I need advice on how to purchase a car
#1
Driver
Thread Starter
I need advice on how to purchase a car
I need advice on purchasing a car out of state. I am traveling to purchase a used car several hundred miles away. My concern is traveling with a large amount of cash on hand. I really do not like traveling this way. I want to go look at a car, test it out, and drive it home that day. I do not want a loan from an unknown dealer and I may be dealing with an individual. In either case, people do not trust checks any longer (certified or not) and I don't blame them.
What is the best way to pay for a car in this situation?
Your wisdom is appreciated,
Gears
What is the best way to pay for a car in this situation?
Your wisdom is appreciated,
Gears
#3
Lexus Fanatic
iTrader: (1)
Why don't you just see if there's a location of the bank that you use nearby where you're going? Go check out the car, and if you like it, complete the transaction AT the bank with the seller. You usually want to complete transactions at the bank. I would never take more than $1,000 with me to go buy a car - it's much safer to do the transaction at the bank.
#4
Lexus Fanatic
What's the credit-limit on your credit card (if you have not maxed-it out)? If the used-car you're looking at does not cost more than what's remaining on your balance, particularly if you have enough in your bank-account to cover it so you won't have to pay the interest on it, you can simply travel with the card instead of cash. Nick2JZ is also correct that a cashier's check is another option.....but it will probably cost an added-fee (maybe $30-35) for the bank to write you one, unless you get that as a free-perk from the bank with enough balance in your account. Banks like to see large-balances in customer-accounts, and often give a lot of free-perks for them.
Last edited by mmarshall; 01-25-12 at 10:51 AM.
#6
Lexus Fanatic
To the person selling the car, though, what's the difference? He (or she) still gets the money either way, without any concern of the check bouncing. Cashier's-Check or Certified-Check, either one guarantees that the bank will stand behind it.
#7
Driver
Thread Starter
Why don't you just see if there's a location of the bank that you use nearby where you're going? Go check out the car, and if you like it, complete the transaction AT the bank with the seller. You usually want to complete transactions at the bank. I would never take more than $1,000 with me to go buy a car - it's much safer to do the transaction at the bank.
Thanks for your reply,
Gears
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#9
Driver
Thread Starter
#10
Lexus Fanatic
iTrader: (1)
I've heard there was a few things different between the two checks.
I believe the funds come directly out of your acct with a certified check and if you lose a certified check,it's more difficult to quickly replace.
A Cashier's check funds are paid by you and then the funds come from the bank which may make it easier to check a check quicker.
Last edited by Joeb427; 01-25-12 at 11:17 AM.
#11
Driver
Thread Starter
What's the credit-limit on your credit card (if you have not maxed-it out)? If the used-car you're looking at does not cost more than what's remaining on your balance, particularly if you have enough in your bank-account to cover it so you won't have to pay the interest on it, you can simply travel with the card instead of cash. Nick2JZ is also correct that a cashier's check is another option.....but it will probably cost an added-fee (maybe $30-35) for the bank to write you one, unless you get that as a free-perk from the bank with enough balance in your account. Banks like to see large-balances in customer-accounts, and often give a lot of free-perks for them.
#12
Maybe.
I've heard there was a few things different between the two checks.
I believe the funds come directly out of your acct with a certified check and if you lose a certified check,it's more difficult to quickly replace.
A Cashier's check funds are paid by you and then the funds come from the bank which may make it easier to check a check quicker.
I've heard there was a few things different between the two checks.
I believe the funds come directly out of your acct with a certified check and if you lose a certified check,it's more difficult to quickly replace.
A Cashier's check funds are paid by you and then the funds come from the bank which may make it easier to check a check quicker.
with any other check, it takes 15 days for check to clear, meaning if someone gave you an fake, you end up being responsible for it.
this way, you are giving seller cash, when you cash the check in the local bank, you hand him over cash.
#14
check scams are running rampant right now, cops are doing nothing about it and you end up being responsible for deposited check if it bounces.
My cousin had big issues with check scam, where he was out of $2800, despite going to the bank with check and bank telling him after 4 days that all is good... it wasnt, they failed to tell him that real check takes 15 days to clear and then they took money back from his account...
My cousin had big issues with check scam, where he was out of $2800, despite going to the bank with check and bank telling him after 4 days that all is good... it wasnt, they failed to tell him that real check takes 15 days to clear and then they took money back from his account...
#15
Lexus Fanatic
iTrader: (1)
what he said was to do cashier check in your own name, so you can get the money asap from the same bank in the other state.
with any other check, it takes 15 days for check to clear, meaning if someone gave you an fake, you end up being responsible for it.
this way, you are giving seller cash, when you cash the check in the local bank, you hand him over cash.
with any other check, it takes 15 days for check to clear, meaning if someone gave you an fake, you end up being responsible for it.
this way, you are giving seller cash, when you cash the check in the local bank, you hand him over cash.
Maybe it depends on if the bank has branches in the state where you are buying the vehicle.
Also a certified check would have a waiting time because it is easier to forge.