Buying a used motorbike is an exciting time. You’ve done all the hard work of searching for the perfect bike and have made your final decision. However, paying for the bike is the tricky part. It can be hard to know what way you should be paying for it, so that it can be safe and both parties are happy. Below we have listed a few different ways you can make this payment safely.
One of the most obvious forms of payment is cash. However, paying with cash can be a little risky and unsafe. If you do want to use this method then ensure that you make the transaction in a safe place, such as a bank. Meeting at a bank is a great idea for both you and the seller. It is safer for you, and you know that there are people and cameras around were there something to happen, but it is also good for the seller too. They can take your cash and hand it over to the person at the counter who can check the cash is real and pay it in all-in-one go. They can then hand you the keys and you can be on your way.
If you both have a bank account at the same bank, then why not meet there. You can take your money out and hand it to them and they can then pay it in. You can do the whole transaction all in one neutral place. If you are withdrawing the money from another bank beforehand, be careful when walking around with this large sum of cash.
Check with your bank to see if there is a limit on how much you can withdraw at once. Also, ensure that your seller has done the same with how much they can pay in.
For large payments CHAPS (Clearing House Automated Payment System) or Faster Payment Service are great options when paying for the motorbike. However, there might be a fee to use CHAPS. Some banks have a limit on how much you can send through using the Faster Payment method, so make sure you do your research beforehand to find out which one will be better for you.
If you use online banking, then you will be able to transfer the money via this, all you will need is a card reader or mobile banking app, so be sure to take one of those along with you. If possible, it is still better to do this transaction in a bank, so it can give you both peace of mine and will let the seller know that you have enough money to make the transaction.
Cheques are not often used to pay for vehicles; however, it is possible. Sellers might not want to use this method as there is a risk that the payment might bounce. They are likely to not want to hand over the keys until the payment has cleared which can take days. If they don’t want to do that, then it is suggested you use another payment method as you don’t want to hand over your cheque without reassurance you will get the motorbike eventually.
If you still decide that a cheque is the best way, then it is advised that you arrange with the seller to leave a deposit with them and a proof of address and more of your details so that they can give you the vehicle when you hand over the cheque. This enables them to wait for the funds to clear and if they don’t, they know how to get a hold of you.
A banker’s draft is a guarantee from the bank that the buyer will be able to pay the seller. It is like a cheque but there is more reassurance that it will clear. This is a good form of proving that you are able to pay and enables you to take the motorbike when you hand over the cheque, however, they can be faked, so the seller might be hesitant to trust this.
You have several choices on how you can pay for your new motorbike. Work with the seller to decide which one is right for the both of you and mutually agree how you are going to do it. Try to do the transaction in a safe place like the bank and ensure you take all the steps necessary to avoid any fraudulent activity.