If you’re planning to buy a used vehicle, you’ve probably thought about the payment method.
Very often, bank transfers and cashier’s checks are preferred.
But what about paying in cash?
Follow the full coverage
Auto
For the vast majority of motorists, buying a car is a tricky task, especially if you are looking on the second-hand market. You must choose the model carefully, find a reliable seller offering an offer within your budget or check that the vehicle does not have any aesthetic or mechanical defects. But that’s not all! When doing this, you must also think about how you are going to settle the transaction. And here, several options are available to you: bank transfer, cashier’s check, cash payment, etc.
-
Read also
Used cars: this information to always keep in mind to protect yourself from scams
-
Buying a used vehicle: what is the best payment method?
Regardless of the payment method, you must ensure that it allows you to have undeniable proof of the transaction. Then, you should, ideally, turn to a practical and secure solution: do not give your personal or banking information to just anyone. This is why we advise you to use a bank transfer after the agreement with the seller has been finalized. As this payment method is not refundable, you must be sure of your purchase when you make the payment. The only drawback of the transfer, however, remains the delay. In some cases, it may take up to 48 hours for the money to arrive in the seller’s account. It is therefore preferable to make the transfer during working days (excluding weekends and public holidays) to minimize the delay.
Can you buy a used vehicle with cash?
If you prefer to pay for the vehicle in cash, please note that this is possible. However, you must follow certain rules. As the specialized media reminds us Auto Plusit is important to emphasize that there is no limit imposed between individuals. However, you must have proof of purchase, mandatory for any payment exceeding 1,500 euros, which will then be attached to the sales certificate. In the best case, the buyer must write a payment receipt including the details of the transaction: identity, amount, car model, date, location, signatures, etc. These documents are essential to protect against suspicion of money laundering or tax fraud.
Belgium
