How to buy your first car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare data for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that compensate us. This compensation can affect the way and when products appear on the site, such as such things as the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews you see on this site. We do not contain the vast array of companies or financial deals that could be available to you. FG Trade/Getty Images
4 minutes read Read Published March 02, 2023
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the ins and outs of securely borrowing money to purchase cars. The article was 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 gain the confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate guarantee
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They ensure that what we write ensures that everything we publish is accurate, objective and trustworthy. The loans reporter and editor concentrate on the areas that consumers are concerned about the most -- various kinds of loans available and the most competitive rates, the top lenders, how to pay off debt and more -- so you'll be able to feel secure when investing your money. Integrity of the editing
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If you have questions about money. Bankrate can help. Our experts have been helping you master your money for over four years. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is honest and precise. Our award-winning editors and reporters create honest and accurate information to assist you in making the right financial choices. Our content produced by our editorial staff is factual, objective, and not influenced through our sponsors. We're open about the ways we're capable of bringing high-quality information, competitive rates and useful tools for you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or through you clicking specific links on our website. So, this compensation can affect the way, location and when the products are listed within categories, with the exception of those it is prohibited by law for our mortgage home equity, mortgage and other home lending products. Other factors, such as our own rules for our website and whether a product is offered in your region or within your personal credit score can also impact the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include specific information on every credit or financial products or services. The average monthly amount for a used car was $526 in the fourth quarter of 2022 and the newer cars were higher at $716, according to . For a new purchaser, this kind of number can feel intimidating and even more overwhelming when you aren't familiar with the buying process. However, confidence is made of preparation. So take the time before heading to the internet or to a dealer to understand the key steps to take when you are buying your first car. 1. Decide how much you are able to pay for a successful buy is to first establish . your credit scores, monthly income, and the kind of vehicle you're looking for must all be taken into consideration when making this choice. It is important to find a compromise between your budget and selecting the perfect car to meet your requirements. When determining your budget, consider the whole picture, not just the price on the sticker that is advertised. The actual price for the car is the entire cost that you'll be required to pay, including dealer fees and taxes. Once you have that number or a reasonable estimate, take into account your average salary and make use of an, which can aid you in determining what your monthly cost of financing the car will be. Tips from Bankrate
Car ownership comes with so be sure you've got enough money in your budget for additional costs.
2. Save for a down payment the price of your new car is the first lump sum you pay for it. Try to pay at least 20% of the purchase price that could take a while. Be patient and save to purchase a car is probably worth it if you delay getting an automobile until you've got the money. This can save you more money in the long run and reduce your monthly costs. If you are unable to wait, you can make a lower down payment. However, you may not get a good rate from your lender. In this case, consider a less pricey vehicle instead. The less you pay overall it is the less you need to save for a down payment. 3. Examine your credit history If this is your first significant financial investment, it is possible there isn't a long credit history. If this is the case, check your credit history to determine which loan options are available. Your credit score is the most important factor lenders consider to determine the rates of interest they will offer. The higher your credit score is, the better the interest rate you will receive. Check your credit score before meeting with a dealer. You can do so online through or for free at . It's best to get your credit in good condition prior to applying for financing for a vehicle if you can. 4. Choose the right car for you Choosing which vehicle is the best fit for your needs requires much more than just color or style. Consider other factors, such as the vehicle's durability, size for your needs, technology, safety features, gas mileage , and the climate in which you reside. Take a look at these statistics -- and extra information about the price the car you are interested in typically sells for. This is also a good moment to decide if you want an . Although a brand-new car is thrilling, certified pre-owned (CPO) could offer an affordable price and still offer new features and a manufacturer-backed warranty. And if you aren't in a bind to drive whenever you can it is possible to get a better deal by waiting . 5. Prequalify for financing After you have gathered some details about the kind of car you wish to purchase and your financial situation, you can look for lenders that provide prequalification. This is crucial in saving money and puts you in charge when it comes to selecting the best financing option available. Prequalification, or , differs from full approval, so even after the prequalification procedure is completed, it's not a complete agreement. Preapproval, however, will give you an idea of possible rates and conditions. You will still have to submit an application in a formal manner, but you will have an idea of whether you're able to pay for it prior to. The following are required when you apply to prequalify: Average income and finances. Personal information. Employment information. Any current debt. 6. Go to the dealershipin person or online After prequalifying for an loan and selecting your dream car, it is time to begin the car purchasing process. In the ideal scenario, you'll need look up the types of cars available in your area. Most dealers list their inventory on their websites and permit you to schedule appointments. It is crucial to sit behind the steering wheel of your prospective car and take it for a test drive before you purchase. Be sure to adjust the seat, and determine whether it will fit in your garage , and if it can manage your daily routine. But you are not limited to local dealers near you. Online dealers such as Carvana, TrueCar and Vroom provide access to a nationwide inventory of pre-owned cars. You can browse and get financing without leaving the house, and when you pick one, you are given up to a week to test the car before you buy it . 7. Negotiate Negotiation isn't easy, However, getting the best deal boils in the form of standing up for yourself. Be prepared with all the paperwork needed, a firm knowledge of your credit score and be prepared to inquire. But the bottom line is this: be prepared to quit if you are unable to secure the loan you want. When the time has come to conclude the deal, stay steadfast in your commitment to the agreed-upon number. The dealer is likely to push for . Do not accept alternatives like paint protection or fabric while an extra option such as gap insurance could be more useful. The next steps to negotiate can be daunting However, getting the best deal boils from standing up for yourself. Bring any documents needed, a firm understanding of your credit history and to ask. Focus on the purchase price instead of the monthly payment. Also, be ready to walk away if you can't get the deal you're looking for. When it's time to close the deal be firm on the agreed-upon number. The dealer is likely to push for . Don't be averse to options such as paint protection or fabric in the event that an additional option like gap insurance could be more appropriate. Learn more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely taking out loans to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched details that cut otherwise complex subjects into bite-sized pieces.
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