Are you planning on selling your car? If you are, it’s best that you know the safest and most convenient ways to accept the payment. See the guide below before you sell your car for cash or other reimbursement options to ensure you have the best experience.
There are many ways to accept payment once you’ve sold your car.
Some options are safer than others. You can take a cash payment, a check, an escrow payment, or a payment plan. You should always avoid a payment plan and only accept an escrow payment if you’re choosing a reliable provider. That leaves cash payments and checks as the two most convenient, safest options.
The absolute safest option would be to sell your car for cash rather than a check. It ensures that you receive the full amount. You’ll need to make sure to visit a bank as soon as possible. Meeting the buyer at the bank allows for the quickest, safest transfer of the payment from the buyer to your bank account.
With a check, you have the option of a personal or cashier check. A check is not as safe as accepting cash since there is no guarantee that the buyer has enough funds in their account to cover the purchase. If you schedule the transaction to occur at the buyer’s bank, this greatly reduces the likelihood of fraud or a scam.