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The essential checklist before buying a new car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive financial calculators and tools as well as publishing relevant and impartial content. This allows you to conduct research and compare information for free — so that you can make sound financial decisions. Bankrate has agreements with issuers such as, 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 are from companies that pay us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our loans, mortgages,, and other home lending products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that could be accessible 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 assisting readers to navigate the details of borrowing money to buy an automobile. Written by 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 confidence to manage their finances with clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate promises

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At Bankrate we are committed to helping you make better financial choices. We adhere to the highest standards of editorial integrity ,

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They ensure that what we write will ensure that our content is reliable, honest and trustworthy. Our loans journalists and editors are focused on the areas that consumers are concerned about the most — the different types of lending options as well as the best rates, the most reliable lenders, ways to repay debt and much more. So you’re able to be confident about making your decision to invest your money. Integrity of the editing

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There are money-related questions. Bankrate can help. Our experts have been helping you manage your finances for more than four years. We are constantly striving to give consumers the professional guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct , therefore you can be confident that our content is honest and precise. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial choices. The content we create by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are capable of bringing high-quality information, 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 placement of sponsored products and services, or by you clicking on specific links on our site. So, this compensation can influence the manner, place and when products are listed in the event that they are not permitted by law. We also offer mortgage, home equity and other home lending products. Other factors, such as our own website rules and whether the product is offered in your region or within your self-selected credit score range may also influence the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include details about every financial or credit product or service. The process of buying a car for the first time can be intimidating, among the toughest elements in the buying process knowing where to start. From finding the perfect car for your lifestyle and budget to negotiating a deal, there are a lot of steps to take. Prices for new cars are rising because of inflation and a an extremely limited inventory . It is therefore crucial to be prepared for the buying process. If a purchase of a vehicle is likely to be in the near future, follow these steps to ensure you find the most affordable vehicle for your requirements. Before you head to the dealer: Researching Much of the work involved in buying a new car happens before you step to the floor of a dealer. Here’s where you can begin. Start by setting your sights. It might sound simple, but the first step is to decide which vehicle you’d like to purchase and what features are essential versus simply being good to possess. Check pricing. Before you negotiate, know market pricing and set expectations for how much you’re willing to pay. It is a fantastic resource to research current vehicle pricing before arriving at the dealership. Investigate financing options. There are two primary choices for financing your car as follows . There are pros and cons to each of these options. Independent lenders might offer you the lowest interest rates however, dealerships may offer incentives, such astaking out an loan via them. Take a look at the calculations. The cost of owning a car is much more than the sticker price. Be prepared to pay for any additional costs, like , gas and insurance, registration fees, tax and fees. Examine your credit. Like most major purchases your credit score is an essential aspect in your interest rate. Before you go to the dealer. Make sure you have your paperwork organized prior to going to the dealership. Arrive at the dealership prepared with your driver’s license, proof of payment method, and evidence of insurance. If you’re financing with the dealership, you’ll need documents proving your income, employment and your residence. Get preapproved for the car loan with at three lenders. It will only take about a minute for your precious time. A loan preapproval gives you the same negotiating power as a cash buyer and shows the dealership you mean business. Preapproval letters typically last for up to 30 — or 60-days. When you visit the dealership: examining the car A test drive is one of the most crucial aspects of your purchase. Explore every aspect of your vehicle with your lifestyle in your head. Check out the details. It will be your car for a long time So be prepared to research the insides and outs to make sure that it’s the right fit. Can the seat be comfortable? Do you have easy access to the spare tire? Is the trunk large enough? Create a test track. Test the car in the same environments in which you’ll be driving it in — on the freeway, through stop-and-go congestion, parking spaces or on hills. If you aren’t familiar with the area , inform the salesperson about the kind of driving you want to perform and ask what direction you should take. Take the wheel. You can take to your own time while driving to check the brakes and parking in tight spots and check visibility. It is also important to check the road noise and smoothness of the ride. Compare the car that you are considering to your checklist. Do you remember the list of desirable items and essentials you made? When you’re on the lot make sure the car is in line with these priorities, so that you can enjoy the lifestyle. Don’t let your emotions take over. When you’re sitting in that new car on the road, enjoying its advanced features and the fresh smell of the car It’s effortless to lose track of your financial plan or must-haves and let emotions take over. If you come across a vehicle you like, but it doesn’t match your initial requirements, drive to your home and consider the purchase before making a choice. While on the lot: Deal-making After you’ve selected your dream vehicle You’ll have to be ready to make inquiries and negotiate for an affordable price. Check for deals. Dealerships may have special prices dependent on the day of the week. Find special pricing or rebates before meeting with a salesperson. Avoid discussing trade-ins. The salesperson is likely to push for a , but it’s best to discuss the purchase price prior to talking about your old vehicle. That way, the dealership will not have an estimate in mind in relation to the value of your old car. Create a counter offer. Make use of the number you found while researching market value as your guideline. The most important thing to consider when countering is not to be too outrageous that the dealer won’t consider you a serious buyer and yet push back enough to secure the most favorable price. Make sure you negotiate with confidence. Negotiation is among the most stressful aspects of car buying. However, if you get the best deal on the cost of the vehicle and the financing provided by the dealer in the event that it is available it could mean you save money. Don’t overdo your negotiations; be ready to walk away when you’re not satisfied with an offer. Take the time to read the small text. Before signing the line of dotted paper, you must read your contract in full. Pay special attention to the amount due in advance, which includes closing costs as well as . A lot of these costs can be negotiated or waived from the dealership. The bottom line Buying an automobile will affect your budget for a long time, so make sure you’re ready when you begin the process. Find out about the cars you like before heading to the dealer, then crunch the numbers and figure out the amount you’re willing to pay. Once you get to the dealership, leave your worries at home and stay firm in your budget. Learn more

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of borrowing money to buy 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 committed to helping readers gain the confidence to manage their finances with clear, well-researched facts that break down otherwise complicated subjects into bite-sized pieces.

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