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How To Pay For A Car When Purchasing It Online

By: Ryan Letermen

There are two methods for paying for any vehicle you purchase, whether in the dealership or with a private seller: cash and financing.

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.

When speaking about the Certified Check instead of outright cash, we are assuming the car is priced at way more than say $500.00. Cash is fine for smallish amounts. You just don't want to hand over $10,000 in cash to a stranger for a strange vehicle as you have no recourse should something go wrong.

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.

When you are paying cash at a dealership, you will want to know the final amount so you can bring back the check. Some car dealers will accept a personal check and then have their cashier check the funds at your bank and put a hold on them.

Be sure to read over your sales agreement carefully, because they can and do add extras that you are not aware of.

If your purchase is to be financed, before you even begin searching for a car, tell your lender exactly what type of car you are in the market for. They will tell you the usual amount of loan they make on such a car so you can figure what your down payment will be.

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 purchasing from a dealer, you want to have all your financing in place before you shop. That way you are certain of what you can afford and the interest rate you will be paying on the loan.

Salespeople and finance managers at car dealerships will always attempt to increase your interest rate when you do your financing through them because they earn commission on any interest rate over and above the backer's stated rate.

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