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10 Steps on How to Buy a Car with Cryptocurrency

  • 12 May, 2022
10 Steps on How to Buy a Car with Cryptocurrency

Are you a cryptocurrency holder looking for a way to offramp your funds into something physical? Here are our 10 easy steps on how you can buy a car with cryptocurrency.

Step 1 - Enquire

Get in touch with us when you see a car you like! Whether it’s a call, email, enquiry through our website, or even directly with the dealership, this will begin your process with us.

You could also arrange a viewing or test drive with the dealership to inspect the vehicle before deciding whether to purchase the car or not.

Step 2 - Sign Up

In order to make any purchase with AutoCoinCars, you must complete our online sign up via the customer sign up form on our website. We then provide you with a secure account profile in our system following verification of your email address.

You then have to complete our verification process (the same as you would with a standard car purchase) which includes KYC and AML to verify your details and ensure both we and the dealer have the correct information on who we are selling to.

Step 3 - Verification

We use software called Veriff to confirm the information you provide. Once you receive a green light from our verification team, we can then proceed with your vehicle purchase.

Step 4 - Invoicing

AutoCoinCars will contact the car dealership to request the invoice for the vehicle you wish to purchase. The invoice will be sent to you as well.

Step 5 - Final Confirmations

Once the invoice is received by us, we will complete a final verification check by calling you to verbally confirm the details you have provided through your online profile.

Step 6 - Test Transaction

This is an important step in our crypto payment processing service as it ensures any risk of human error is eradicated.

The test transaction is usually to the value of £5-10 for us to ensure that you have entered the cryptocurrency wallet ID correctly before sending the full payment.

Testing this also allows us to confirm proof of funds and gives you the reassurance that your crypto is being sent safely.

Step 7 - Live Rate and Payment

Once AutoCoinCars receives 3 confirmations on the blockchain from the test transaction we will then work out a live rate in your chosen cryptocurrency from our accepted cryptos, and we lock the price in for 30 minutes.

We do this to ensure that you are quoted a fair price and to make sure you won’t have the vehicle price affected by crypto market fluctuations.

At this stage, there is a small payment processing fee added on to ensure the payment is covered for liquidity.

You will then send the remaining invoice price in cryptocurrency to the direct wallet with AutoCoinCars.

Step 8 - Payment Complete

Once AutoCoinCars has received the payment we will make phone and/or email contact with both you and the dealership to confirm that the cryptocurrency payment has been received.

Step 9 - AutoCoinCars Payment Processing Service

AutoCoinCars then provide our quality payment processing service. We convert the cryptocurrency into fiat and the into the local currency of the dealer e.g. GBP, EUR, USD.

Once converted we send the payment directly to the bank of the dealership.

The dealership will contact us to confirm the payment has been received.

Step 10 - Receive Your New Car

Once we receive the confirmation of payment receipt from the dealership, this allows them to release the vehicle to you.

The dealer will complete a final verification of address and ID to ensure they match our record of you.

As soon as this is verified you will now own your new vehicle!

You can choose to collect your new car in person or arrange delivery with the dealership directly.

Fin!

That's it! Our 10 steps on how to buy a car with cryptocurrency.

Our team are always happy to help you with any queries you may have or to help you find your perfect car.

Contact us or start browsing the thousands of cars for sale from our approved dealers.

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