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7 min read published August 23, 2022
Edited by Naomi Mannino Written by Contributing writer
Naomi Mannino is a contributing writer at Bankrate. Naomi write about 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 the confidence to manage their finances by providing concise, well-researched, and clear information that breaks down complicated topics into digestible chunks.
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In recent years , the purchasing of cars online has increased dramatically in popularity among Americans. And it’s a development that’s here to stay. As a knowledgeable consumer, it’s important to know how to locate the most affordable prices on vehicles when shopping on the internet. There’s an easy way to access an immense amount of information to help with the online buying process. From the Manufacturer’s Suggested Price (MSRP) and trade-in value, financing, incentives inventory, expert reviews and user reviews — every detail you’ll need can be found online. Make use of all this information to your advantage to be an informed shopper. 1. Make a budget. The first step is to decide the amount you will spend. This means calculating both annual and one-time expenses. Fuel, and your down payment all contribute to the cost of purchase and regular monthly costs associated with owning a car. You should also take into account the interest rate you be paying since it will have the most significant factor in your monthly payments and the overall cost. Buyers with better credit scores will be more competitive than buyers with lower credit scores. Bankrate tip: Experts advise making at least a 20 percent down payment and spending no more than 10% of your monthly household budget on all vehicle costs, including maintenance and insurance. 2. Pre-approved for a loan For the best bargain on the car loan look into your options, and then talk to the lender before approaching any dealerships — either in person or online. Credit unions, banks, and online lenders offer preapproval times that permit you to know your likely cost of interest and the monthly installment so that you can make an informed decision when shopping. If you’ve been approved, you can use it to leverage your loan . Dealer financing is a big markup, so getting a loan on the internet first can help you get the best deal. “When you’ve reached an agreement on a price, present the dealer your financing and ask whether they can beat the 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 you Most people use the internet to learn the most information possible about the make, model and other options. Websites offer experts’ reviews and reviews of thousands of vehicles, providing the best vehicles for myriad kinds of lifestyles, says CarGurus Deputy Editor Matt Smith. “And with YouTube, buyers don’t have to walk the vehicle lot in order to take a good glimpse of cars that appeal to their interests,” Smith says. You can conduct the majority purchases online to cut down on time spent at the car dealership. There are times when dealers provide completely online purchasing methods, though it may not allow you to negotiate price. Bankrate’s tip: It could be an excellent idea to go see a vehicle in person prior to signing a contract. You can call the dealership and ask a salesperson to take pictures of the car for you, but you should always try an inspection of the vehicle and a mechanic inspection prior to buying. 4. Examine the worth of your trade Knowing the value of your trade and being open to other ways to sell your old car can provide more money towards the purchase price. It is possible to sell your car to the dealership, but you should be aware of the price it could sell for before accepting the offer. Most people search Kelley Blue Book or Edmunds to find out the worth of their used cars. Additionally, car buying and research websites like CarGurus employ algorithms to calculate the anticipated value of trade-ins for a car based on characteristics including its age the mileage, its location and other features. There are three ways to market your car — and you can do them online, too. You can trade in your old car at a dealer regardless of whether you plan on purchasing from it. You could also get an offer on your vehicle with the Instant Cash Offer tool available on AutoTrader.com, a site for buying and selling used and new cars with participating local dealers. Sell it yourself privately for cash. Find your car’s make and model online to determine the price and availibility on sites such as eBay as well as Craigslist. Sell your car to a used-car dealer like CarMax as well as Carvana. Get a guaranteed cash price and then compare it with what you’ve found online. Bankrate tip: Don’t just choose the convenience and trade in your used car at the dealership in which you’ll probably get the lowest amount for it. Get quotes and use them to use as negotiation tools. 5. Find local inventory If there is a limited supply of the car you want at dealer dealerships There’s less of a chance to be able to get a good deal So, make sure you look into the local dealerships’ inventory in stock. Call a variety of dealerships to ask about availability of the vehicle you’re thinking of. However, if you are not able to find dealerships that allow you to submit an online application, search to private auctions. There are many websites that help buyers and sellers connect, and you may be able to find a good deal by skipping the dealer entirely. You might also look into shopping with a mix of online and in-person dealers like TrueCar. This will allow you to easily browse inventory at both the national and local level to make your search as broad, especially if want to buy a specific used model. Bankrate’s tip: Look for cars with both the VIN (vehicle identification number) on the listing as well as photos that show the exact vehicle being sold, rather than stock photos. 6. Contact local dealerships to get price quotes Once you’ve completed your research online and you have found a dealership, call them to request price quotes online. A lot of dealerships have departments devoted to online sales. Regardless of whether you email the sales department via their website or complete an online form to contact the site of the dealer, you should reach someone who has the authority to give you a price. “The greater the number of quotes that you have, the more the chance you have in concluding the deal,” advises Quincy, who is the editor of Consumer Reports. “But be aware that most dealers are likely not be willing to offer you their best price without some certainty that you’ll buy with them.” Bankrate’s tip Be as specific as you can with make, model and options and then ask several dealers for their most competitive deals. Compare them to your research price ranges and each other to decide the best option. 7. Evaluate trade-in value and financing Once you’ve agreed on a price with a few dealerships, negotiate the value of your trade-in and finance. Ask the dealer for the best offer to purchase your vehicle. “Trade-in valuations have risen dramatically between 2020 and 2021. Therefore, if someone is in the market for a new car and has a used vehicle to trade in, they must be aware of the price that the dealership will give,” says Smith, of CarGurus. The prices continue to increase for used cars so you might get an even better deal in 2022. It’s also possible to use AutoTrader.com’s trade-in value at participating dealerships. When you’ve received quotes for your trade, compare the prices and decide whether you’ll agree to a dealer’s price, privately sell or consider an offer made by a used-car dealer, like CarMax. Make sure you inquire about financing incentives and rebates. If you’re able to show a voucher or preapproval from your lender, you can use them to describe being a cash buyer- taking financing and the cost of the downpayment out of the profit equation for the dealer. Ask if the dealer can offer you anything better. Bankrate tip: If you qualify for , evaluate any other rebates or incentives before accepting the offer. It might appear to be a better offer at first glance, but you may be paying less interest through a third-party lender that charges less fees. 8. Negotiate online If none of the initial price quotes you receive fall within your limit that is between fair value and price of invoice then you can use those two numbers to again solicit dealers’ best price. “It’s recommended to first inquire what the dealer’s top offer is. You don’t have to share any information about other deals or negotiations you’re in with another dealer unless it’s for benefit you,” DeLorenzo says. “Use the figures to inquire whether the dealer could beat other offers. If not, remember you have the power to relocate your business to another place.” Make sure the price estimates are detailed in an email. Be sure to inquire if any additional costs are included or withheld. Things like “customer service charges” -that are negotiable and are able to be eliminatedthey can add thousands to the overall cost. If one dealer gives you a price you are happy with, you can email the quote to a different dealer to obtain competing bids, especially when you know precisely the details of each quote. Bankrate advise: Don’t give your monthly budget for payments to a salesperson selling cars. That allows the dealer to incorporate whatever they can into the amount you are quoted and still keep your budget in mind. Focus on the overall cost , and then utilize it to negotiate the price for your car. 9. Drive and sign, you are working with the dealership which is selling the vehicle you are looking to purchase and who has provided you with the best deal. In this moment, you may still have go to the dealership to sign the bill of sale and sign any necessary finance paperwork, and then pick up your keys and vehicle. However, many dealerships are providing cars and papers directly to your driveway, allowing this final process to be completed at your home. Whichever route you take, look over the final contract carefully. Check all of the numbers and seek out explanations for any additional charges or documentation for fees that look questionable. Set up the appointment of a technician who will check the car even if it’s brand new — and don’t complete any paperwork until you’re certain that your car and financing are exactly the one you’re looking for. Bankrate’s tip: Finance and insurance managers may try to offer you additional services, but be resolute in declaring “no,” and only add an item to your list only if there’s a better way to get the service or option. The bottom line is that buying cars online or performing the majority of the research online prior to visiting a dealer — can help you save the time as well as money. Find out the current prices, look up the inventory of both national and local dealers and compare prices for current vehicles as well as prepare for negotiations. Using the abundance of information available online to your advantage can reduce the anxiety of purchasing an automobile. Find out more
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Written by Contributing writer
Naomi Mannino is a contributing writer for Bankrate. Naomi is a writer on loans as well as banking.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers to take control of their finances by providing clear, well-researched information that break down complex topics into manageable bites.
Auto loans editor
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