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How to buy your first car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content, by enabling you to conduct research and compare data for free – so that you can make financial decisions with confidence. 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 offers that appear on this site are from companies that pay us. This compensation can affect the way and where products appear on this website, for example, for example, the order in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other products for home loans. This compensation, however, does have no impact on the content we publish or the reviews that appear on this website. We do not include the vast array of companies 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 assisting readers in navigating the ways and pitfalls of borrowing money to buy 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 enthusiastic about helping readers gain the confidence to control their finances by providing concise, well-studied information that reduces complex topics into manageable bites. The Bankrate promises

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At Bankrate we are committed to helping you make better financial decisions. While we adhere to strict ethical standards ,

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

Established in 1976, Bankrate has a long track history of helping people make informed financial decisions.

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We make sure that everything we publish is objective, accurate and trustworthy. The loans journalists and editors are focused on the things that consumers are interested about the most — different types of lending options as well as the most favorable rates, the most reliable lenders, ways to repay debt, and much more. So you’ll be able to feel secure when investing your money. Integrity of the editing

Bankrate adheres to a strict code of conduct , so you can trust that we’re putting your interests first. Our award-winning editors and journalists produce honest and reliable content that will assist you in making the right financial choices. Key Principles We appreciate your trust. Our aim is to offer readers accurate and unbiased information. We have established editorial standards to ensure that happens. Our reporters and editors thoroughly fact-check editorial content to ensure the information you’re receiving is correct. We keep a barrier with our advertising partners and the editorial team. The editorial team of Editorial Independence Bankrate does not receive compensation directly from our advertisers. Editorial Independence Bankrate’s editorial staff writes in the name of YOU – the reader. Our aim is to provide you the best advice that will help you make smart personal finance decisions. We adhere to strict guidelines to ensure that our editorial content isn’t affected by advertisements. Our editorial staff receives no direct compensation from advertisers, and our content is fact-checked to ensure accuracy. So, whether you’re reading an article or a review you can be sure that you’re getting reliable and reliable information. How we make money

You have money questions. Bankrate has answers. Our experts have been helping you master your finances for more than four decades. We continually strive to provide our readers with the professional guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our information is trustworthy and accurate. Our award-winning editors and reporters produce honest and reliable content that will help you make the right financial choices. The content created by our editorial team is factual, accurate and is not influenced by our advertisers. We’re honest about how we are able to bring quality content, competitive rates and helpful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods and services, or when you click on specific links that are posted on our site. This compensation could affect the way, location and when the products are listed within categories, except where it is prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, like our own website rules and whether the product is available within the area you reside in or is within your personal credit score could also affect how and where products appear on this website. Although we try to offer an array of offers, Bankrate does not include information about every financial or credit product or service. The monthly average payment for a used car is $526 for the 4th quarter in 2022 and new cars were sitting higher at $716 according to . If you’re a first-time car buyer, numbers this steep could be intimidating, and more daunting if you’re not comfortable with the buying process. However, confidence is made of preparation. So make sure you take time prior to going to the internet or a dealership to understand the key actions to follow when purchasing your first car. 1. Determine how much you can manage to afford. The first step in making buying a car that is successful is to first establish . The credit rating, your monthly income, and the kind of car you’d like to purchase will all be considered in this decision. The key is to find a compromise between your budget and selecting a car right for your requirements. When determining your budget, consider 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 be required to pay, which includes dealer fees and taxes. Once you’ve got that figure — or a suitable estimate — factor in your typical salary and use an, which can help you determine what the monthly cost to finance the vehicle will be. The bankrate tip

Car ownership has its own costs, so be sure you have room in your budget for any additional expenses.

2. Reserve money for a down payment Your future car is the first lump sum you will pay. Aim to cover at least 20% of the cost of purchase, which might take some time. Saving up for a car will likely be worthwhile if you can put off purchasing an automobile until you have the funds. 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. But, you might not get a good rate with your lender. In this case, consider the option of a cheaper vehicle. The lower your overall cost and the lower your monthly expenses, the less you’ll need to save for a downpayment. 3. Check your credit history If this vehicle is your first significant investment in a financial institution, it’s likely that you don’t have an extensive credit history. If that’s the case, check your credit history to find out which loan alternatives are available. Your credit score is the main factor that lenders use to determine the interest rates they will offer. The better your credit, the more favorable the interest rate you will receive. Check your credit score before meeting with a dealer. You can do so online or free at . It’s best to ensure your credit is in order before applying for car financing in the event that you are eligible. 4. Choose the right car for you. Choosing the vehicle that is right for you requires a lot more consideration than just style or color. Consider other factors, for instance, the car’s longevity, size for your requirements, technological features security features, fuel efficiency and the climate where you live. Check out and for these stats as well as additional information about the price the car you’re looking at sells for. This is also a good time to consider whether you’d like an . While a new car is thrilling, certified pre-owned (CPO) could offer the lowest price, but still come with the latest features, as well as manufacturer-backed warranty. If you’re not forced to take the car out in the shortest time possible it is possible to save money by waiting for . 5. Prequalify for financing After you’ve gathered information about the type of vehicle you wish to purchase and your financial history, make an application to lenders who offer prequalification. This is crucial in saving money and puts you in charge when it comes to choosing the most suitable financing option. Prequalification differs from full approval, and so even after the prequalification procedure closes, it’s still not a complete agreement. Preapproval, however, will give you an idea of potential costs and terms. You will still have to fill out an application in a formal manner the preapproval, but you’ll know if you can afford the application ahead of time. You will need the following in order to be prequalified your finances and income. Personal information. Information about employment. Any current debt. 6. Visit the dealer- in person or online After prequalifying for an loan and selecting the vehicle of your dreams now is the time to start the buying process. It is recommended to see what vehicles are available in your region. A majority of dealers have their inventory listed on their websites and let you schedule appointments. It is crucial to take the steering wheel of your prospective vehicle and take it for a test drive before you buy. Make sure you alter the seat and see the space into your garage and is able to be used for your day-to-day activities. But you are not limited to the dealers local to you. Online dealers like Carvana, TrueCar and Vroom offer access to a national inventory of pre-owned cars. You can search and apply for financing from the comfort of your home If you decide to purchase the car you want, you can get up to one week to the car, and then take it . 7. Negotiate Negotiation isn’t easy, however, finding the most favorable deal comes down to taking a stand for yourself. Come prepared with any paperwork needed, a thorough knowledge of your credit score and be prepared to inquire. But the bottom line is: be ready to walk away if you can’t obtain the credit you are due. When the time has come to close the deal be firm on the agreed-upon number. The dealer is likely to insist on . Don’t accept options such as paint protection or fabric, in the event that an additional option like gap insurance might be more appropriate. The next steps to negotiate can be difficult However, getting the best deal comes in the form of standing up for yourself. Come prepared with any paperwork required, as well as a thorough knowledge of your credit history and ask questions. Concentrate on the price of the purchase instead of the monthly payment. Be prepared to walk away if can’t get the deal you’re looking for. If it’s time to conclude the deal, be firm on the agreed-upon number. You can expect the dealer to insist on . Don’t be averse to options such as paint protection or fabric, when an add-on like gap insurance could 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 is a specialist in helping readers with the details of borrowing money to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-researched and well-researched facts that break down otherwise complicated topics into digestible pieces.

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