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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 better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and analyze information at no cost to 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 Make money The products that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews that you see on this site. We do not include the universe of companies or financial deals that could be accessible to you.



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7 min read Published August 23, 2022
Written by Naomi Mannino Written by Contributing writer

Naomi Mannino is a contributing writer at Bankrate. Naomi is a writer on loans and banks.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down complicated subjects into bite-sized pieces.









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In the , the practice of buying cars online has increased dramatically within Americans. It's a trend that's going to be around for a while. As a knowledgeable consumer, it is important to learn how to find the best car deals when shopping on the internet. There's an easy way to access the vast amount of information to aid in the process of buying online. Starting with the manufacturer's suggested Price (MSRP) and trade-in value and financing options, to incentives, inventory, expert ratings and user reviews all the information you require is readily available online. Utilize all of these details to become a knowledgeable shopper. 1. Create a budget The first step is to decide how much to spend. This involves calculating the annual and one-time expenses. The cost of fuel, as well as your down payment all contribute to the purchase price and regular monthly costs that comes with owning a vehicle. Your should also be aware of the interest rate you be paying since it will have the most significant factor in your monthly installment and total cost. Buyers with better credit scores will be better rates than those with less credit scores. Bankrate's tip: Experts recommend making at least a 20% down payment and not spending more than 10 percent of your household budget on vehicle expenses, which includes the maintenance cost and any insurance. 2. Pre-approved for a loan For the best deal on the car loan, research your options, and then talk to a lender before approaching any dealerships online or in person. Banks, credit unions and online lenders provide preapproval times that permit you to know your likely cost of interest and the monthly installment so you can shop smartly. When you've got preapproval, you can use it to leverage your loan . Dealer financing involves big markups and 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 inquire if they can 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 already use the internet to research and learn everything they can about the car's make, model and alternatives. Websites provide experts' reviews and reviews of hundreds of vehicles, detailing the best vehicles for myriad lifestyles, says CarGurus Director of Editorial Matt Smith. "And thanks to YouTube, consumers no longer need to walk the car lot to get a good view of the cars that are appealing to their interests," Smith says. It is possible to do the majority purchases online to cut down on time spent at the car dealership. And in some cases, dealers will offer completely online buying procedures, but it might not come with the ability to negotiate prices. Bankrate's advice: It may still be a good idea to see a car in person prior to signing a contract. Contact the dealership and ask the salesperson to take photos of the vehicle for you However, it is recommended that you try a test drive and mechanic inspection prior to buying. 4. Find out the worth of your trade. Knowing the worth of your trade as well as looking for other options of selling your used car could help to pay more towards the new car's purchase price. You can always trade in your car at the dealer, but know how much it will be worth before you sign an offer. Most people search Kelley Blue Book or Edmunds to find out the worth of their old cars. Additionally, car buying and research websites such as CarGurus employ algorithms to calculate the expected trade-in value of the car, based on its characteristics including its age, mileage, location and other features. There are three methods to market your vehicle -- and you can do them online, too. Sell your car at a dealership regardless of whether you intend to purchase from it. You could also get an offer to purchase your vehicle by using this Instant Cash Offer tool available on AutoTrader.com which is a website for purchasing and selling new and used cars at participating local dealers. Sell your car privately for cash. Find your car's make and model online for price and availability on websites like eBay as well as Craigslist. Sell it to a used car dealer, such as 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 trade in your used vehicle to the dealer, in which you'll probably get the lowest amount for it. Get quotes and use them as negotiation tools. 5. Find local inventory If there's a small amount of the vehicle you're looking for at dealer dealerships There's less of a chance to find a bargain So, make sure you look into the local dealerships' inventory available. Contact several dealerships to ask about the availability of the vehicle you have in mind. However, if you are not able to find dealerships that allow you to submit your application online, search to private auctions. There are a myriad of websites that allow buyers and sellers to meet, and you might be able to get an excellent deal without having to go through the dealership completely. It is also possible to think about buying from mixed in-person and online dealers such as TrueCar. This will allow you to effortlessly browse through inventory at the national and local levels to make your search as broad, especially if are looking to purchase a particular pre-owned model. Bankrate's tip: Look for cars that have at least the VIN (vehicle Identification Number) in the listing and pictures that show the exact vehicle that is being sold rather than stock photos. 6. Contact local dealerships for prices. Once your online research is complete and you have found a dealership, call them to request price quotes online. A lot of dealerships have departments devoted to sales via the internet, and whether you email the online sales department or fill out an inquiry form on the site of the dealer it is best to contact someone with the power to give you a price. "The greater the number of quotes that you have the greater the chance you have when it comes to concluding your deal" states Quincy Reeves, the editor of Consumer Reports. "But keep in mind that most dealers are likely not be willing to offer the best price without a guarantee that you'll purchase at their prices." Bankrate tip: Be as specific as you can with models, make and model and inquire with several dealers for their most competitive offers. Compare them to your research price ranges and the other options to determine the best option. 7. Assess the value of your trade-in and finance When you've negotiated the price with a couple of dealerships, negotiate the value of the trade-in as well as the financing. Simply ask the dealer for the most favorable price to purchase your vehicle. "Trade-in valuations have increased dramatically in the years 2020 and 2021. If a buyer is looking to buy a new car and also has a pre-owned vehicle for trade, they should always see how much the dealership is willing to give," says Smith, of CarGurus. The prices continue to rise for used vehicles so you might be able to get a better bargain in 2022. It's also possible to use AutoTrader.com's trade-in price at participating dealerships. After you've received estimates to trade your vehicle, compare the prices and decide whether you'll agree to a dealer's price, privately sell or accept an offer from a used car dealer, such as CarMax. Don't forget to ask about financing incentives and rebates. In the event that you've got a preapproval from your lender, you can refer to them as being a cash buyer -eliminating financing and deposit out of the equation that profits the dealer. Inquire if the dealer could offer you a better deal. Bankrate tip: If you're eligible for any incentives or rebates prior to accepting the deal. It might seem like a better offer initially but you might be paying less interest through a third-party lender which has lower fees. 8. Negotiate on the internet If none of the price quotes you receive fall within your limit of the price at fair market and invoice, then you can use these two numbers to inquire from dealers about their top rates. "It's best to ask first what is the best price offered by the dealer. You don't have to share the details of any other deals or negotiations you're involved in with a different dealer unless it's for your advantage," DeLorenzo says. "Use these figures to determine if the dealer can beat other offers. If not, remember you have the power to relocate your business to another place." Make sure all price quotes are detailed in an email and remember to ask if any extra fees are withheld or included. For instance, items like "customer service fees," -- which are negotiable and can be removed- can tack thousands on to your overall price. If one dealer offers you a price that you like then you can send the price to a different dealer to receive bids from competing dealers in particular if you know exactly what the price quotes include. Bankrate advise: Don't give your monthly budget to a salesperson for a car. That allows the dealer to pack whatever they can into your budgeted payment, and keep your budget in mind. Focus on the overall price and utilize it to negotiate the price for your car. 9. Drive and sign you must be working with the dealer that is selling the vehicle you are looking to purchase and has offered you the best bargain. At this stage, you may still have to visit the dealership to sign the bill of sale and sign any necessary financing paperwork and pick up your keys and vehicle. Many dealerships are now delivering cars and paperwork directly to your doorstep and allowing this last step to be completed at your house. Whatever route you choose, make sure to read the final contract carefully. Check all of the numbers and request explanations of any additional fees or documents to determine if the fees are legitimate. Schedule your appointment with the mechanic to check the car regardless of whether it's brand new. Don't finalize any paperwork until you are sure your car and financing are exactly the one you're looking for. Bankrate's tip: Finance and insurance representatives may try to convince you to buy additional items however, be firm in telling them "no," and only include something only if there's a better way to get the option or service. The bottom line is that buying a car online -- or performing the majority of the legwork online before going to a dealer will save you time and money. Find out the current prices, look up the national and local inventory, compare current vehicle prices as well as prepare for negotiations. Utilizing the wealth of information on the internet to your advantage could eliminate much of the stress from getting an automobile. Find out more


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Written by Contributing writer

Naomi Mannino is a contributing writer at Bankrate. Naomi is a writer on loans as well as banking.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to manage their finances through providing precise, well-studied information that break down complex subjects into bite-sized pieces.






Auto loans editor




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