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9 steps to buy a car online Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing unique and impartial content, by enabling you to conduct your own research and evaluate information for free and help you make financial decisions with confidence. 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 website are provided by companies that compensate us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they be displayed within the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we publish, or the reviews you read on this site. We do not cover the entire universe of businesses or financial offerings that could be available to you.



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7 min read Published August 23, 2022
The story was written by Naomi Mannino Written by Contributing writer

Naomi Mannino is a contributing writer for Bankrate. Naomi write about loans and banking.







Edited by Rhys Subitch Edited by Auto loans editor

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









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In recent years , the purchase of cars online has increased dramatically among Americans. And it's a development that's here to stay. As a knowledgeable consumer, it's essential to understand how to locate the most affordable prices on vehicles when shopping on the internet. There is an easy access to an immense amount of information to help with the buying process online. From the Manufacturer's Suggested Price (MSRP) as well as trade-in values, financing, incentives, inventory, expert ratings and user reviews -- every detail you require is readily available online. Make use of all this information to your advantage to become a knowledgeable shopper. 1. Set your budget Your first step is to determine the amount you will spend. This involves calculating the annual and one-time expenses. The cost of fuel, as well as your down payment, all contribute to the price of the car and the regular monthly costs of owning a car. You should also be aware of the interest you'll pay since it is the biggest influence on your monthly payments and the total cost. Buyers with better credit scores will be offered better rates than those with less credit scores. Bankrate tip: Experts advise taking at least 20% down payment, and spending not more than 10 percent of your household budget on all vehicle expenses, which includes the maintenance cost and any insurance. 2. Get preapproved for a loan For the best price on the car loan, research your options, and then talk to the lender prior to approaching any dealerships, whether either in person or online. Credit unions, banks, and online lenders have preapproval times that permit you to view your possible interest rate and monthly payment to help you shop wisely. When you've got preapproval you can utilize it to leverage your loan . Dealer financing involves big markups which is why getting a loan online first will help to get the best price. "When you've reached an agreement on a price, present the dealer your financing and ask 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 ideal car for your needs. The majority of people use the internet to research and learn the most information possible about the car's make, model and alternatives. Websites provide experts' reviews and reviews of thousands of vehicles, providing the top vehicles that are suitable for various lifestyles, says CarGurus Director of Editorial Matt Smith. "And thanks to YouTube, consumers do not have to go to the car lot to get a good look at cars that interest them," Smith says. You can do most all of the shopping on-line and cut short the time spent at the car dealership. There are times when dealers offer entirely online buying methods, though it may not allow you to negotiate price. Bankrate tip: It can still be a good idea to visit a car 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 initial test drive and mechanic inspection before buying. 4. Research the value of your trade. Knowing the value of your trade and being open to other ways of liquidating your used vehicle can help you save money towards the new car's purchase price. It is possible to trade in your car at the dealership, but it is important to be aware of the price it could be sold for prior to accepting a deal. 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 use algorithms to determine the expected trade-in value of the car, based on its features like age, mileage, location and features. There are three ways to market your car -- and you are able to do them online too. Trade in your used vehicle at a dealership regardless of whether you plan on purchasing from it. You could also get an offer on your vehicle via this Instant Cash Offer tool available on AutoTrader.com A website that allows buying and selling new and used vehicles with local dealers who are participating. Sell it yourself privately for cash. Find your car's 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 like CarMax as well as Carvana. Get a guaranteed cash value and compare it to what you've found on the internet. Bankrate advice: Don't go for the convenience factor and exchange your used vehicle to the dealer, where you'll most likely get the lowest amount for it. Get quotes and use them to use as negotiation tools. 5. Check local inventory When there's a shortage of the vehicle you're looking for on dealer lots and there's less of a chance you'll get a great deal, so be sure to find out what local dealerships have available. Contact several dealers to inquire about availability of the vehicle you have in mind. However, if you are not able to find dealerships that allow an online application, search at private sale. There are numerous sites which help sellers and buyers connect. You may be able to get a good deal by skipping the dealer entirely. You may also want to consider buying from mixed in-person and online dealers such as TrueCar. This way, you can quickly browse the inventory on both the national and local levels to make your search as broad, especially if you want to buy a specific pre-owned model. Bankrate advice: Search for cars that have both the VIN (vehicle Identification Number) in the listing and photos from the vehicle that is sold rather than stock photos. 6. Contact local dealerships to get prices. Once your online research is complete Contact dealerships for online price quotes. There are many dealerships that have departments that are dedicated to sales via the internet, and whether you contact the sales department via their website or submit an online form to contact the site of the dealer it is best to contact someone who has the authority 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 an agreement," states Quincy Duncan, the founder who is the editor of Consumer Reports. "But remember that a lot of dealers are likely not be willing to offer the best price unless they can be certain that you'll purchase from them." Bankrate tip Make sure you are as precise as you can about the make, model and options, and ask several dealerships to provide their top offers. Compare them to your research price ranges and each other to decide the most suitable one. 7. Examine the trade-in value and financials After you've reached an agreement on an amount with a handful of dealerships, negotiate the value of your trade-in and finance. Just ask the dealer to make the most favorable price to purchase your vehicle. "Trade-in valuations have risen dramatically between the years 2020 and 2021. If a buyer is looking to buy a new car and owns a second-hand car to trade in, they should always see how much the dealership will provide," says Smith, of CarGurus. The prices continue to rise for used cars so you might find a better deal in 2022. You can also mention AutoTrader.com's trade-in value to participating dealerships. When you've received quotes to trade your vehicle, compare the quotes and decide if you'll take a dealer's trade-in price, privately sell, or consider an offer made by an used-car dealer, like CarMax. Be sure to inquire about financing incentives and rebates. In the event that you've got a voucher or preapproval from your lender, you can mention those because it's like being a cash buyereliminating financing and cost of the downpayment out of the equation that profits the dealer. Ask if the dealer can offer you anything better. Bankrate tip: If you're eligible for one, look into any additional incentives or rebates before settling the offer. It might appear to be an offer that is better at first glance but you might have lower interest rates with a third-party lender that has lower fees. 8. Negotiate on the internet If the initial price quotes you receive fall within your price range, which is that is between fair value and price of invoice then you can make use of the two numbers again to inquire from dealers about their top rates. "It's ideal to first ask what's the dealer's best offer. It's not necessary to disclose any details of other offers or negotiations that you're involved in with a different dealer unless it's for your advantage," DeLorenzo says. "Use the figures to inquire if the dealer can beat the other deals. If not, remember you are in control and can take your business elsewhere." Be sure any price quotes are itemized in an email. Be sure to inquire about any additional charges are not included or withheld. For instance, items like "customer service charges" -that are a matter of negotiation and can be removedcould add thousands to your overall price. If a dealer offers you a price you like and you want to send the quote to another dealer to receive bids from competing dealers, especially if you know exactly what the price quotes include. Bankrate tip: Never quote your monthly budget to a car salesperson. This will allow the dealer to incorporate all the items they can in the amount you are quoted and still keep your budget in mind. Concentrate on the total price and utilize it to negotiate the price for the car you want to purchase. 9. Take a test drive and sign the paperwork By now you should be working with the dealership which is selling the vehicle you are looking to purchase and has offered you the best deal. At this point you might still need go to the dealership to finish the purchase contract and sign any necessary documents for financing and collect your keys and car. Many dealerships are now delivering cars and paperwork right to your driveway and allowing this last procedure to be completed from your home. Whatever route you decide to take, read the final contract carefully. Review all of the details and request explanations of any additional fees or documents to determine if the fees are legitimate. Set up an appointment with a mechanic to examine the car over, even if it's new -- and don't complete any paperwork until you're certain that your financing and vehicle are the one you're looking for. Bankrate tip: The finance and insurance representatives may try to convince you to buy additional items however, be firm in saying "no," and only include something when there's no other method of obtaining the option or service. The bottom line is that buying an automobile online -- or performing the majority of the research online prior to going to a dealer will save you the time as well as money. Get prices, browse local and national inventory, compare current vehicle prices to prepare your self for negotiations. Using the abundance of information online to your advantage could reduce the stress from getting an automobile. Find out more


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Written by the writer who contributed to the article.

Naomi Mannino is a contributing writer for Bankrate. Naomi is a writer on loans and banking.



Editor: 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 their readers to take control of their finances by providing concise, well-researched and well-researched content that breaks down complicated subjects into bite-sized pieces.






Auto loans editor




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