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The essential checklist before buying a new car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that compensate us. This compensation could affect how and where products appear on this site, including the order in which they appear in the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home loan products. But this compensation does have no impact on the information we publish, or the reviews that you read on this site. We do not include the entire universe of businesses or financial offers that may be open to you. Sergey_T/Getty Imgaes
4 minutes read. Published October 21, 2022
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down otherwise complex issues into digestible chunks. The Bankrate guarantee
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They ensure that what we write is objective, accurate and reliable. We have loans journalists and editors are focused on the things that consumers care about most -- the various kinds of loans available as well as the best rates, the top lenders, ways to repay debt and much more. So you'll be able to feel secure when investing your money. Integrity of the editing
Bankrate follows a strict and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the right financial decisions. Key Principles We respect your confidence. Our mission is to provide our readers with truthful and impartial information, and we have established editorial standards to ensure this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that the information you're reading is true. We maintain a firewall with our advertising partners and the editorial team. The editorial team of Editorial Independence Bankrate does not receive any direct payment from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our aim is to provide you the best advice that will help you make smart financial decisions for your personal finances. We adhere to rigorous guidelines that ensure our content isn't influenced by advertisers. Our editorial staff receives no directly from advertisers, and our content is thoroughly verified to guarantee its accuracy. So, whether you're reading an article or reviewing you can be sure that you're getting credible and dependable information. How we earn money
If you have questions about money. Bankrate has answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to give our customers the right guidance and the tools necessary to be successful throughout their financial journey. Bankrate follows a strict policy, so you can trust that our information is trustworthy and reliable. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the right financial decisions. Our content produced by our editorial team is factual, objective and is not influenced by our advertisers. We're honest about how we are in a position to provide quality content, competitive rates, and useful tools to our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services or when you click on certain links posted on our site. This compensation could impact how, where and in what order items are displayed within the categories of listing and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other factors, such as our own rules for our website and whether the product is offered in your area or at your own personal credit score could also affect the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include the details of each financial or credit item or service. Buying a new car can be intimidating, as well. One of the most difficult elements of the process is knowing which direction to take. From identifying the right car for your budget and lifestyle to negotiating a deal, there are a lot of steps to take. New car prices are high due to rising inflation and the shortage of inventory . That means it's especially important to be prepared to make the purchase. If a car purchase is planned for the future, follow these steps to make sure you have the best price and vehicle for your needs. Before you go to the dealership: Researching Much of the work involved in buying a new car takes place before you even set foot in a dealership. Here's how to begin. Make a list of goals. It might sound simple, but it's the initial step to choose what vehicle you want with regard to the features that are important versus desirable to have. Check pricing. Before entering negotiations, understand the current market prices and establish expectations for how much you're willing to pay. It is a fantastic resource to research current vehicle pricing prior to stepping onto the dealership. Explore the financing options. There are two options for car financing as follows . The pros and cons for both options. Independent lenders might offer you the lowest interest rates, but dealerships could have incentives, such as- if you take out the loan from them. Take a look at the math. Owning a vehicle costs far more than the initial price. Be prepared to cover other costs like gas, insurance, registration, taxes and other fees. Check your credit. Similar to most purchases your credit score is an essential element in the rate of interest. Before you go to the dealership. Make sure you have your paperwork organized prior to going to the dealership. Make sure you arrive at the dealership with your driver's license, payment method, and proof of insurance. If you're financing with an auto dealer, then you'll also require proof of employment, income and residence. Get preapproved for an auto loan by at least three lenders. It takes only about a minute of your time. A loan preapproval gives you the same negotiation power as a cash buyer and shows the dealership you mean business. The majority of preapproval letters are valid for 30 or 60 days. On the lot: Investigating the car A test drive is one of the most important elements of your purchase. Investigate all aspects of your vehicle with your life in mind. Take a look at the particulars. It will be your car for a while So be prepared to research the ins and outs of the vehicle to ensure that you're getting the best size. Do the seating positions feel comfortable? Do you have easy access to the spare tire? Is the trunk large enough? Plan a test route. You can test the car in the same environments in which you will drive it in -- along the main roads, through stop-and-go and in the parking spaces or on hills. If you aren't familiar with the area well, tell the salesperson what kind of driving you'd like to do and tell them what direction you should take. Start driving. You can take some time to test your brakes and parking in tight spots and verify visibility. It is also important to check road noise and ride smoothness. You can compare the vehicle that you are considering with your list. Did you remember that list of things you want and essentials you made? When you're on the lot check that the car aligns with your priorities to ensure you have the ideal lifestyle. Leave emotions at home. When you're sitting in that new car you saw on the parking lot and enjoying the high-tech features and the fresh smell of the car it's simple to overlook your spending plan or the things you must have and let emotions take over. If you see a car you like, but it doesn't match your original parameters, go to your home and consider the purchase before making a final decision. On the lot: Deal-making Once you've chosen your ideal car You'll need to be ready to inquire about the details and negotiate for a good deal. Check for deals. Dealerships can offer special pricing according to the time during the week. Search for special pricing or rebates before meeting with a salesperson. Do not discuss trade-ins. The salesperson is likely to offer a deal , but it's best to discuss the purchase price prior to talking about your old car. So, the dealership will not have an estimate in mind that is based on the worth of your old car. Create a counter offer. Use the number you found when researching market value as your guideline. The trick to counteroffer is to not be so outrageous that the dealer won't be taken seriously, and yet push back enough to secure the most favorable price. Confidently negotiate. Negotiation is among the most hated aspects of car buying. However, if you get with the best price on the cost of the vehicle and the financing provided by the dealer, if applicable you could save a significant amount. Be sure to not rush your negotiations; be ready to leave if you're unsatisfied with the offer. Be sure to read the fine details. Before signing the dotted line, read your contract in full. Pay particular attention to amount due in advance, which includes closing costs and . Many of these fees can be waived or negotiated through the seller. The final decision of buying an automobile will affect your budget for a long time, so make sure you're ready when you begin the process. Do your research before heading to the dealership, crunch the numbers, and determine exactly how much you can afford to spend. When you go to the dealership, keep your worries at home and stay firm on your budget. Find out more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of borrowing money to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances with clear, well-researched details that cut otherwise complex topics into manageable bites.
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