete.

Gumbo · 15-05-2025 08:59AM

Revolut. Simple.

User1998 · 15-05-2025 09:24AM

https://www.boards.ie/discussion/comment/123449672#Comment_123449672

A lot of businesses wouldn’t have a Revolut to be fair. But I noticed very recently that Revolut to AIB transfers are now instant, but not the other way around

15-05-2025 09:26AM

https://www.boards.ie/discussion/comment/123449749#Comment_123449749

Revolut to PTSB are now almost instant as well, max a few minutes.

Gumbo · 15-05-2025 09:28AM

https://www.boards.ie/discussion/comment/123449749#Comment_123449749

No need for Revolut on the other end. Some accounts are instant now. Or within seconds. N26, AIB (as you mention), PTSB still takes an hour or 2 depending on when you send.

Of course, direct communication with the person receiving the money prior to arriving will sort it out. I’ve also noticed a lot of companies using Revolut business nowadays too.

ELM327 · 15-05-2025 09:33AM

Revolut cards also have no transaction limit if the dealer is being particular. I paid 10k deposit for a new car on my revolut card (I had ultra for free at the time and got the cashback on it too!)

Damien360 · 15-05-2025 09:35AM

Just looking at revolut app and I can see my bank details but I can't see a transfer to another account, only pay via phone number to link account. Do you add them to contacts first ? Can revolut do EFT transfers? Only ever used it for small amounts from mobile to mobile.

User1998 · 15-05-2025 09:48AM

https://www.boards.ie/discussion/comment/123449794#Comment_123449794

Choose bank recipient:

Safest and easiest way to pay for a car

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