Buying guide
Ways to pay the car seller
It's important to consider how you’re going to go about paying for your new car.
You’ve found the car you want and agreed on a deal with the seller – fantastic! Now it’s time to consider how you’re going to go about paying for your new car. Here are some of the options:
Bank transfer
An electronic transfer using internet banking is a quick, simple and secure process and provides you with a record of the sale details. You may require approval from your bank to move the size of funds required, or need to pay it in daily installments.
If your funds are going to take a day or two to clear, the owner may hold on to the car until they receive the money in their account. In order to ensure you have security over the car, you can refer to a vehicle sale receipt or ask if you can keep the second set of keys.
Cash and cheque
Depending on the purchase price, the seller may be interested in receiving cash payment. If not, a bank cheque is a great alternative. Most banks can create a bank cheque in a few minutes and you can also use this if you have an approved bank loan.
Loan
If you’re using a financial loan to pay for some or all of the car, get in touch with your provider to confirm the purchase price. Afterwards, you can start the process of registering security and transferring ownership.
Transferring large sums of money can be a daunting process, but using any of the above methods will give you security and a smooth, effortless transaction. Then you can get on with the good stuff – enjoying your new car! Reminder to always get proof of payment and fill out a vehicle sale receipt for everyone’s records.
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