How To Pay For A Car When Purchasing It Online
Whether you buy a car from a dealership or online
, there are still only two methods of payment: cash or finance.If you have the necessary cash, good for you as this puts you in command. If you can find a very motivated seller and let him know you intend to pay cash for the car, you can very often get it for way less than the asking price.
However, you want to make sure that everything is above board before you talk about the cash. Have you taken your test drive? Have you seen a copy of the title in the seller's name? Have you seen a Carfax or similar product?
If you are happy with all terms, then tell the seller you will meet him at your bank at an agreed on day and time. He is to bring a Bill of Sale and the original title to sign over to you. You will present him with a Cashier's Check or Certified Check drawn on the bank where you will be meeting.
Assume we are not talking about a $500.00 cash purchase here. For $500.00 you can hand over hard cash at your bank meeting. What you will not do is hand over say $10,000 in cash as you have no recourse should anything go awry.
If the seller has a problem with accepting a Certified Check, find out why. On the other hand, don't ask why, just tell him that's the way you conduct business.
If you do meet your seller at the bank, for your own sake, be sure to stand in a spot where you know the bank's security cameras will tape the transaction.
At a dealership when paying cash, you will need to know the final total amount of the sale so you can bring back a Certified Check in the full amount. Many car dealers will accept your personal check and have the cashier give your bank a call to be sure the funds are in your account and then have the bank put a hold on the funds until the check clears.
Be sure to read over your sales agreement carefully, because they can and do add extras that you are not aware of.
Should you be financing your purchase, you want everything in place before you even start looking for a car. Talk to the bank that is your lender and let them know exactly the vehicle type you are in the market for. They will inform you about the average loan amount on that car letting you know how much of a down payment you will need.
Also inform your lender that you are purchasing from a private party and find out their rules and regulations governing such a purchase. Many times, they will deal directly with the seller after you plunk down your down payment with them.
Even if you are going to make your purchase from a dealer, it is wise to have your financing in hand before you shop. You know what you can afford and exactly what your interest rate is.
Word to the wise: Salespeople and finance managers at car dealerships strive to increase your interest rate should you finance through them because they earn a commission over their backer's stated interest rates.
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