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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 smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. We also allow you to conduct research and compare information for free to help you make informed 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 Earn money The products that appear on this site come from companies who pay us. This compensation may impact how and where products are displayed on this website, for example, for example, the order in which they may 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 not influence the information we provide, or the reviews you see on this site. We do not cover the vast array of companies or financial offers that may be accessible to you.
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7 minutes 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 and banks.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-researched and well-researched content that breaks down otherwise complex topics into digestible chunks.
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The practice of buying automobiles online has exploded among Americans. And it's a development that's likely to continue. As a savvy consumer, it's essential to understand how to get the most effective prices on vehicles when shopping on the internet. There is an easy access to an immense amount of information that can aid you in the online buying process. From the Manufacturer's Suggested Retail Price (MSRP) and trade-in value as well as financing, incentives, inventory, expert ratings and user reviews -- every detail you need is easily found online. Use all of these details to be an informed shopper. 1. Make a budget. The first step should be determining how much to spend. This includes calculating regular and one-time costs. Fuel and your down payment, all contribute to the purchase price and ongoing monthly cost associated with owning a car. It is important to take into account the interest you will pay as it has the biggest influence on your monthly installment and overall cost. Buyers who have higher credit scores are more competitive than buyers with lower credit scores. Bankrate tip: Experts advise making at least a 20% down payment, and not spending more than 10% of your household budget on all vehicle expenses, which includes the maintenance cost and any insurance. 2. Pre-approved for the loan To get the best deal on the car loan look into your options and talk to an lender before visiting any dealerships either in person or online. Banks, credit unions and online lenders provide preapproval times that permit you to view your possible interest rate and monthly payments so you can shop smartly. If you've been approved you are able to use it as leverage when . Dealer financing can result in huge markups which is why getting a loan online is the first step to ensure you find the most affordable deal. "When you've agreed on a price, show the dealer your financing and ask if they can beat that rate," 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 ideal vehicle for you. Most people are already using the internet to find out as much as possible about the car's make, model and other options. Websites offer professional reviews and information on thousands of vehicles, providing the most suitable vehicles for a variety of kinds of lifestyles, says CarGurus Director of Editorial Matt Smith. "And thanks to YouTube, consumers do not have to go to the vehicle lot in order to get a good look at cars that interest the them." Smith says. It is possible to do the majority of your shopping online and cut short the time spent on the car lot. In some instances, dealers will offer completely online buying processes, although it may not come with the ability to negotiate prices. Bankrate's advice: It may be beneficial to visit a car in person prior to signing a sales contract. You can contact the dealership and ask an agent to take photographs of the car you are interested in however, you must always take a test drive and mechanic inspection prior to purchasing. 4. Examine the worth of your trade. Knowing the worth of your trade as well as looking for other options of liquidating your used vehicle can help you save money towards the purchase price. You are able to trade in your vehicle at the dealership, but it is important to be aware of how much it can be worth before you sign a deal. The majority of people use Kelley Blue Book or Edmunds to assess the value of their used cars. Furthermore, car shopping and research websites such as CarGurus employ algorithms to calculate the expected trade-in value of the car, based on its factors like its age, mileage, location and features. There are three ways to market your car -- and you are able to do them online too. Sell your car at a dealer, even if you don't intend to purchase from it. You may also receive an offer to purchase your vehicle by with the Instant Cash Offer tool available on AutoTrader.com, a site for selling and buying used and new cars at participating local dealers. Sell it privately to earn cash. Search your make and model online to find price and availability on websites like eBay as well as Craigslist. Sell your car to a used-car dealer, such as CarMax or Carvana. Get a guaranteed cash value and compare it to what you've found on the internet. Bankrate advice: Don't opt for the convenience and exchange your used vehicle to the dealer, in which you'll probably get the least amount. Find estimates and use them as negotiation tools. 5. Look for local inventory. If there is a limited supply of the car you're interested in on dealer sites and there's less of a chance to be able to get a good deal So, make sure you look into the local dealerships' inventory available. Contact several dealers and inquire on the availability of the car you have in mind. Beyond dealerships that allow you to submit an online application, you should look at private sale. There are a myriad of websites that help buyers and sellers connect, and you may be able to get the best price by avoiding the dealer completely. You may also want to consider buying from mixed online and in-person dealers like TrueCar. This way, you'll be able to easily browse inventory at both the national and local level to make your search as broad, especially if you would like to purchase a specific pre-owned model. Bankrate advice: Search for cars with two VINs (vehicle identification number) in the listing and photos from the vehicle being sold, instead of stock images. 6. Contact local dealerships for price estimates. After your online research is completed, contact dealerships for online price quotes. There are many dealerships that have departments that are dedicated to sales via the internet, and regardless of whether you send an email to the online sales department or complete a contact form on the site of the dealer, you should reach an individual who is able to give you a price. "The higher the amount of quotations you can get, the more leverage you'll have when it comes to sealing your deal" says Quincy Duncan, the founder who is the editor of Consumer Reports. "But keep in mind that most dealers are likely not be willing to offer you the most competitive price without some certainty that you'll purchase from them." Bankrate tip Make sure you are as precise as you can with your model, make, and other options and then ask several dealers for their best prices. Compare them with your researched price ranges and the other options to determine which is best. 7. Assess the value of your trade-in and finance When you've negotiated an amount with a handful of dealerships, negotiate the value of your trade-in and finance. Simply ask the dealer for the best offer for your trade. "Trade-in valuations have skyrocketed in 2020 and 2021. So, if a shopper is in the market for new vehicle and also has a pre-owned vehicle that they want to sell, they should take note of what the dealership is willing to give," says Smith, of CarGurus. And prices have continued to rise for used cars and this means that you could get an even better bargain in 2022. It's also possible to use AutoTrader.com's trade-in price at participating dealerships. Once you receive quotes on your behalf, you can compare the quotes and decide if you'll accept a dealer's trade-in price, privately sell, or take an offer offered by an 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 or bank, you may use them to describe being a cash buyereliminating financing and down payment out of the profit equation for the dealer. Ask if the dealer can offer you a better deal. Bankrate tip: If you qualify for , evaluate any other incentives or rebates before settling the deal. It might seem like more value initially but you might be paying less interest through an alternative lender which has lower fees. 8. Negotiate on the internet If none of the price quotes you get fall within the price range, which is of the price at fair market and invoice, then you can utilize these two numbers to ask dealers for their best prices. "It's ideal to first ask what the dealer's top offer is. You don't have to share any details of other negotiations or offers you're involved in with a different dealer, unless it's to the advantage of your client," DeLorenzo says. "Use these figures to determine whether the dealer could beat the other offers. If not, keep in mind that you have the power to move your business elsewhere." Make sure that all price quotes are detailed in an email. Also, remember to ask if any extra fees are withheld or included. For instance, items like "customer service fees," -that are a matter of negotiation and are able to be eliminated- can tack thousands on to your overall price. If one dealer offers you a price that you like and you want to send the price to a different dealer to get competing bids in particular if you know exactly what the price quotes include. Bankrate advise: Don't give your monthly budget to a salesperson selling cars. This will allow the dealer to include everything they can into your budgeted payment, and keep your budget in mind. Focus on the overall cost , and then make use of it to negotiate your car. 9. Take a test drive and sign the paperwork By now, you must be working with the dealership that offers the vehicle you wish to buy and that has provided you with the best deal. In this moment, you may still have go to the dealership to finish the bill of sale, sign any financing paperwork and pick up your keys and vehicle. However, many dealerships are currently delivering vehicles and other paperwork directly to your doorstep, allowing this final step to be completed at your house. No matter which approach you choose, make sure to read the contract thoroughly. Review all of the details and ask for explanations of any additional charges or any documentation for charges that appear questionable. Schedule an appointment with a mechanic to check the vehicle, even if it's new -- and don't complete any paperwork until you're certain that your finance and car are what you'd like. Bankrate's tip: Finance and insurance agents may attempt to convince you to buy additional items, but be resolute in declaring "no," and only add an item to your list if there is no better way to get the service or option. The bottom line Buying a car online -- or doing most of the research on the internet prior to visiting a dealer can save you the time as well as money. Find out the prices, browse local and national inventory, compare current vehicle prices as well as prepare for negotiation. Using the abundance of information online to your advantage will alleviate a lot of stress from getting an automobile. Learn more
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Written by Contributing writer
Naomi Mannino is a contributing writer for Bankrate. Naomi writes about loans and banks.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-studied information that break down complex topics into manageable bites.
Auto loans editor
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