The essential checklist before buying a new car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive tools and financial calculators as well as publishing relevant and impartial content, by enabling you to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that pay us. This compensation can affect the way and where products are displayed on the site, such as for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not contain the vast array of companies or financial offerings that could be available to you. Sergey_T/Getty Imgaes

4 minutes read. Published October 21, 2022

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the details of borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing precise, well-studied and well-researched data that breaks down complex topics into manageable bites. The Bankrate guarantee

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We are compensated in exchange for the placement of sponsored products and, services, or when you click on certain hyperlinks on our site. This compensation could influence the manner, place and in what order items are displayed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity and other home lending products. Other elements, such as our own website rules and whether or not a product is available within your region or within your personal credit score can also impact how and where products appear on this site. Although we try to offer an array of offers, Bankrate does not include details about each financial or credit item or service. The process of buying a car for the first time can be a daunting task and one of the toughest aspects of the process is figuring out which direction to take. From choosing the best car to fit your budget and lifestyle to negotiating a deal there are many steps involved. Prices for new cars are rising due to rising inflation and the shortage of inventory . This means it's crucial to be well-prepared for the purchase process. If a purchase of a vehicle is planned for the future, follow these steps to ensure that you have the best price and car that meets your needs. Before you go to the dealership: Researching Much of the research involved in purchasing the latest car is done before you even set foot in a dealership. Here's how to begin. Start by setting your sights. It might sound simple but your first task is determine which vehicle you'd like to purchase with regard to the features that are necessary versus just being good to be able to. Check pricing. Before you negotiate, know the current market prices and establish expectations for how much you're willing to pay. is a great resource to research current vehicle pricing prior to stepping onto the dealer. Explore financing options. There are two main options for car financing: and . There are pros and cons to both of them. Independent lenders may offer you an interest rate that is lower, but dealerships could have incentives, such aswhen you get an loan via them. Make sure you do the calculation. A car's purchase costs more than the sticker price. Be prepared to pay for any extra costs, such as gas and insurance, registration fees, taxes and other fees. Examine your credit. As with most big buys, your credit score is a vital aspect in your interest rate. and before going to the dealership. Organize your paperwork. Make sure you arrive at the dealership with your driver's licence, your payment method, and evidence of insurance. If you're financing through an auto dealer, then you'll need proof of employment, income and your residence. Be preapproved for an auto loan with at least three lenders. It takes only just a few minutes to complete. A loan preapproval provides you with the same negotiating ability as a cash buyer and shows the dealership you're serious. Most preapproval letters are valid for thirty or sixty days. On the lot: Investigating the car Test driving is among the most crucial aspects of your purchase. Investigate all aspects of your car keeping your lifestyle in your mind. Take a look at the particulars. This will be your vehicle for a while Be prepared to research the ins and outs to make sure that it's the right fit. Are the seats comfortable? Can you easily access an extra tire? Does the trunk have enough space? Create a test track. Test the car in the same conditions in which you will drive it such as in the highway, in stop-and go and in the parking spaces and on hills. If you're not familiar with the area well, tell the salesperson what kind of driving you'd like perform and ask which direction to take. Get behind the wheel. You can take some time to check the brakes and parking in tight spots and test visibility. Also, you should be aware of road noise and ride smoothness. Check the car on the market to the list you made. Do you remember the list of desirable items and necessities you created? Now that you've found a car check that the car aligns with these priorities, so that you can enjoy the lifestyle you desire. Don't let your emotions take over. If you're in the new car that's on the road, enjoying its high-tech features and the fresh smell of the car It's simple to overlook your spending plan or must-haves and let emotions take over. If you come across a vehicle you love that doesn't meet the criteria you set, head home and contemplate the purchase prior to making a decision. On the road: Deal-making Once you've selected your ideal car You'll have to be ready to inquire about the details and negotiate to get the best price. Check for deals. Dealerships will have special pricing according to the time of the week. Look for special prices or rebates before meeting with a salesperson. Don't talk trade-in. The salesperson is likely to push for a purchase, but you should discuss the purchase price prior to discussing your old car. That way, the dealership won't have a number in mind based on the value of your previous vehicle. Offer a counteroffer. Utilize the number you gathered when researching market value as your guideline. The trick to counteroffer is not to be too extravagant that the dealer will not be taken seriously, but to push back enough to obtain the best price. Confidently negotiate. Negotiation is among the most dreaded aspects of car purchasing. However, if you get the best deal on the price of the car and financing from the dealer and, if it's applicable, you may save big. Remember, don't rush your negotiation. Always be prepared to walk out if you're unsatisfied with the offer. Take the time to read the small details. Before signing on the dotted line, make sure you read your contract in full. Pay special attention to the money due upfront, including closing costs and . A lot of these costs are negotiated or waived from the dealership. The bottom line Buying the latest car can impact your budget for a long time, so make sure you're ready when you begin the process. Do your research before heading to the dealership, crunch the numbers, and work out the exact amount you're able to afford. And, once you head to the dealership, keep your emotions at home and focus in your budget. Learn more

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of borrowing money to buy cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances by providing clear, well-researched facts that break down otherwise complex topics into manageable bites.

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