A bank draft question

Yes you need pretty much the exact name as it will need to be lodged to their bank account so best to ask them who they want the draft made out to.

The money leaves your account instantly as you are effectively buying a cheque same as buying a postal order.

Garage might prefer a bank transfer, cheaper for you as there is a charge for bank draft (varies between banks) plus instantly cleared funds from their side.

EFT may or may not be an option - it's not necessarily more convenient for either party. For example, BoI now imposes a limit of €1,000 for an EFT within the first 48 hours after you add a payee to your 365online profile. So the OP would have to wait two days, then transfer the money. Which could take two days to reach the dealer. if the OP has an EBS Money Manager account and the money for the car is in a savings account, you'd be subject to the daily limit of €5,000 for all transfers, which includes transfers between your accounts. So if the car is costing €15,000, you'd need three days to move the money from a savings account to the MM account, then three additional days to transfer the money to the dealer.

So a bit of research would be required before going the EFT route. I'd say the dealer will accept a draft, it's a much smoother transaction. Risk on the dealer side is that it's a forgery, on the OP's side it's that he loses the draft before he hands it to the dealer but with the garage named as payee, that should not involved any monetary loss.