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9 steps to buy a car online Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive tools and financial calculators that provide objective and original content, by enabling you to conduct research and evaluate information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, 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 that compensate us. This compensation may impact how and when products are featured on the site, such as the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. But this compensation does affect the content we publish or the reviews that you read on this site. We do not include the vast array of companies or financial offerings that could be open to you.



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7 min read Published August 23, 2022
Edited 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 passionate about helping readers gain the confidence to control their finances with concise, well-researched, and clear information that breaks down otherwise complex topics into manageable bites.









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The purchase of cars online has increased dramatically among Americans. This trend is going to be around for a while. As a savvy consumer, it's essential to understand how to locate the most affordable prices on vehicles when shopping on the internet. You have easy access to massive amounts of information to help with the process of buying online. The Manufacturer's Recommended Price (MSRP) and trade-in value, financing, incentives inventory, expert reviews and reviews from customers -- every detail you'll need can be found online. Use all of this information to your advantage to make an educated decision when shopping. 1. Make a budget. The first step is to decide how much you can spend. This includes calculating regular and one-time costs. The cost of fuel, as well as your down payment are all factors to the price of the car and the continuing monthly expenses that comes with owning a vehicle. You should also take into account the interest you'll pay as it has the largest influence on your monthly payment and the overall cost. Buyers with higher credit scores are better rates than those with lower credit scores. Bankrate tip: Experts advise having at minimum a 20% down payment, and not spending more than 10% of your budget for all car expenses, which includes maintenance and insurance. 2. Get preapproved for the loan to get the most favorable price on the car loan explore your options and by the lender before visiting any dealerships on the internet or in person. Credit unions, banks and online lenders offer preapproval periods that allow you to see your potential cost of interest and the monthly installment so that you can make an informed decision when shopping. If you've been approved, you can use it as leverage when . Dealer financing can result in huge markups which is why getting a loan online first will help you find the most affordable deal. "When you've reached an agreement on a price, show the dealer the financing you have secured and ask whether they are able to beat that price," 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 right car for you Most people are already using the internet to research and find out the most information possible about the make, model and alternatives. Websites offer experts' reviews and reviews of hundreds of cars, describing the top vehicles that are suitable for various types of lifestyles, according to CarGurus the Deputy Editor Matt Smith. "And with YouTube, buyers do not have to go to the vehicle lot in order to take a good view of the cars that are appealing to them," Smith says. You can do most all of the shopping on-line to cut short the time spent on the car lot. In some instances, dealers offer entirely online buying methods, though it may not come with the ability to negotiate prices. Bankrate's advice: It may be beneficial to go see a vehicle in person before signing a sales contract. You can call the dealership and request a salesperson to take pictures of the car you are interested in However, it is recommended that you take an initial test drive and mechanic inspection prior to purchasing. 4. Examine the worth of your trade. Knowing the worth of your trade as well as considering other methods of liquidating your used car could help to pay more towards the purchase price. You are able to sell your car to the dealer, but be aware of how much it can be sold for prior to accepting a deal. Many people look up Kelley Blue Book or Edmunds to determine the value of their old cars. Furthermore, car shopping and research websites such as CarGurus employ algorithms to calculate the anticipated value of trade-ins for cars based on their factors like its age as well as its mileage, location, and features. There are three methods to dispose of your old vehicle. You can do them online, too. Trade in your used vehicle to a dealer, even if you don't intend to purchase from it. You can also get an offer for your with an Instant Cash Offer tool on AutoTrader.com which is a website for selling and buying new and used vehicles with participating local dealers. Sell it yourself privately for cash. Look up your model and make online to determine the price and availibility on websites like eBay as well as Craigslist. Sell it to a used car dealer like CarMax and Carvana. Ask for its guaranteed cash value and compare it to what you've found online. Bankrate tip: Don't just go for the convenience factor and trade in your used car at the dealership which is where you'll likely receive the least amount. Find quotes and use them to use as leverage in negotiations. 5. Check local inventory When there's a shortage of the car you want at dealer dealerships and there's less of a chance you'll get a great deal Make sure to find out what local dealerships have available. Contact a variety of dealers to inquire about the availability of the car you're thinking of. However, if you are not able to find dealerships that allow an online application, search to private auctions. There are numerous sites that allow buyers and sellers to connect. You may be able to find the best price by avoiding the dealership completely. You may also want to consider buying from mixed in-person and online dealers like TrueCar. This way, you can easily browse inventory at both the local and national levels to keep your search wide, particularly if you would like to purchase a specific used model. Bankrate advice: Search for vehicles with at least the VIN (vehicle Identification Number) on the listing as well as pictures that show the exact vehicle that is sold rather than stock photos. 6. Contact local dealerships for price quotes Once you've completed your research online Contact dealerships to request price quotes online. Many dealerships now have departments devoted to online sales. Regardless of whether you contact the sales department via their website or fill out an online form to contact the dealer's website it is best to contact an individual who is able to provide you with a quote. "The higher the amount of quotations you can get the more the chance you have when it comes to closing your deal" states Quincy Reeves, the editor from Consumer Reports. "But remember that a lot of dealers are likely to be reluctant to offer you their best price without some certainty that you'll buy from them." Bankrate's advice: Be as specific as you can about the make, model and options and then ask several dealers to provide their top offers. Compare them with the research price ranges as well as the other options to determine the most suitable one. 7. Evaluate trade-in value and financing When you've negotiated an amount with a handful of dealerships, negotiate the value of the trade-in as well as the financing. Just ask the dealer to make the most favorable price for your trade. "Trade-in valuations have skyrocketed in the years 2020 and 2021. So, if a shopper is considering buying new vehicle and has a used vehicle to trade in, they should be aware of the price that the dealership will offer," says Smith, of CarGurus. Prices continue to increase for used cars, which means you may get an even better deal in 2022. It is also possible to mention AutoTrader.com's trade-in value to participating dealerships. When you've received quotes on your behalf, review the quotes and decide if you'll accept a dealer's trade-in deal, or sell it privately or consider an offer made by an used-car dealer like CarMax. Make sure you inquire about rebates and financing incentives. If you have a voucher or preapproval from your lender and you have it, you should refer to them as being a cash buyer -by taking financing and cost of the downpayment out of the profit equation for the dealer. Ask if the dealer can offer you a better deal. Bankrate tip: If you qualify for one, look into any additional incentives or rebates before settling the deal. It might appear to be more value at first glance however, you could have lower interest rates with a third-party lender that charges less fees. 8. Negotiate online If none of the price quotes you get fall within the limit that is between fair value and price of invoice you may use these two numbers to inquire from dealers about their top price. "It's ideal to first ask what the dealer's top offer is. You aren't required to divulge any details of other deals or negotiations you're involved in with a different dealer, unless it's to your advantage," DeLorenzo says. "Use the figures to inquire if the dealer can beat other offers. If not, remember that you are in control and can take your business elsewhere." Make sure that any price quotes are itemized in an email. Be sure to ask if any extra fees are withheld or included. Items such as "customer service charges" -that are negotiable and are able to be eliminatedthey can add thousands to the overall cost. If a dealer offers you a price you are happy with then you can send the price to a different dealer to obtain competing bids in particular if you know exactly what the price quotes include. Bankrate advice: Do not mention your monthly budget for payments to a car salesperson. This will allow the dealer to incorporate all the items they can in the amount you are quoted and still be within your budget. Concentrate on the total cost and make use of it to negotiate the car you want to purchase. 9. Drive and sign, you should be working with the dealer that is selling the vehicle you are looking to purchase and who offers you the most favorable deal. In this moment you might still need to visit the dealer to finalize the sale bill and sign any necessary documents for financing and collect your keys and vehicle. However, many dealerships are providing cars and papers right to your driveway which allows this final step to be completed at your house. Whatever route you decide to take, read the contract thoroughly. Review all of the details and ask for explanations of any additional fees or documents for fees that look questionable. Set up the appointment of a technician to examine the vehicle regardless of whether it's brand new -- and don't sign any documents until you're certain that your car and financing are exactly what you'd like. Bankrate's advice: The finance and insurance representatives may try to convince you to buy additional items however be firm in telling them "no," and only include something if there is no better method of obtaining the product or service. The main point is that purchasing an automobile online -- or doing the majority of the research on the internet prior to going to a dealer will save you both time and cash. Get current rates, view local and national inventory, compare current vehicle prices to prepare your self for negotiation. Using the abundance of information accessible on the internet to your advantage will reduce the anxiety of purchasing a new car. Learn more


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Written by Contributing writer

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



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers to manage their finances through providing clear, well-researched information that breaks down complicated topics into manageable bites.






Auto loans editor




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