Best way to pay for a car?

Randomface74 · 24 Dec 2010 at 23:06

I have the money for a car - lets say 10k.
I don't need finance.

Credit Card has a limit - too low.
Debit Card has a limit - too low.
No idea if cheques have limits.
Too much cash to safely carry.

How do people make this sort of transaction?

[TW]Fox · 24 Dec 2010 at 23:08

Bank transfer.

Not heard of a debit card with a limit on transactions, though? Thats quite odd.

Hawk Tuah · 24 Dec 2010 at 23:09

[TW]Fox;18072206 said:
Bank transfer.

Not heard of a debit card with a limit on transactions, though? Thats quite odd.

Solo cards AFAIK.

I think under 10k is free to bank transfer, over 10k is something like £25.

Thats how I paid the 11k for the fiesta.

Overlag · 24 Dec 2010 at 23:11

debit card can pay for a car, i've done it fine twice. Sometimes they may have to phone through for authorization but they didn't for me. But then the bank knew id transferd the money there for a car so maybe that helped?

The Limit on most debit cards is for cash machines, not normal transactions.

Randomface74 · 24 Dec 2010 at 23:14

Can you bank transfer over the phone - or do you need some paper?

- I'll check with the bank on debit cards - that would be most convenient if it does work.

The thing about debit/credit cards too - is if you buy anything unusual the bank blocks the transaction and you have to call them to unblock it. Happens to me loads because I'm not consistent, very annoying.

Overlag · 24 Dec 2010 at 23:18

billysielu said:
Can you bank transfer over the phone - or do you need some paper?

- I'll check with the bank on debit cards - that would be most convenient if it does work.

The thing about debit/credit cards too - is if you buy anything unusual the bank blocks the transaction and you have to call them to unblock it. Happens to me loads because I'm not consistent, very annoying.

its better than getting all ya money spent by someone in Dubai (after they brought the Holiday tickets at Leeds airport), then the bank going.... Oh we didnt feel this was unusual... IVE NEVER BEEN anywhere near Leeds, let alone Dubai.

Hawk Tuah · 24 Dec 2010 at 23:19

billysielu said:
The thing about debit/credit cards too - is if you buy anything unusual the bank blocks the transaction and you have to call them to unblock it.

You need to phone through for authorisation. If you're buying from a trader, they'll be experienced in doing this.

Overlag · 24 Dec 2010 at 23:22

Bug One said:
You need to phone through for authorisation. If you're buying from a trader, they'll be experienced in doing this.

yup, i do it all the time, its automated and most the time takes less than 5 minutes.

bainbridge · 24 Dec 2010 at 23:29

Yeah with the money sitting in your account debit card will do fine.

I once mistakenly thought a cash deal would give me more haggling power, withdrew funds & took them to the dealers, however this backfired somewhat as I got the impression they made money out of selling finance packages too & were disappointed I wasn't buying on credit.

They did have to pay a 3% handling fee on the cash I gave them though haha

Maz · 25 Dec 2010 at 10:19

bainbridge said:
Yeah with the money sitting in your account debit card will do fine.

I once mistakenly thought a cash deal would give me more haggling power, withdrew funds & took them to the dealers, however this backfired somewhat as I got the impression they made money out of selling finance packages too & were disappointed I wasn't buying on credit.

They did have to pay a 3% handling fee on the cash I gave them though haha

It's crazy! We can't even pay cash in anymore without being charged 1%+Vat!

Cash comes in handy for when you buy a car from a private punter.

[TW]Fox · 25 Dec 2010 at 10:22

Maz said:
It's crazy! We can't even pay cash in anymore without being charged 1%+Vat!

Cash comes in handy for when you buy a car from a private punter.

That is even more ridiculous, I'd heard of the £10k money laundering thing but thats daft!

I presume you are not charged for BACS or Debit Card?

DM · 25 Dec 2010 at 10:26

Never mind 10k, 3k is enough to get them sweating in the bank now, its become a farce.

Dave L · 25 Dec 2010 at 10:49

Debit card with or without authorisation will be fine. Thats how I paid for my car.

There is something about >£10k in cash needing some special procedures - in an effort to stem money laundering.

Ev0 · 25 Dec 2010 at 10:55

Overlag said:
its better than getting all ya money spent by someone in Dubai (after they brought the Holiday tickets at Leeds airport), then the bank going.... Oh we didnt feel this was unusual... IVE NEVER BEEN anywhere near Leeds, let alone Dubai.

Got to love my bank, they block my credit card for a £10 phone top up every single time I do it. However £4000 of sewing machines bought from a shop in Grimsby at the same time I'd informed them I was in the USA went through no questions asked.

Luckily I'd spotted it whilst I was away and managed to contact the shop to let them know and they refunded me.

The taxi firm I'd used for our airport transfer had been naughty with my card details, couldn't prove it though so couldn't really do much about it.

[TW]Fox · 25 Dec 2010 at 10:59

I had to spend £7 on international phone calls when the idiots at Nationwide blocked my card when I was buying a Grand Canyon flight from San Diego, AFTER I had told them I was going away...

Dredd · 25 Dec 2010 at 11:05

I always pay by debit card or bank transfer.
When i sell them I always request cash, but go to my bank with guy buying my car to check everything ok, last one was 25k with no problems at all.

Devrij · 25 Dec 2010 at 11:13

Bankers draft is how I did it, mainly because I didn't want to have to wait for a cheque to clear.

mikeh501 · 25 Dec 2010 at 12:26

Devrij said:
Bankers draft is how I did it, mainly because I didn't want to have to wait for a cheque to clear.

FYI, bankers draft is no better than a personal cheque if it's dodgy. I wouldn't accept one.

Debit card with both parties in the bank having to swipe both cards and enter pin is best with the teller doing the xfer, and everyone gets a receipt. It's also instantaneous and cannot afaik be undone

Scania · 25 Dec 2010 at 12:38

[TW]Fox;18073593 said:
I had to spend £7 on international phone calls when the idiots at Nationwide blocked my card when I was buying a Grand Canyon flight from San Diego, AFTER I had told them I was going away...

I had a similar issue in Spain recently, used the my debit card over the 12 days I was there , just fine, yet it was blocked when I tried to use it on my return at Murcia (San Javier) Airport!

I had also notified NaziWest that I was going abroad, so its not just your lot who employ idiots*!

* My Sister & Brother in Law both work for HSBC,I don't deem all bank employees idiots....!

Maz · 25 Dec 2010 at 14:21

[TW]Fox;18073441 said:
That is even more ridiculous, I'd heard of the £10k money laundering thing but thats daft!

I presume you are not charged for BACS or Debit Card?

No charge for BACS, think a debit card transaction costs around 26-28p + Vat.