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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 better financial decisions by providing you with interactive tools and financial calculators as well as publishing unique and impartial content. We also allow you to conduct your own research and analyze information at no cost - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on this site, including for instance, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home lending products. But this compensation does affect the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial deals that could be open to you.



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

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







Editor: 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 manage their finances by providing concise, well-researched, and clear information that breaks down otherwise complex subjects into bite-sized pieces.









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In recent years , the purchase of cars online has increased dramatically in popularity among Americans. And it's a development that's going to be around for a while. As a knowledgeable consumer, it is important to learn how to locate the most affordable bargains on cars when you shop online. There's an easy way to access an immense amount of information to help with the process of buying online. From the Manufacturer's Suggested Retail Price (MSRP) as well as trade-in values, financing, incentives, inventory, expert ratings and user reviews Every detail you require is readily available online. Utilize all of this information to your advantage to make an educated decision when shopping. 1. Set your budget Your first step should be determining how much you can spend. This includes calculating annual and one-time expenses. Fuel and your down payment all contribute to the price of the car and the regular monthly costs that comes with owning a vehicle. Your should also be aware of the interest you'll pay since it is the largest influence on your monthly installment and overall cost. Buyers with higher credit scores are higher rates than those who have lower credit scores. Bankrate's expert advice: taking at least 20% down payment and spending no more than 10% of your monthly household budget on vehicle expenses, including the maintenance cost and any insurance. 2. Pre-approved for the loan to get the most favorable deal on an automobile loan, research your options and by an lender prior to approaching any dealerships on the internet or in person. Credit unions, banks, and online lenders have preapproval periods that allow you to know your likely interest rate and monthly payments so you can shop smartly. If you've been approved you can utilize it as leverage when . Dealer financing is a big markup which is why getting a loan online first will help to get the best price. "When you've reached an agreement on a cost, show the dealer the financing you have secured and ask if they can beat that price," says Matt DeLorenzo who is the editor in chief 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 right car for you Most people use the internet to discover everything they can about the car's make, model and options. Websites have 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 with YouTube, shoppers do not have to go to through the parking lot to take a good glimpse of cars that appeal to the them." Smith says. You can do most of your shopping online and cut short the time spent on the car lot. And in some cases, dealers offer entirely online buying processes, although it may not come with the ability to negotiate prices. Bankrate tip: It can be beneficial to see a car in person before signing a contract. Contact the dealership and request a salesperson to take pictures of the vehicle for you, but you should always try an inspection of the vehicle and a mechanic inspection before buying. 4. Examine the worth of your trade Knowing the worth of your trade as well as considering other methods of selling your used vehicle can help you save money towards the new car's purchase price. You are able to trade in your vehicle at the dealership, but you should be aware of the price it could be worth before you sign the offer. Many people look up Kelley Blue Book or Edmunds to assess the value of their used vehicles. Additionally, car buying and research websites such as CarGurus make use of algorithms to determine the expected trade-in value of a car based on features like age as well as its mileage, location, and other features. There are three ways to dispose of your old car -- and you can do it 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 for your using an Instant Cash Offer feature on AutoTrader.com, a site for selling and buying new and used cars with local dealers who are participating. Sell it yourself privately for cash. Search your make and model online to determine the price and availibility on sites such as eBay as well as Craigslist. Sell to a used-car dealer such as CarMax as well as Carvana. Get a guaranteed cash price and compare it with what you've found online. Bankrate tip: Don't go for the convenience factor and sell your old vehicle at the dealer which is where you'll likely receive the lowest amount for it. Request quotes and use them as negotiation leverage. 5. Look for local inventory. If there's a small amount of the car you want on dealer lots There's less of a chance you'll be able to get a good deal So, make sure you check what local dealerships have available. Contact several dealerships to ask about the availability of the vehicle you're thinking of. But beyond dealerships that may allow an online application, you should look for private sales. There are many websites that help buyers and sellers connect. You may be able to get a good deal by skipping the dealership completely. It is also possible to consider shopping with a mix of in-person and online dealers such as TrueCar. This will allow you to effortlessly browse through inventory at the national and local level to keep your search wide, particularly if you would like to purchase a specific second-hand model. Bankrate advice: Search for vehicles with both the VIN (vehicle Identification Number) in the listings and photos that show the exact vehicle that is sold instead of stock images. 6. Contact local dealerships for price quotes Once you've completed your research online Contact dealerships for online price quotes. Many dealerships now have departments that are dedicated to online sales. Regardless of whether you email the sales department online or submit an online form to contact the site of the dealer it is best to contact someone who has the authority to provide you with a quote. "The higher the amount of quotations you can get the more the chance you have in concluding an agreement," states Quincy, who is the editor of Consumer Reports. "But keep in mind that a lot of dealers are likely to be reluctant to give you their best price without a guarantee that you're going to buy at their prices." Bankrate's advice Make sure you are as precise as you can regarding the model, make, model and options and inquire with several dealers to provide their top prices. Compare them with the research price ranges as well as each other to decide the most suitable one. 7. Evaluate trade-in value and financing When you've negotiated 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 skyrocketed in 2020 and 2021. If a buyer is in the market for a new car and owns a second-hand car for trade, they must take note of what the dealership is willing to offer," says Smith, of CarGurus. Prices continue to increase for used cars so you might get an even better bargain in 2022. It's also possible to mention AutoTrader.com's trade-in value at participating dealerships. When you've received quotes for your trade, review 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. Be sure to inquire about rebates and financing incentives. If you have a preapproval from your lender, you can use them to describe being a cash purchasereliminating financing and cost of the downpayment out of the equation that profits the dealer. Ask the dealer if they can offer you a better deal. Bankrate tip: If you're eligible for one, look into any additional incentives or rebates before settling the offer. It might seem like a better offer on the surface, but you may be paying less interest through a third-party lender that charges less fees. 8. Negotiate on the internet If none of the price quotes you receive fall within your price range, which is between the fair market value and the invoice price, then you can make use of the two numbers again to solicit dealers' best rates. "It's best to ask first what's the dealer's best offer. You don't have to share any information about other negotiations or offers you're in with another dealer unless it's to benefit you," DeLorenzo says. "Use those figures to ask if the dealer can beat the other deals. If not, keep in mind that you are in control and can move your business elsewhere." Make sure that the price estimates are detailed in an email. Also, remember to ask if any extra fees are withheld or included. Things like "customer service fees," -that are negotiable and are able to be eliminatedcould add thousands to your overall price. If one dealer offers you a price that you like, you can email the quote to another dealer to get competing bids particularly when you know precisely what the price quotes include. Bankrate tip: Never quote your monthly payment budget to a salesperson for a car. This allows the dealer to incorporate everything they can into the amount you are quoted and still meet your budget. Focus on the overall price and use it to negotiate for 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 purchase and who offers you the most favorable deal. In this moment, you may still have go to the dealership to finish the purchase contract, sign any documents for financing and collect your keys and car. Many dealerships are currently delivering vehicles and other paperwork directly to your doorstep, allowing this final procedure to be completed from your home. Whatever route you take, look over the contract thoroughly. Examine all the figures and ask for explanations of any additional charges or documentation for charges that appear questionable. Set up the appointment of a technician to check the car over even if it's brand new. Don't finalize any paperwork until you're certain that your finance and car are the one you're looking for. Bankrate's advice: The finance and insurance representatives may try to sell you add-ons, but be resolute in saying "no," and only add an item to your list if there is no better method of obtaining the option or service. The main point is that purchasing a car online -- or performing the majority of the research on the internet prior to going to a dealer can help you save the time as well as money. Find out the current prices, look up local and national inventory as well as compare current prices and prepare yourself for negotiation. Using the abundance of information on the internet to your advantage could alleviate a lot of anxiety of purchasing a new car. Find out more


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Written by a contributing writer

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



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 feel confident to control their finances through providing precise, well-studied information that break down complex subjects into bite-sized pieces.






Auto loans editor




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