5 tips to use a car-buying service Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and evaluate information for free - so that you can make sound 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 offers that appear on this site are from companies that compensate us. This compensation can affect the way and when products are listed on the site, such as, for example, the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. This compensation, however, does affect the information we publish, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offers that may be open to you. SHARE Skynesher/Getty Images
4 min read Published June 15, 2022
Jackie Lam Written Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-researched and well-constructed facts that break down complex subjects into digestible pieces. The Bankrate promise
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We receive compensation for placement of sponsored products and services or through you clicking certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when products appear within listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other elements, such as our own proprietary website rules and whether the product is available within the area you reside in or is within your own personal credit score could also affect how and where products appear on this website. Although we try to offer an array of offers, Bankrate does not include information about each financial or credit item or service. If you don't like the thought of having to bargain with a dealership about the cost to purchase a brand-new vehicle, then a car-buying service may be a solid alternative. You can do it from the comfort at your home and certain car buying services may offer ways to keep more money in your pocket. Can car-buying services work for you? The process of negotiating with dealerships can be daunting. If the fear of getting a bad deal has kept you from visiting dealer lots, a car-buying service can be a good option for you. There are two kinds of car-buying options that include Membership-based and concierge services. Concierge service can help you bargain the price of the car and make the buying process simpler for you, for example, transporting the vehicle to your residence or a nearby center so you can test drive it before purchasing. Many organizations, such as AAA, warehouse clubs and , offer car-buying services for their members at no cost, according to John Nielsen, managing director of automotive engineering and repair at the AAA National office located in Heathrow, Florida. Nielsen states that buyers who avail these services for buying a car could save thousands off their purchases. "I have friends who purchased the car through the program, and saved $2,600," he says. Though shoppers have the potential to save lots of money, not all car-buying services are alike, says Lauren Fix, founder of The Car Coach and Car Smarts and expert in consumer automobiles. She says consumers need to be aware of what the service has to benefit from these deals and if their objectives are the same as yours. Tips for using a car buying service If a service for buying cars might be a good fit for you, consider these tips before deciding. 1. The companies offer negotiation and ease of use. Car-buying services are designed for buyers who are short on time and can't find and , explains Fix. For example, Carvana, a popular car-buying service, offers fixed costs and will bring the vehicle to your house to allow you to test drive it throughout the seven-day period. The cost can vary, and certain services cost a percentage of the cost of the car. At Meriwest Credit Union in San Jose, California, members can take advantage of its Autoland car buying service. Using the service allows them to not interact with anyone at a dealership, according to William Fultz, an auto broker at Meriwest Credit Union. Members are connected to an auto consultant who can negotiate the car's price on your behalf and work with them to secure a car loan by Meriwest Credit Union. 2. Free services are usually for only members. If you're a member of AAA, AARP, Costco, Sam's Club or a credit union, you may be eligible to tap into their free car-buying services. Each program is different, and some might provide the option of negotiating the price tag of a car on your behalf, whereas others provide pre-negotiated fixed rates. Some of these clubs and organizations may offer discounts, additional benefits and incentives offered by car manufacturers exclusively to their members. 3. Buyers must still conduct their research prior to contacting a car-buying service, Fix suggests looking through auto research websites like Edmunds and Kelley Blue Book, to discover the average cost of the car you want to purchase within your region. Another benefit to doing your homework upfront is that buyers will have a good idea of what they want before they make contact with the firm, Nielsen says. "It's difficult to help with your search if you're looking at minivans, sports cars or convertibles all at the at the same time," he says. Nielsen suggests narrowing down your options to the best two or three choices, including make, model, color and choices, prior to contacting an auto-buying service. "Think about what it is that you truly would like to purchase and how much you'd like to invest," he says. When a company has that information, it will be able to perform a better job of getting the car you want with a price that is competitive. 4. Learn how car buying services are paid for. While these services may be offered for free to members, the costs are included in any charges for membership. For concierge services, they may charge a flat rate, or a percentage of the cost of the vehicle. Car-buying services often can negotiate lower rates with dealers due to the number of sales the dealership can earn as a result, and they can pass along the savings to the consumer. But buyers should be aware they may be directed by the company customers to specific dealers which they've a commercial relationship, she says. "You have to ask yourself if you really are getting the best price," Fix says. Fultz states that referral fees might never be the primary benefit these companies receive. Credit unions usually offer car-buying services as they improve the customer's relationship with their financial institution. "It ensures that we keep our loans in-house on a much more frequent base," he says. "It is beneficial to us, the membership and dealers." 5. Know the return policy Consumers should make sure they understand the customer satisfaction policy before they purchase the car or truck, Fix says. In the event that you don't, you could be stuck with a huge purchase that you're not happy with. It is possible to check on the car buying service platform's website or call customer service to find out what the return policy is. Beyond the time you have after you purchase the car in order to take it back, you should check to see if there is an upper limit on the amount of miles you can drive it. If you go over the number of miles then you'll need to pay for every mile that is over the limit. Typically, the car can't be returned damaged or modified -- it has to be returned in the same state as it was when it was handed over to you. The final word is that using the car buying services could be an option for you if you aren't looking to negotiate with a salesperson in the car dealership would rather avoid stepping foot at a car dealer or if you are short on time. Before you make a call make sure you do your research and review the particulars including researching the charges involved, as well as a car-buying platform's return policy. Find out more
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Written by a contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. 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 readers gain the confidence to control their finances with clear, well-researched information that break down complex topics into digestible chunks.
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