The way to handle payment against a used car sale can be a pressing issue. Cash is considered to be the safest payment method to use when you are selling a used car. The main reason for preferring cash to handle car transaction is because there is less chance of fraudulent activities, thus making it a transparent method.

As much as car sellers prefer being paid in cash, the car buyers have an equally opposite notion. The reason being that it’s difficult and risky for them to carry around such a big amount, especially if it’s a luxury car. Therefore, in order to seal the deal, car sellers find ways to meet the car buyers half way and agree on methods, which are transparent, easily transferable and readily changed into cash.

Here we will discuss some of the safe methods available in the UAE, other than cash, through which car sellers can get paid for their used car. Following methods can be used especially in situations when you sell your car for cash privately or sell any car to a car dealer in the UAE.

Selling a Used Car for Cash: Cash the Cheque at Buyers Bank

If you come across a used car buyer offering a good deal and you don’t want to let go, but they want to pay in the form of a cheque, then don’t worry! There is a solution for this as well.

In situations like these you can ask the buyer if you can meet him/her at their bank. Ask the car buyer to bring the cheque along with them. Get them to cash the cheque or convert it into a cashiers cheque made out to you. This way the car buyer will be paying in the form of the cheque, they can avoid carrying cash with them to different locations and you can get the due amount in cash at the same time. This makes it a 100 percent safe method, guaranteeing a win-win situation.

As the buyer is doing you a favour of cashing the cheque for you then you can offer to pay the buyers cheque cashing fee to relieve them for some burden as well as a thank you gesture.

Also read: How to Sell Used Car in the Most Profitable Way

Deposit the Cash at your Bank

As mentioned above, it is difficult and risky to handle cash on its own when used car transactions are involved. It causes high inconvenience for car buyers. Therefore, you can ask them to meet you at your bank along with the cash that is due to you. This way you can deposit the cash in your account straight away. Having this assurance that the amount is safely in your account, you can immediately proceed to completing the paperwork for transfer of car ownership at the spot. This way, the buyer will also be at ease that he/she will get the car immediately and all the effort were worth it.

It’s a common bank policy that if a deposit exceeds a certain maximum amount, the bank has to report the transaction. But that shouldn’t be a concern as long as you keep the paperwork from the sale.

Other Payment Methods

There are also other methods that can be used to settle payment in a used car selling transaction. If you are someone who is usually unavailable during the banking hours, then you can create a one-time use account. This is a savings account at a bank that has branches inside shopping malls. These are typically open seven days a week. You can deposit your cash in these bank branches one time without having to wait for business hours.

Another way to accept cash when you sell your car in UAE is through online money transfer services. These are third party financial online services, other than a bank, that allow easy transfer of funds online or online transactions. Such services are ideal if you are dealing with someone out of city or country. It is also a convenient way of settling payment as there is no travelling involved and it takes mere minutes for the funds to be transferred online.

Nevertheless, these services should only be used when there is no other option, especially when large amount of money is involved. There are many fake third party financial services as well. So if your car buyer insists on using this method, make sure that the service they are using is a reliable one with a proper registered account and not a fake one. Such methods needs some extra vigilance as nobody would want to be ripped off at the end of the day.

Sell in your Car to BuyMyLuxuryCar.com

The best way to sell a car and get your due amount safely transferred to you in cash is by using BuyMyLuxuryCar.com. It is a professional car buying company that specializes in smooth and hassle free car selling process in the UAE. BuyMyLuxuryCar.com accommodates all kinds of customers who wants to sell their luxury car. If you are someone who wants to settle their process through cash, through their financial partners BuyMyLuxuryCar.com will buy your luxury car for a best offer and pay you in cash as ask. Selling a used car in the UAE through BuyMyLuxuryCar.com has never been this easy and safe!

Planning to sell your old car then BuyMyLuxuryCar.com can be the right place to sell your used car. Get a free valuation of your car for sale to know the best price of it.