Buying a Car

Buying a Car
Buying a car on Car for Coin is a familiar process, with some added benefits and features such as an optional escrow and crypto to USD conversion service.

Register for an account: Click the green “Account” button in the top right. Fill in the form, and click “Register”. Click the account confirmation link in your email.

Add Credit Card: Click on “My Account” in the top right. Then on “Payment Methods” and add a credit card. When you win an auction, Car for Coin will charge a 4.5% buyer’s fee on top of the winning bid (up to $5000 maximum fee).

Review Listing: Prior to placing a bid, review the listing carefully, including the pictures and vehicle history report. You could arrange to inspect the vehicle in person or through a local reputable shop at your cost. Ask general questions in the comments section, or contact the seller privately through the contact form inside the listing.

Arrange Financing: If you plan to finance the vehicle, get a pre-approval from a lender for your budget. If you’re paying by crypto, consider converting it to Tether USDT or a USD Coin before bidding to lock in your budget and crypto gains.

Place a Bid: Bids are in US Dollars. Auction is automatically extended by 2 minutes when a bid is placed, to prevent last second snipers.

Win the Auction: If the auction has no reserve (minimum) price, then the highest bidder wins the auction regardless of the amount they bid. If the reserve is not met, Car for Coin will try to find a fair price that the highest bidder and seller would find acceptable.

Optional Escrow and Crypto Conversion: If you’d like to use our payment and title escrow service, alert support@carforcoin.com when you receive the winning bid email. The fee is 1.5% to each party, to be added on top of the winning bid amount. The seller sends us the signed car title for verification, and buyer send us the payment by USD or Crypto Stablecoin. Once title is verified, the title is released to the buyer and the payment to the seller.


Finalizing the Sale

 

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