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9 steps to buy a car online Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct research and evaluate information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies who pay us. This compensation may impact how and when products are featured on the site, such as the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews that appear on this website. We do not include the universe of companies or financial offers that may be available to you.
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7 minutes read. Published August 23, 2022
The story was written by Naomi Mannino Written by Contributing writer
Naomi Mannino is a contributing writer at Bankrate. Naomi is a writer on loans as well as banking.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances through providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces.
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In the , the purchasing of cars online has skyrocketed in popularity among Americans. It’s a trend that’s here to stay. As a savvy consumer, it’s important to know how to locate the most affordable bargains on cars when you shop online. There’s an easy way to access the vast amount of information to aid in the online buying process. The Manufacturer’s Recommended Price (MSRP) as well as trade-in values, financing, incentives inventory, expert ratings and user reviews — every detail you require is readily available online. Use all of the information available to make an educated decision when shopping. 1. Create a budget The first step is to decide the amount you will spend. This involves calculating the periodic and one-time costs. Fuel and your down payment, all contribute to the cost of purchase and continuing monthly expenses of owning a car. Your should also be aware of the interest you will be paying since it will have the biggest influence on your monthly payment and the total cost. Buyers who have higher credit scores will be offered more competitive than buyers with less credit scores. Bankrate’s tip: Experts recommend having at minimum a 20% down payment, and spending not more than 10% of your budget for all car costs, including the maintenance cost and any insurance. 2. Pre-approved for a loan To get the best price on a car loan explore your options, and then talk to the lender prior to approaching any dealerships — on the internet or in person. Banks, credit unions and online lenders have preapprovals that let you to know your likely cost of interest and the monthly installment so you can shop smartly. And when you have preapproval, you can use it to leverage your loan . Dealer financing involves big markups and a loan online first will help to get the best price. “When you’ve agreed on a cost, show the dealer your financing and inquire whether they are able to beat that price,” says Matt DeLorenzo the senior managing editor of Kelley Blue Book. “Sometimes dealers have little-known incentives attached to manufacturer-sponsored financing, which could save you money.” Bankrate tip: By prequalifying for a loan in advance, you’ll know your interest rate, which plays a significant role in how much your monthly payment will be and the total cost over the life of the loan. 3. Find the perfect car for your needs. The majority of people already use the internet to determine and discover as much as possible about the make, model and alternatives. Websites offer professional reviews and information on hundreds of vehicles, detailing the best vehicles for myriad kinds of lifestyles, says CarGurus Director of Editorial Matt Smith. “And with YouTube, buyers do not have to go to through the parking lot to get a good view of the cars that are appealing to them,” Smith says. You can conduct the majority purchases online to cut short the time spent on the car lot. And in some cases, dealers provide completely online purchasing processes, although it may not allow you to negotiate prices. Bankrate tip: It can be an excellent idea to go see a vehicle in person before signing a sales contract. Contact the dealership and request the salesperson to take photos of the car you are interested in however, you must always take an initial test drive and mechanic inspection prior to purchasing. 4. Examine the worth of your trade. Knowing the worth of your trade as well as being open to other ways to sell your old vehicle can help you save money towards the purchase price. You can always trade in your vehicle at the dealership, but you should know how much it will be sold for prior to accepting an offer. The majority of people use Kelley Blue Book or Edmunds to find out the worth of their used vehicles. In addition, car shopping and research websites like CarGurus employ algorithms to calculate the value expected for trade-ins of the car, based on its features like age the mileage, its location and features. There are three methods to market your vehicle. You can do it online, too. Sell your car to a dealer, even if you don’t plan on purchasing from it. You could also get an offer on your vehicle via the Instant Cash Offer feature on AutoTrader.com A website that allows purchasing and selling used and new cars at participating local dealers. Sell it privately to earn cash. Look up your model and make online to determine the price and availibility on sites such as eBay and Craigslist. Sell it to a used car dealer like CarMax and Carvana. Get a guaranteed cash price and then compare it to what you’ve found on the internet. Bankrate advice: Don’t opt for the convenience and trade in your used car at the dealership in which you’ll probably get the lowest price for it. Request quotes and use them as negotiation tools. 5. Find local inventory If there’s a shortage of the car you’re interested in on dealer lots There’s less of a chance to be able to get a good deal So, make sure you find out what local dealerships have in stock. Call a variety of dealers to inquire about availability of the car you’re thinking of. Beyond dealerships that allow you to submit your application online, look to private auctions. There are a myriad of websites that allow buyers and sellers to connect. You may be able to find a good deal by skipping the dealer entirely. It is also possible to consider shopping with a mix of in-person and online dealers like TrueCar. This way, you’ll be able to easily browse inventory at both the national and local level to keep your search broad, especially if want to buy a specific second-hand model. Bankrate advice: Search for cars that have at least the VIN (vehicle identification number) in the listing and pictures of the actual vehicle that is sold rather than stock photos. 6. Contact local dealerships for price quotes Once you’ve completed your research online, contact dealerships for online price quotes. Many dealerships now have departments dedicated to online sales, and whether you email the online sales department or complete a contact form on the site of the dealer, you should reach someone who has the authority to give you a price. “The more quotes you can get the greater influence you’ll have in sealing an agreement,” advises Quincy Duncan, the founder from Consumer Reports. “But remember that a lot of dealers are likely to be reluctant to offer the best price unless they can be certain that you’ll purchase at their prices.” Bankrate’s tip: Be as specific as you can with your model, make, and other options and then ask several dealers for their best offers. Compare them to your research price ranges as well as one another to determine the most suitable one. 7. Evaluate trade-in value and financing After you’ve reached an agreement on a price with a few dealerships, negotiate the value of your trade-in and finance. Simply ask the dealer for the most favorable price on your exchange. “Trade-in valuations have skyrocketed in 2020 and 2021. So, if a shopper is in the market for a new car and also has a pre-owned vehicle that they want to sell, they should always see how much the dealership is willing to give,” says Smith, of CarGurus. And prices have continued to rise for used vehicles so you might get an even better deal in 2022. It is also possible to make mention of AutoTrader.com’s trade-in value to participating dealerships. When you’ve received quotes for your trade, review the prices and decide whether you’ll agree to a dealer’s price, privately sell or take an offer offered by a used-car dealer, like CarMax. Make sure you inquire about rebates and financing incentives. If you have a voucher or preapproval from your lender and you have it, you should use them to describe being a cash purchasereliminating financing and deposit out of the profit equation for the dealer. Ask if the dealer can offer you a better deal. Bankrate tip: If you’re eligible for , evaluate any other rebates or incentives before accepting the deal. It might appear to be an offer that is better on the surface however, you could pay less in interest with an alternative lender that has lower fees. 8. Negotiate on the internet If the initial price quotes you receive are within the range of the price at fair market and invoice, you may use those two numbers to again ask dealers for their best prices. “It’s best to ask first what is the best price offered by the dealer. You don’t have to share any details of other deals or negotiations you’re involved in with a different dealer, unless it’s to your advantage,” DeLorenzo says. “Use the figures to inquire whether the dealer is able to beat the other deals. If not, keep in mind that you are in charge and you can relocate your business to another place.” Make sure that the price estimates are detailed in an email. Also, remember to inquire about any additional charges are not included or withheld. For instance, items like “customer service fees,” -that are negotiable and are able to be eliminatedthey can add thousands to the total cost. If a dealer offers you a price you are happy with then you can send the price to a different dealer to get competing bids in particular when you are aware of what the price quotes include. Bankrate advise: Don’t give your monthly budget for payments to a car salesperson. This will allow the dealer to pack everything they can into your budgeted payment, and meet your budget. Be aware of the total price and use it to negotiate for the car you want to purchase. 9. Drive and sign you should be working with the dealer that has the car you want to buy and that has provided you with the best deal. In this moment you might still need go to the dealership to sign the purchase contract, sign any finance paperwork, and then pick up the keys to your car and keys. However, many dealerships are currently delivering vehicles and other paperwork right to your driveway, allowing this final process to be completed at your home. Whatever route you choose, make sure to read the contract thoroughly. Review all of the details and seek out explanations for any additional charges or documentation for charges that appear questionable. Schedule the appointment of a technician to check the car over, even if it’s new. Don’t complete any paperwork until you’re certain that your financing and vehicle are the one you’re looking for. Bankrate’s advice: The finance and insurance agents may attempt to convince you to buy additional items, but be resolute in saying “no,” and only add something to your if there is no better option to obtain the option or service. The main point is that purchasing a car online — or doing most of the research on the internet prior to visiting a dealer will save you both time and cash. Find out the prices, browse the national and local inventory, compare current vehicle prices to prepare your self for negotiations. Making use of the vast amount of information online to your advantage could alleviate a lot of anxiety associated with purchasing an automobile. Find out more
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Written by Contributing writer
Naomi Mannino is a contributing writer for Bankrate. Naomi write about loans and banks.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-researched and well-researched content that breaks down complicated topics into manageable bites.
Auto loans editor
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