Guide to Buying Cars Online
How to Buy Cars Online
Whether you are buying your first car or acquiring your dream ride, for car enthusiasts, buying a car is a great moment in ones life. Cars have the power to create great moments in our lives, from an epic road trip to the daily commute in total comfort. Cars have been part of modern cultures popular identity since the mid 20th century with auto makers around the world vying for top dog and renown as the best automaker.
There are many varieties of cars; from budget to luxury, wagon to racecar, and everything in between. Whether you are into top end luxury, super sports cars, or just your SUV to get the kids to school, protecting your purchase is your number one priority.
When it comes to buying cars, it is a big expense, and comes with a big risk. Buying online only compounds the risk.
For buyers, the main risk to look out for when purchasing a vehicle online is you get what you paid for. A common occurence is a seemingly good looking vehicle on the outside actually has some issues with the internals. These faults and flaws may cost the you even more the purchase price to fix. Inspecting the vehicle yourself only gets you so far, the best option is to have a mechanic look at it but that may not be possible to do prior to making arrangements to actually purchase the vehicle.
Another thing to consider is the shipping process. Shipping a car or other vehicle requires certain precautions and exposes the vehicle to a risk that it does not arrive in the same condition as it was purchased. If you paid for the vehicle before it shipped, there may be little to no recourse in getting your money back, especially for a second hand car.
What can you do to protect yourself against automative fraud?
Luckily there are a number of steps you can take which can help you protect yourself and your money when buying online.
Many marketplace websites provide a ratings system for sellers which incorporates the ratings as provided by previous customers and can include comments or feedback to the seller. Reading these thoroughly before engaging an individual will help you weed out the potentially unscrupulous dealers who will have a lower rating than the genuine sellers on the platform.
Using legitimate payment channels can help reduce your risk of fraud. Some payment providers will provide you with some protection against fraud. Keep in mind, though, that not all payment providers were created equal. For example, Paypal does not cover the buyer if the car did not arrive as described for all automotive purchases.
Using an audited, bonded escrow service eliminates fraud from all your transactions. This is because in an escrow transaction, you can stipulate the terms of the inspection period and can include provisions to have a mechanic inspect the vehicle. If the vehicle does not pass the inspection, you have the opportunity to send the vehicle back and your escrow provider will disburse your funds back into your bank account. Escrow.com is the worlds largest provider of online escrow services. Our 5 easy steps stop fraud in its tracks. Escrow.com protects buyers by only releasing the funds to the seller if what you receive is exactly what you paid for. If it is not, ship it back to the seller and you will get a full refund.
Escrow.com also provides several additional motorvehicle services to give you peace of mind. Lien Holder Payoff services gurantees there is no outstanding debt on the car giving you confidence when you buy. If the car is already clear of debt, our Title Collection ensures you get the title before your funds are disburesed, taking the hassle out of the legal ownership trasfer.
How to use Escrow.com to Buy Cars
- You and the seller agree to terms - Either you or the seller can start a transaction. All parties have an opportunity to agree on the terms of the transaction including shipping fees and inspection periods.
- You pay Escrow.com - Now that you have created your transaction, its time for you to fund it by paying Escrow.com the balance. Once Escrow.com verifies the payment, we will put your funds in our escrow account and the seller is notified that funds have been secured.
- Seller ships the car - Now that the funds are in our escrow account, the seller is authorised to deliver the classic car as per the agreed terms of the escrow transaction. If cargo shipping is required the seller provides the tracking information to Escrow.com so we can verify that the you received the vehicle.
- You accept the car - When you receive the vehicle, you have an amount of days equal to the agreed upon inspection period to inspect the vehicle. This is your opportunity to have the vehicle checked out to ensure everything is as expected. Once you are satisfied with your new purchase, notify us, and we will finalise the escrow agreement. If everything is not up to scratch, you can reject the vehicle and send it back to the seller and we will refund your transaction.
- Escrow.com pays the Seller - We release the funds to the seller from our escrow account.
If you are looking to buy or sell cars online, you can rest safe in the knowledge that Escrow.com is one of the most trusted and secure escrow services across the globe.
What can you use Escrow.com for?
Escrow.com can be used to transact any car or vehicle. Find out more information about specific models: