Let’s say a person is buying a mid-level used car for $8,000 or so. How would that generally be paid for when a loan isn’t involved? Do people actually withdraw that much in cash from their bank and physically hand over $100 bills? Or, is it common to let cars go with only a personal check in hand? Or is there some other financial instrument usually involved?
Cash, check or credit card.
Cash is pretty common. My friend bought a 2002 Passat for $7000 and it was paid cash in $100 bills.
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The larger the amount the more often its a check.
The dealer can call the bank & verify the check is good.
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Cash, check or credit card.
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Use a cashiers check or a money order. You should never just walk around with $8,000 in your possession in 2010.
Perhaps I am a little paranoid, but too much can go wrong.
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They either pay cash or get certified check from the bank. Never accept personal checks
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