Car Loan - Seller wants cash

BobbyPropane

I'm looking to buy a car and have found a suitable model and seller (private), however he would like payment in cash.

As I am financing this using a loan from Ulster Bank, will I be able to withdraw my loan funds in cash?

If not what are the other options?

Misguided1

A bank draft is as good as cash to the seller. If he won't accept one - I would question why.

Petyr Baelish

BobbyPropane wrote: »

I'm looking to buy a car and have found a suitable model and seller (private), however he would like payment in cash.

As I am financing this using a loan from Ulster Bank, will I be able to withdraw my loan funds in cash?

If not what are the other options?

Yes you can get it in cash.

L1011

Misguided1 wrote: »

A bank draft is as good as cash to the seller. If he won't accept one - I would question why.

Plenty of fake drafts around

You can usually get the loan lodged to your current account and withdraw over the counter.

JigglyMcJabs

Never spend that kind of money on a car with cash, look back through the long history of boards posts about people that paid with cash and really regretted it.

Banks usually won't give you cash, they'd want to write a cheque or direct deposit so they have some assurance that the car loan is being used for the intended purpose.

davo10

JigglyMcJabs wrote: »

Never spend that kind of money on a car with cash, look back through the long history of boards posts about people that paid with cash and really regretted it.

Banks usually won't give you cash, they'd want to write a cheque or direct deposit so they have some assurance that the car loan is being used for the intended purpose.

No one is going to give you a car paid for with a cheque.

BobbyPropane

Still uncertain so haha, I'll risk and say I can withdraw it in cash

Chiorino

Surprised no one has asked how much the sale price is. For me that would be a big deciding factor if I was willing/able to hand over a large wad of cash.

BobbyPropane

Chiorino wrote: »

Surprised no one has asked how much the sale price is. For me that would be a big deciding factor if I was willing/able to hand over a large wad of cash.

I trust the seller, its more cab I get the cash from the bank.

14k

Chiorino

You'll get cash, you'll just have to give the bank advance notice, minimum 24 hours I think. That said, I'd be personally uncomfortable handling that much cash (different story if you know/trust the seller I suppose).

BobbyPropane

Chiorino wrote: »

You'll get cash, you'll just have to give the bank advance notice, minimum 24 hours I think. That said, I'd be personally uncomfortable handling that much cash (different story if you know/trust the seller I suppose).

Thanks, ya seller is fine. He trusts me less tbh ðŸ˜

TheShow

yes, just give them some notice.

K.Flyer

For 14k make sure to do all the finance and history checks that you possibly can on the car, as well as service history and getting a mechanic to double check it for you.
Because once you hand over that cash, you are on your own.

BobbyPropane

K.Flyer wrote: »

For 14k make sure to do all the finance and history checks that you possibly can on the car, as well as service history and getting a mechanic to double check it for you.
Because once you hand over that cash, you are on your own.

Done the full paid finance and service history checks. Has full Brand garage service history up until last December.

Unfortunately have no mechanic but thoroughly tested car

Telly

This doesn’t sit well with me at all. I wouldn’t be paying that much cash to someone I don’t know.

clfy39tzve8njq

BobbyPropane wrote:

Unfortunately have no mechanic but thoroughly tested car

If you're handing over that much money in a private sale find one. AA do pre sale checks at least they used to.

BobbyPropane

Telly wrote: »

This doesn’t sit well with me at all. I wouldn’t be paying that much cash to someone I don’t know.

I'll be doing the exchange in his house and will accompany to post office for change of ownership. Have name and picture of the seller too so I'm not going to get scammed in that way.

Had someone with me who knows even more about cars than myself and we did full inspection possible. No issues, noises, rattles, or engine problems.

Would he let you do a bank transfer. I know cash eliminates the dodgy checks or fake bank drafts. But if he seen you do it or accompanied you getting a draft.

There is know tax implications selling a car if that's what he is worried about.

BobbyPropane

[Deleted User] wrote: »

Would he let you do a bank transfer. I know cash eliminates the dodgy checks or fake bank drafts. But if he seen you do it or accompanied you getting a draft.

There is know tax implications selling a car if that's what he is worried about.

Apparently bank advised against bank transfer

Witcher

BobbyPropane wrote: »

Apparently bank advised against bank transfer

That's bollocks, I'd tell him he can have a transfer/draft or keep the car.

Do you know for definite he's actually the person named on the logbook..by seeing his licence or such?

BobbyPropane

Strider wrote: »

That's bollocks, I'd tell him he can have a transfer/draft or keep the car.

Got him to do a bank transfer

stanley1989

Misguided1 wrote: »

A bank draft is as good as cash to the seller. If he won't accept one - I would question why.

I would have said the complete opposite .. Iv bought and sold loads of cars and always paid cash if someone came to me with a bank draft I'd send them off on their way

K.Flyer

I think the payment method is a moot point.
Whats more important is ensuring that the car is finance free and mechanically sound and for this you must get yourself a decent mechanic, preferably one very familiar with the brand.
The AA don't provide the service anymore, but if you do a search for "independent engineer report for a car", there are several to choose from.

daheff

Deleted User wrote: »

Would he let you do a bank transfer. I know cash eliminates the dodgy checks or fake bank drafts. But if he seen you do it or accompanied you getting a draft.

There is know tax implications selling a car if that's what he is worried about.

BobbyPropane wrote: »

Apparently bank advised against bank transfer

If you can do a bank transfer (same day swift in branch) you can give him a copy of the swift payment proving that you sent money to him (bring him with you if you want).

If he refuses a bank transfer I'd run a mile.

Cant see why a bank would advise against a bank transfer

granturismo

Pay cash if you want but do a finance check with motorcheck.ie I used them recently after a check on Greenlight showed outstanding finance. motorcheck also showed outstanding finance owed but they recheck and it was clear on the second check - the seller had cleared the loan 2 weeks previously. Greenlight didnt offer any double check and was more expensive.

Both the seller and I were AIB customers, we went into an AIB branch and did an account transfer so the amount went straight into his account. There would have been delays of at least 24 hours if one of us wasnt an AIB customer and bank drafts dont clear instantly either.

BobbyPropane

K.Flyer wrote: »

I think the payment method is a moot point.
Whats more important is ensuring that the car is finance free and mechanically sound and for this you must get yourself a decent mechanic, preferably one very familiar with the brand.
The AA don't provide the service anymore, but if you do a search for "independent engineer report for a car", there are several to choose from.

All I haven't done there is professional mechanic check.

Again though I am familiar with model and issues

Auguste Comte

BobbyPropane wrote: »

Done the full paid finance and service history checks. Has full Brand garage service history up until last December.

Unfortunately have no mechanic but thoroughly tested car

Might be worth ringing the brand garage to double check the service history. It's a lot of money on a private sale, you have no consumers rights.

gk5000

Take him to the bank and hand over the cash there - less risk carrying cash for you.

ninebeanrows

There is a host of reasons the seller wants cash.

Tax, poor credit, dis functioning bank account etc.

slave1

All the cars I've old on (4) have always been for cash and cash only, they are the terms and no buyer has ever had an issue.

tayto lover

I've read of lads being robbed on the way to meeting points with cash to buy a car. Set up they were.
Be careful OP.