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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 smarter financial decisions by offering financial calculators and interactive tools, publishing original and objective content, by enabling users to conduct research and compare data for free and help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation could affect how and when products appear on this site, including, for example, the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does have no impact on the information we provide, or the reviews you see on this site. We do not include the entire universe of businesses or financial deals that could be available to you. FG Trade/Getty Images
4 min read Published March 02, 2023
Written 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 a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched information that dissects complicated topics into manageable bites. The Bankrate promises
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At Bankrate we are committed to helping you make better financial decisions. We adhere to the highest standards of editorial integrity ,
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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 are focused on the areas that consumers are concerned about most -- the various types of loans available as well as the most favorable rates, the most reliable lenders, how to repay debt, and more -- so you can feel confident when making your decision to invest your money. Integrity of the editing
Bankrate has a strict policy standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial decisions. Our main principles are that we appreciate your trust. Our mission is to provide readers with accurate and unbiased information. We have established editorial standards to ensure that this happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure the information you're receiving is true. We keep a barrier between advertisers as well as our editorial staff. Our editorial team doesn't receive compensation directly from our advertisers. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our goal is to give you the best advice to aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines for ensuring that editorial content isn't in any way influenced by advertising. Our editorial staff receives no direct compensation from advertisers, and our content is thoroughly checked for accuracy to ensure its truthfulness. Therefore when you read an article or a review it is safe to know that you're getting credible and dependable information. What we do to earn money
You have money questions. Bankrate has the answers. Our experts have been helping you manage your money for over four years. We continually strive to provide our readers with the professional guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our information is trustworthy and precise. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the right financial decisions. Our content produced by our editorial team is factual, accurate, and not influenced through our sponsors. We're transparent about the ways we're in a position to provide quality content, competitive rates, and helpful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services or by you clicking on specific links that are posted on our website. Therefore, this compensation may affect the way, location and when the products are listed within categories, unless prohibited by law for our mortgage, home equity and other home loan products. Other elements, such as our own website rules and whether the product is available within the area you reside in or is within your self-selected credit score range may also influence how and where products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. The median monthly amount for a used car is $526 for the 4th quarter in 2022 and the newer cars were higher at $716 according to . For a new buyer, numbers this steep can feel intimidating and even more overwhelming when you aren't experienced with the buying process. But confidence is all made of preparation. So you should take the time before heading online or to a dealership to know the essential steps to take when buying your first vehicle. 1. Decide how much you are able to pay for an effective purchase is to first establish . Your credit score, monthly income, and the kind of car you want must all be taken into consideration when making this choice. The key is to find a compromise between fitting your budget and selecting a car right for your needs. When budgeting, look at the total, not only the sticker price that you will see advertised. The true out-the-door price is the entire cost that you'll be required to pay, which includes tax and dealer charges. Once you have that number -- or a suitable estimate, you can factor in your salary average and make use of a , which can assist you in determining what the monthly cost of financing the car will be. Bankrate tip
Car ownership is a major expense, an expense, so ensure that you have room in your budget to cover additional costs.
2. Reserve money for a down payment the price of your new car is the initial lump sum you'll pay. Aim to cover at 20 percent of the purchase price, that could take a while. Being patient and saving up for a is likely beneficial if you are able to put off purchasing an automobile until you've got the money. It will save you more money in the long run and reduce your monthly costs. If you're not able to put off making a lower down payment. However, you may not receive a fair rate from your lender. If this is the case, you should consider a less pricey vehicle instead. The less you pay overall it is the less you have to pay to pay for a down payment. 3. Examine your credit history If this is your first major investment in a financial institution, it's possible that you don't have an extensive credit history. If that's the case, look over your credit history to find out the loan alternatives are available. Credit scores are the most important factor lenders consider to determine the interest rates that they will offer. The better your credit will be, the better the interest rate you will receive. Verify your credit score prior to talking to a potential dealer. It is possible to do this on the internet or at no cost at . It is worth waiting to make sure your credit is in order before applying for car financing if you can. 4. Find the best car for you Choosing which vehicle is the best fit for your needs requires many more factors than just the color or design. Take into consideration other aspects, like the car's durability, size for your requirements, technological features security features, gas mileage and the weather where you live. Take a look at these statistics as well as additional information about the price the car you're interested in is sold for. This is also a good time to consider whether you'd like to purchase a . While a brand new car can be an exciting option, certified used (CPO) will give you an affordable price while still boasting modern features as well as a warranty from the manufacturer. If you're not in a hurry to get behind the wheel as soon as possible You can save money by waiting for . 5. Prequalify for financing After you have gathered some details about the kind of car you wish to purchase and your financial history, make an application to lenders who offer prequalification. This is crucial to saving money and putting you in control when it comes to choosing the most suitable financing option. Prequalification is different from full approval, so even when the prequalification process closes, it's still not a done deal. Rather, preapproval will provide you with an idea of potential rates and conditions. You'll still need to fill out an application in a formal manner, but you will have an idea if you can afford the application before the deadline. You will need the following in order to be prequalified your finances and income. Personal information. Employment information. Any current debt. 6. Head to the dealership -- in person or online After obtaining prequalification for a loan and setting your sights on the vehicle of your dreams now is the time to start the buying process. In the ideal scenario, you'll need check out the available vehicles available in your local area. The majority of dealers will list their inventory on their websites and permit you to schedule appointments. It is crucial to sit behind the wheel of your potential vehicle and take it for a test drive before you buy. Be sure to alter the seat and see if it fits into your garage and is able to handle your day-to-day routine. You aren't limited to the dealers local to you. Online dealers like Carvana, TrueCar and Vroom give you access to a nationwide inventory of pre-owned cars. You can search and apply for financing from the comfort of your home, and when you pick one, you are given up to a week to test the car, and then take it . 7. Negotiate Negotiation may be intimidating However, finding the most favorable deal is in the form of taking a stand for yourself. Be prepared with all the paperwork required, a clear knowledge of your credit score and ask. But the most important thing to remember is this: be prepared to quit if you are unable to secure the loan you want. When it's time to conclude the deal, remain steadfast on the number you agreed to. You can expect the dealer to press for . Say no to options like fabric or paint protection in the event that an additional option like gap insurance could be more useful. Next steps Negotiation can feel daunting, but getting the best deal comes down to being a strong advocate for yourself. Be prepared with all the paperwork required, a clear knowledge of your credit history and be prepared to inquire. Focus on the purchase price and not on the monthly installment. Also, be ready to walk away if can't get the deal you're entitled to. If it's time to close the deal, remain steadfast on the agreed-upon number. The dealer is likely to insist on . Do not accept options like fabric or paint protection while an extra option such as gap insurance may be more beneficial. Learn more
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely taking out loans to purchase a car. Written 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 take control of their finances with precise, well-researched and well-researched facts that break down otherwise complex subjects into bite-sized pieces.
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