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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 better financial choices by offering financial calculators and interactive tools as well as publishing objective and original content. We also allow you to conduct your own research and compare information for free and help you make informed financial decisions. 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 are from companies that compensate us. This compensation could affect how and when products appear on the site, such as such things as the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. However, this compensation will affect the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial offerings that might be available to you. FG Trade/Getty Images

4 minutes read Read Published March 02, 2023

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of borrowing money to purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances through providing concise, well-studied information that reduces complex subjects into bite-sized pieces. The Bankrate promises

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At Bankrate we aim to help you make better financial decisions. While we adhere to strict editorial integrity ,

this post may contain references to products from our partners. Here’s how we make money . The Bankrate promise

Founded in 1976, Bankrate has a long history of helping people make smart financial choices.

We’ve earned this name for more than 40 years by simplifying the process of financial decision-making

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so you can trust that we’re putting your interests first. All of our content is authored with and edited ,

They ensure that what we write will ensure that our content is reliable, honest and reliable. The loans reporter and editor are focused on the points consumers care about the most — the different types of lending options as well as the most favorable rates, the best lenders, ways to repay debt, and more — so you can feel confident when making a decision about your investment. Editorial integrity

Bankrate has a strict policy standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors and reporters create honest and accurate content to assist you in making the right financial decisions. Key Principles We respect your confidence. Our goal is to provide our readers with reliable and honest information, and we have established editorial standards to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you’re receiving is true. We have a strict separation between our advertisers and our editorial team. Our editorial team doesn’t receive compensation directly by our advertising partners. Editorial Independence Bankrate’s team of editors writes for YOU as the reader. Our aim is to offer you the most accurate advice to aid you in making informed financial choices for your own personal finance. We follow strict guidelines for ensuring that editorial content isn’t influenced by advertisers. Our editorial team is not paid direct compensation from advertisers, and all of our content is verified to guarantee its accuracy. Therefore whether you’re reading an article or a report you can be sure that you’re getting credible and dependable information. How we earn money

If you have questions about money. Bankrate has the answers. Our experts have been helping you master your money for over four decades. We strive to continuously provide our readers with the professional advice and tools required to make it through life’s financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is truthful and accurate. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the right financial decisions. The content we create by our editorial team is factual, accurate and is not influenced from our advertising. We’re transparent about how we are in a position to provide quality information, competitive rates and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services or through you clicking specific links on our site. This compensation could impact how, where and in what order products appear within listing categories, with the exception of those it is prohibited by law for our mortgage, home equity and other products for home loans. Other factors, like our own rules for our website and whether or not a product is available in the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this website. Although we try to offer a wide range offers, Bankrate does not include details about every credit or financial item or product. The median monthly amount for a used car was $526 in the fourth quarter of 2022 and brand new vehicles were higher at $716 according to . For a new buyer, numbers this steep can be daunting and more daunting if you’re not comfortable with the buying process. However, confidence is about preparation, so take time prior to going to the internet or a dealership to understand the key steps to take when you are buying your first automobile. 1. Determine how much you can afford The key to an effective purchase is to first determine . your credit scores, your monthly income and the type of car you want should all factor into the decision. It is important to find a compromise between fitting your budget and finding a car right for your requirements. When budgeting, look at the , not just the price on the sticker that you will see advertised. The actual price for the car is the total cost you’ll have to pay, which includes tax and dealer charges. Once you have that number or a reasonable estimate, you can factor in your typical salary and take advantage of a , which can assist you in determining what the monthly cost of financing the vehicle will be. Tips from Bankrate

Car ownership is a major expense, an expense, so ensure that you’ve got room in your budget for any additional expenses.

2. Save for a down payment The for your future vehicle is the first lump sum you’ll pay. Try to pay at 20 percent of the purchase price which could take some time. Be patient and save for a car will likely be beneficial if you are able to hold off buying a car until you have the funds. This will help you save cash in the end and decrease your monthly costs. If you’re not able to be patient, you can opt for an easier down payment. However, you may not get a good rate from your lender. In this case, consider the option of a cheaper vehicle. The lower the price overall, the less you will have to put aside to pay for a down payment. 3. Examine your credit score If this vehicle is your first major investment in a financial institution, it’s possible to be that you do not have an extensive credit history. If that’s the case, you should check your credit score to see which loan alternatives are available. Your credit score is the primary factor lenders consider to determine the rates of interest you can expect to receive. The higher your credit score, the more favorable the interest rate you will receive. Make sure you know your credit score prior to making contact with a potential dealer. You can do it online through or for free at . It’s worth it to ensure your credit is in order prior to applying for financing for a vehicle if you can. 4. Find the best car for you Choosing which vehicle is the best fit for your needs requires much more than just style or color. Also, consider other aspects such as the vehicle’s durability and size to meet your needs, technology security features, gas mileage and the climate in which you live. Take a look at these figures and additional details on how much the vehicle you are interested in typically sells for. This is also a good time to consider whether you’d like to purchase to purchase a . While a new car is an exciting option, certified used (CPO) will give you an affordable price but still come with new features and a warranty from the manufacturer. If you’re not forced to drive whenever you can it is possible to save money by waiting for . 5. Apply for prequalification for financing Once you gather some information on the kind of car you wish to purchase and your financial history, look for lenders that provide prequalification. This is crucial to saving money and putting you in control in deciding the best financing option available. Prequalification differs from full approval. Therefore, even after the prequalification procedure ends, it’s not a complete agreement. Preapproval, however, will give you an idea of the potential rates and conditions. It is still necessary to complete an application form, but you will know if you can afford the loan before the deadline. The following are required for prequalification the program: Average income and financial information. Personal information. Employment information. Any current debt. 6. Head to the dealership -in person or online after obtaining a prequalification for a loan and selecting the vehicle of your dreams now is the time to begin the car purchasing process. Ideally, you should look up the types of cars available in your area. Most dealers will list their inventory on their websites. They will also allow you to set up appointments. It is important to take the steering wheel of your prospective car and take it for an inspection before you buy. Be sure to adjust the seat, measure if it fits in your garage , and if it can manage your daily routine. You aren’t limited to the dealers local to you. Online dealers such as Carvana, TrueCar and Vroom offer access to the entire inventory of pre-owned cars. You can look through and obtain financing from the comfort of your home and, when you choose a car, you get up to a week to test drive your car and have it . 7. Negotiate Negotiation may be intimidating However, finding the most favorable deal is in the form of being a strong advocate for yourself. Bring any documents needed, a thorough understanding of your credit history and to ask. But the bottom line is: be ready to quit if you are unable to get the deal you deserve. When the time has come to close the deal remain steadfast on the agreed-upon number. It is possible for the dealer to insist on . Say no to options like paint protection or fabric, when an add-on like gap insurance may be more beneficial. Next steps in negotiation can be daunting, but getting the best deal boils in the form of being a strong advocate for yourself. Come prepared with any paperwork needed, a firm knowledge of your credit history and to ask. Concentrate on the price of the purchase 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, keep your stance on the finalized number. It is possible for the dealer to push for . Don’t be averse to options such as paint protection or fabric when an add-on like gap insurance may be more beneficial. Find out more

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase an automobile. Written 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 through providing concise, well-researched, and clear details that cut otherwise complicated topics into digestible pieces.

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