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9 steps to buy a car online Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and where products appear on this site, including, for example, the sequence in which they be displayed within the listing categories, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not contain the entire universe of businesses 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 editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with concise, well-researched, and clear information that break down complex 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 likely to continue. As a knowledgeable consumer, it's essential to understand how to locate the most affordable prices on vehicles when shopping online. You have easy access to an immense amount of information that can aid you in the buying process online. Starting with the manufacturer's suggested Price (MSRP), trade-in values as well as financing, incentives inventory, expert reviews and user reviews all the information you need is easily found online. Utilize all of these details to make an educated decision when shopping. 1. Set your budget Your first step is to decide how much to spend. This involves calculating the annual and one-time expenses. Fuel and your down payment, all contribute to the price of the car and the continuing monthly expenses that comes with owning a vehicle. Your should also be aware of the interest you'll pay since it is the biggest influence on your monthly installment and total cost. Buyers with higher credit scores are better rates than those with lower credit scores. Bankrate's tip: Experts recommend having at minimum a 20 percent down payment and not spending more than 10% of your monthly budget for all car costs, including the maintenance cost and any insurance. 2. Get preapproved for a loan To get the best price on the car loan explore your options and by an lender before approaching any dealerships on the internet or in person. Credit unions, banks, and online lenders offer preapproval periods that allow you to see your potential interest rate and monthly payments so that you can make an informed decision when shopping. And when you have preapproval, you can use it as leverage when . Dealer financing is a big markup and a loan online first will help you get the best deal. "When you've agreed on a price, present the dealer your financing and inquire whether they are able to beat that rate," says Matt DeLorenzo, senior managing editor for 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 vehicle for you. Most people are already using the internet to research and learn the most information possible about the model, make and other options. Websites have expert reviews and articles on hundreds of vehicles, detailing the best vehicles for myriad types of lifestyles, according to CarGurus Director of Editorial Matt Smith. "And thanks to YouTube, consumers no longer need to walk the vehicle lot in order to take a good view of the cars that are appealing to the them." Smith says. You can conduct the majority purchases online and cut short the time spent on the lot. In some instances, dealers provide completely online purchasing procedures, but it might not come with the ability to negotiate price. Bankrate's advice: It may be beneficial to go see a vehicle in person prior to signing a contract. You can call the dealership and ask an agent to take photographs of the vehicle for you however, you must always take a test drive and mechanic inspection before buying. 4. Find out the worth of your trade Knowing the value of your trade and being open to other ways of selling your used vehicle can help you save money towards the new car's purchase price. You are able to sell your car to the dealership, but it is important to be aware of the price it could be sold for prior to accepting an offer. Most people search Kelley Blue Book or Edmunds to find out the worth of their old cars. In addition, car shopping and research websites such as CarGurus make use of algorithms to determine the value expected for trade-ins of cars based on their factors like its age as well as its mileage, location, and other features. There are three common ways to dispose of your old vehicle -- and you are able to do them online too. Sell your car to a dealer, even if you don't have plans on buying from it. You can also get an offer to purchase your vehicle by via the Instant Cash Offer feature on AutoTrader.com A website that allows buying and selling new and used vehicles with local dealers who are participating. Sell your car privately for cash. Find your car's make and model online to determine the price and availibility on sites such as eBay and Craigslist. Sell to a used-car dealer like CarMax and Carvana. Ask for its guaranteed cash price and then compare it to what you've found on the internet. Bankrate tip: Don't opt for the convenience and exchange your used vehicle at the dealer which is where you'll likely receive the least amount. Request estimates and use them as negotiation tools. 5. Find local inventory If there is a limited supply of the car you want at dealer dealerships, there is less chance that you will be able to get a good deal Make sure to find out what local dealerships have available. Contact a variety of dealers and inquire on availability of the car you've been thinking about. But beyond dealerships that may allow you to submit an online application, look at private sale. There are many websites that allow buyers and sellers to meet, and you might be able to get a good deal by skipping the dealership completely. You might also look into shopping with mixed online and in-person dealers like TrueCar. This way, you can effortlessly browse through inventory at the national and local level to make your search as wide, particularly if you would like to purchase a specific used model. Bankrate's tip: Look for cars with two VINs (vehicle Identification Number) in the listing and pictures that show the exact vehicle that is being sold instead of stock images. 6. Contact local dealerships to get prices. Once your online research is complete Contact dealerships for online price quotes. A lot of dealerships have departments devoted to sales via the internet, and whether you contact the sales department online or submit a contact form on the website of the dealer, you should reach someone who has the authority to quote you a price. "The more quotes you receive the greater leverage you'll be able to use when closing your deal" advises Quincy, of Consumer Reports. "But be aware that many dealers are going not be willing to offer the best price without a guarantee that you'll purchase at their prices." Bankrate tip: Be as specific as you can about the models, make and model and inquire with several dealers for their most competitive prices. Compare them to your research price ranges and one another to determine the most suitable one. 7. Evaluate trade-in value and financing When you've negotiated the price with a couple of dealerships, discuss the value of the trade-in as well as the financing. Just ask the dealer to make the most favorable price on your exchange. "Trade-in valuations have increased dramatically in the years 2020 and 2021. Therefore, if someone is in the market for new vehicle and has a used vehicle for trade, they should take note of what the dealership is willing to give," says Smith, of CarGurus. And prices have continued to rise for used vehicles so you might be able to get a better deal in 2022. It is also possible to use AutoTrader.com's trade-in price at participating dealerships. Once you receive quotes to trade your vehicle, review the quotes and decide if you'll agree to a dealer's price, privately sell or take an offer offered by an used-car dealer like CarMax. Make sure you inquire for rebates or financing incentives. If you have a voucher or preapproval from your lender, you can mention those because it's like being a cash buyer- taking financing and the cost of the downpayment out of the profit equation for the dealer. Inquire if the dealer could provide you with a better deal. Bankrate advice: If you are eligible for any incentives or rebates before settling the offer. It might seem like a better offer on the surface, but you may have lower interest rates with a third-party lender that charges less fees. 8. Negotiate online If none of the price quotes you receive are within the limit of the price at fair market and invoice, you can use these two numbers to solicit dealers' best price. "It's recommended to first inquire what the dealer's top offer is. You aren't required to divulge any details of other negotiations or offers you're in with another dealer unless it's for benefit you," DeLorenzo says. "Use those figures to ask whether the dealer is able to beat the other offers. If not, remember that you are in control and can relocate your business to another place." Make sure all price quotes are detailed in an email. Be sure to inquire about any additional charges are not included or withheld. Items such as "customer service charges" -that are a matter of negotiation and can be removedcould add thousands to the total cost. If one dealer gives you a price that you like and you want to send the price to a different dealer to receive bids from competing dealers in particular when you know precisely the details of each quote. Bankrate tip: Never quote your monthly budget for payments to a salesperson for a car. That allows the dealer to pack everything they can into the amount you are quoted and still meet your budget. Concentrate on the total cost and use it to negotiate for the car you want to purchase. 9. Sign and drive By now, you should be working with the dealer that has the car you want to purchase and has provided you with the best deal. In this moment, you may still have to visit the dealership to finalize the purchase contract, sign any documents for financing and collect the keys to your car and keys. However, many dealerships are now delivering cars and paperwork right to your driveway and allowing this last procedure to be completed from your house. Whichever route you decide to take, read the contract thoroughly. Check all of the numbers and ask for explanations of any additional fees or documents for fees that look questionable. Make an appointment with a mechanic to examine the car, even if it's new. Do not finalize any paperwork until you're sure that the finance and car are what you'd like. Bankrate's advice: The finance and insurance managers may try to offer you additional services however be firm in telling them "no," and only add an item to your list if there is no better option to obtain the service or option. The bottom line is that buying an automobile online -- or performing the majority of the legwork online before going to a dealer will save you time and money. Check up on prices, browse local and national inventory as well as compare current prices and prepare yourself for negotiation. Making use of the vast amount of information accessible online to your advantage can alleviate a lot of anxiety of purchasing a new car. Find out more


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Written by Contributing writer

Naomi Mannino is a contributing writer at Bankrate. Naomi is a writer on loans as well as banking.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched information that break down complex topics into manageable bites.






Auto loans editor




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