Pulling cash directly out of an ATM isn’t a great option, as your withdrawal amount is usually limited each day.
Some banks charge a fee to prepare a cashier’s check. Others will do this service for free if you are a regular customer. If you are not a bank customer, you can also hand over cash bills and then request that the bank creates a check for you.
Be aware that it’s very difficult to reverse or refund wire transfers. Make sure that you know all of the details regarding your car purchase before you agree to a transfer.
For example, it’s generally cheaper to insure an older model car with higher mileage, as opposed to a new car straight off the lot.
Keep in mind that a new car will depreciate quickly and lose some value almost immediately after purchase. Look at online automotive forums and review sites to see if the type of car that you are interested in has a tendency to have mechanical problems. You can also look into how a car might keep its value for resale.
If your car is an older model, you might get more money by selling it privately. Dealers are often forced to off-load older cars at auctions, so they don’t offer much for them in trade.
As you find cars that fit your criteria, write down their details and price. Then, you’ll get a good idea regarding how far your money will go towards purchasing the car type that you are interested in. Be prepared to be patient, as it might take a long time to find a car that fits both your budget and requirements.
Many car dealers make some of their profits by financing car loans in-house. This is why they may be less than enthusiastic about accepting a cash payment.
The dealership may also run your personal information through a government database to make sure that you are someone that they can do business with legally. For example, the United States Office of Foreign Assets Control publishes a list of individuals banned from large cash purchases.
A private seller should also sign over the title or title paperwork directly to you after the purchase. A dealer will also have you sign title paperwork, but they may have to mail it in to local authorities as well.
