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How to buy a new car Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including, for example, the order in which they may be displayed within the listing categories in the event that they are not permitted by law for our loans, mortgages,, and other home loan products. However, this compensation will have no impact on the information we publish, or the reviews that you read on this site. We do not cover the universe of companies or financial offerings that might be accessible to you. Caiaimage/Martin Barraud/Getty Images
5 min read published 21st October 2022
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is an expert with the ways and pitfalls of taking out loans to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to take control of their finances through providing clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate promises
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At Bankrate we strive to help you make better financial decisions. While we are committed to strict journalistic integrity ,
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Established in 1976, Bankrate has a proven track record of helping people make informed financial decisions.
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so you can trust that we're putting your interests first. Our content is created in the hands of and edited by
who ensure everything we publish is objective, accurate and trustworthy. The loans reporters and editors concentrate on the areas that consumers are concerned about the most -- different types of lending options as well as the best rates, the best lenders, how to repay debt, and much more. So you can feel confident when investing your money. Editorial integrity
Bankrate follows a strict , so you can trust that we're putting your interests first. Our award-winning editors and journalists produce honest and reliable information to assist you in making the right financial choices. Our main principles are that we respect your confidence. Our mission is to provide our readers with truthful and impartial information, and we have standards for editorial content in place to ensure that this happens. Our editors and reporters rigorously fact-check editorial content to ensure the information you're reading is true. We maintain a firewall between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive compensation directly from our advertisers. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our aim is to provide you the most accurate advice to aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines in order to make sure that the content we publish is not affected by advertisements. Our editorial staff receives no directly from advertisers, and all of our content is verified to guarantee its accuracy. Therefore whether you're reading an article or a review, you can trust that you're getting reliable and reliable information. How we earn money
There are money-related questions. Bankrate has answers. Our experts have helped you understand your money for more than four years. We strive to continuously provide consumers with the expert guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our information is trustworthy and reliable. Our award-winning editors and journalists create honest and accurate content to help you make the right financial choices. Our content produced by our editorial staff is objective, truthful, and not influenced from our advertising. We're honest about how we are capable of bringing high-quality information, competitive rates and practical tools for our customers by revealing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods andservices or by you clicking on certain links posted on our site. So, this compensation can influence the manner, place and when products are listed, except where prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other elements, like our own proprietary website rules and whether the product is available in your area or at your self-selected credit score range may also influence the way and place products are listed on this website. We strive to provide a wide range offers, Bankrate does not include the details of every credit or financial product or service. If you've been spending the last few months dreaming of an upgrade to your driveway, you're likely looking at various models, looking at deals, and considering what additional features you can manage to afford. The purchase of a car is an expensive purchase and you'll have to think about costs, financing options and negotiating strategies prior to going to the dealership. 7 steps to purchasing an auto when you're ready to buy, follow these steps to make the most of the buying experience and leave with the car that you've always wanted for the cost that doesn't cost you a fortune. 1. Figure out your budget might have your eye on a certain car, but you won't be able take it home until you . Consider the monthly payment along with other . One good guideline is to not spend more then 20 percent of your monthly household earnings on a new vehicle. This figure should include your monthly car loan payments and all other costs, including maintenance, fuel and repairs, as well as registration fees. For the monthly payment alone it is recommended to aim for no more than 15 percent of your income. Utilize this calculator to obtain an accurate estimate of what you will be expected to pay each month and in interest over the life of your loan. It's equally important since it determines the interest rate you receive. 2. Choose whether to lease or purchase the vehicle Do you plan to drive the car as long as the wheels can stay on? If so, buying is the best choice as you'll have the ability to trade or sell the car when you need new wheels. However, if you want to buy a new car at least every 3 years . Leasing means that you might get a more upscale car for your money as they often offer lower down payment requirements and lower monthly payments. But you'll not own the car outright and you'll need to look out for specific lease terms including mileage restrictions and wear-and tear fees to avoid hefty penalty charges. Consider the vehicles on your radar and weigh the pros and cons of each. Bankrate's can assist you in estimating the savings from buying or leasing to help you make an informed choice. Think about certified used
Pre-owned certified options are the perfect way to save money on buying a new car with lower cost. You'll get reassurance of the manufacturer's warranty that you can't get from a private seller.
3. Research Once you have established your budget and determine the right type of ownership for your driving habits, you can begin researching the vehicles that have caught your eye. First, visit automaker websites and independent auto information websites to evaluate the features that are most important to you. Keep track of the MSRPs (manufacturer's proposed retail price) and invoice prices. Also, check your local listing of inventories to determine what is available in your region. Also , look into any discounts that might be available. A lot of automakers offer discounts for students, military members and even members of certain credit unions. These discounts can be stackable and combined with any cash-back rebates on the model which must be taken when you negotiate the price. Visit the website of the manufacturer for the incentives prior to going into. 4. Find out the actual cost price of owning a car is much more than just your initial payment. Utilize websites such as or to get a rough estimation of insurance, gas, repair and maintenance costs in your region -- although these figures will be contingent on your driving habits. For even better accuracy you can calculate your own cost for fuel costs based on the number of miles you take in each year and get an quote on the cars you're thinking of buying. It is essential to provide your insurance company the exact model and trim level, as well as the engine, and other add-ons for an accurate quote. It's important to remember that the cost of fees such as registration fees, sales tax and documentation fees are not included in the price offered by dealers. Bankrate tip
Ask for a complete breakdown of the quote so you can know what costs to anticipate.
Bankrate tip: Think about the cost of fees like registration, tax, and other documentation fees that are not included in the price advertised by dealers. Get a full breakdown so that you know what fees to expect five. Secure your financing prior to visiting the dealership Dealers don't just want to sell you a carthey also want to manage the car loan too. Dealers typically pay a flat fee or a commission on the car loans they facilitate, no matter if the loan originates from the manufacturer or a local lender. Instead of having your dealer handle the task, you can have them look it up you can inquire at credit unions and banks and prior to going to the dealership. Getting preapproved by an institution like a credit union, bank or an online lender does not mean that you are required to accept the deal, but it can help you determine which financing option is cheapest. It may also grant you negotiating power if you present the preapproval for your lender and they promise to beat the rate to earn your business. To secure a preapproval letter, you'll need to provide your employment, personal and income data with the lender. They may also inquire about any outstanding debt obligations you're currently facing to figure out the amount you can afford for an automobile loan you can afford. 6. Test drive Most car shoppers keep their new cars for around six years, so take your time when you test drive. Be sure you truly love the car, especially when you use it for work or travel. Don't hesitate to ask for an extended time behind the wheel. You can spend time in the car when it's stopped to adjust the seats, experiment with the controls and figure out if passengers will be comfortable, and if your usual cargo would fit well. 7. Negotiate Once it's time to meet and discuss about pricing, be prepared by completing your research. Find out if other dealerships are offering better deals on your car, and then ask for an offer to match the price with your salesperson. If you're considering it talk about it, do so when you've negotiated the purchase price of your new car. Talking about these things separately will allow you to negotiate an even better price for the car you currently own and you'll do better if you've done some research on your current car's value online. Before signing the contract in its entirety, review the entire contract carefully. Check any fees that are proposed and ensure that what that you had negotiated verbally is documented in writing. Be ready to decline those nice-to-have extras that may not be necessary, or to the entire deal in the event that it isn't working for you and the salesperson refuses to budge. The present state of the car market Buying a brand new car is not without some considerations. New vehicle average transaction prices (ATPs) reached record-breaking levels, above $48,000, for the fifth straight month in August of 2022, according to . The prices you will likely encounter are caused by a simple problem of demand versus supply. With fewer vehicles at car dealerships, due to lingering supply chain problems, and drivers needing vehicles, prices are rising. On top of demand and supply, the choice of reducing inflation has made the cost of borrowing higher too. This is evident in the amount drivers are financing, a median of $40,290 in the second quarter of 2022 and $35,587 in 2021, according to . This means you need to be prepared to pay some more money on your new car. The next step in buying a new car is an exciting processand there's no better feeling than driving off the lot with the knowledge that you've got the best price. However, before you begin your search for the perfect ride make sure you have your financials in check, and your credit score is up to the mark. It's also important to evaluate your spending plan to determine the amount of car you can afford. Once you have ironed out the financial details look around for the best financing deal so you can bargain with confidence. Making your way to the dealership with a plan can help you choose the most affordable solution that works for your budget. Learn more
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This article is 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 buy cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers to take control of their finances by providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.
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