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5 minutes read. Published October 21, 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers feel confident to manage their finances through providing precise, well-studied facts that break down complicated topics into bite-sized pieces. The Bankrate promise

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They ensure that what we write ensures that everything we publish is accurate, objective and reliable. Our loans journalists and editors are focused on the things that consumers care about the most — the various types of loans available, the best rates, the top lenders, ways to pay off debt and much more. So you can feel confident when making a decision about your investment. Editorial integrity

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There are money-related questions. Bankrate has answers. Our experts have helped you understand your money for over four years. We strive to continuously provide our readers with the professional advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and precise. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial choices. The content we create by our editorial staff is factual, objective and uninfluenced by our advertisers. We’re transparent about the ways we’re able to bring quality content, competitive rates, and helpful tools to our customers by revealing how we make money. is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods andservices or when you click on specific links on our website. This compensation could impact how, where and in what order products appear in listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. Other elements, like our own website rules and whether a product is offered in the area you reside in or is within your own personal credit score 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 the details of each financial or credit item or service. If you’ve spent the last few months dreaming of getting a brand new car in your driveway, you’re likely checking out various models, looking at deals, and looking at what accessories you are able to afford. Car purchases are an investment of a lifetime and you’ll have to think about costs as well as financing options and negotiation strategies prior to going to the dealer. 7 steps to purchasing a new car When you’re ready, follow these seven steps to maximize your car-buying experience and walk away with the vehicle that you’ve always wanted for a cost that doesn’t cost you a fortune. 1. Find out what you can afford You might have your eye on a particular car, but you won’t be able take it home unless you . Consider the monthly payment in addition to other . One good rule of thumb is to not spend more that 20 per cent of the household’s monthly income on a brand new car. This should include the monthly car loan payment as well as any other expenses like maintenance, fuel, repairs and registration fees. For the monthly payment alone, suggests that you should aim for no less than 15% of your earnings. Utilize this calculator to obtain an accurate estimation of the amount you’ll be paying every month, and also in interest over the course of your loan. It’s equally important to as it determines the interest rate you receive. 2. Choose whether to lease or buy the car Do you plan to drive your car for until the wheels can stay on? If so, buying is the best option, and you’ll be able to trade or sell the vehicle when you want new wheels. If you’re looking for to buy a new car every three years . Leases can let you find a better car at a lower cost, since they usually come with lower down payment requirements , and a more affordable monthly payment. But you’ll not be able to purchase the car for yourself and will need to check out for lease terms that are specific to your needs like mileage limitations and wear-and-tear fees, to avoid hefty penalties. Consider the vehicles you’re considering and consider the pros and cons of each. Bankrate’s will assist you in estimating the cost savings of buying or leasing so you can make an informed choice. Take into consideration certified pre-owned

Certified pre-owned vehicles can be the perfect way to save money on an upgrade to a brand new vehicle and lower cost. You’ll get reassurance of the warranty of the manufacturer that you can’t get from a private dealer.

3. Research After you set your budget and determine the right kind of ownership to suit your driving style, begin investigating the vehicles that attracted your attention. First, visit automaker websites as well as independent auto information sites to determine the features that are important to you. Take note of the MSRPs (manufacturer’s recommended retail price) and the invoice price. Also, check local inventory listings to see what is available in your area. Additionally, research discounts. Numerous automakers offer discounts to military, students as well as members of certain credit unions. Discounts can be stacked and paired with cash-back incentives on the vehicle, which should be deducted when you negotiate the price. Visit the website of the manufacturer for these incentives before heading into. 4. Determine the true cost The costs of owning a car are much more than just your initial payment. Check out websites like to get a rough idea of gas, insurance and repair and maintenance costs in your area — however, these figures will vary based on the driving habits you follow. For greater accuracy you can calculate your own cost to calculate the cost of fuel based on the number of miles you take in each year and then get a price estimate for the cars you are considering. You’ll need to give the insurance agent the exact model and trim level, as well as the engine, and other add-ons for an accurate quote. It is important to keep in mind that the cost of fees such as taxes on sales, registration fees and documentation fees are not included in the price advertised by dealers. Bankrate’s tip

Ask for a complete breakdown so that you know what fees to expect

Bankrate tip: Take into consideration charges, such as registration fees, sales tax and documentation fees not included on the price advertised by dealers. Get a full breakdown so you can know what fees to expect 5. Lock in your financing before visiting the dealership Dealers don’t only want to sell you a car -they also want to manage the car loan as well. Dealers typically receive an uncapped fee or commission for the auto loans they facilitate, regardless of whether or not the loan is either from a manufacturer or local lender. Instead of having the dealer take care of the job, check at banks and credit unions and prior to going to the dealership, you can check with banks and credit unions before heading to the. Preapproval from a bank, credit union or an online lender doesn’t mean you need to take that deal however, it will aid you in determining the most affordable financing option. It can also potentially give you the ability to negotiate if you provide the preapproval letter for your lender and they promise to beat out the interest rate in exchange for your business. To obtain a preapproval form, you’ll need to provide your employment, personal and income data to the lender. They might also ask about any other debts you currently have to determine how much of an auto loan you can afford. 6. Test drive The majority of car buyers keep their new vehicles for about six years, so take your time when you test drive. Make sure that you really are in love with the car, especially in the event that you frequently drive to work or travel. Don’t be afraid to ask for more time behind the car. You can spend time in the car when it’s parked, adjusting the seats, experiment with the controls and figure out if passengers would be comfortable and if your regular items would fit in the. 7. Negotiate Once it’s time to sit down and talk about pricing, be prepared by completing your research. See if other dealerships offer better prices on your vehicle and seek a price match with your salesperson. If you’re interested , save that discussion for when you’ve negotiated the purchase price of your new car. Talking about these things separately will allow you to negotiate a better deal on your current vehicle, and you’ll fare even better if you’ve done research on your current car’s value on the internet. Before signing the final contract, review the entire contract carefully. Review any fees proposed and check that everything that you had negotiated verbally is written down in writing. Be prepared to say no to the extras that you might not need or even to the whole deal when it’s not working your way and the person selling it doesn’t want to compromise. Current state of the new automobile market. Purchasing a new car requires some additional factors to consider. New car average transaction prices (ATPs) hit record highs, above $48,000, for the fifth straight month in August of 2022, according to . The prices you will likely face result from a basic issue of supply versus demand. There are fewer vehicles available at car dealerships, because of supply chain problems, and drivers needing vehicles, prices are higher. Along with the increase in supply and demand, choices in the fight against inflation have made the cost of borrowing higher too. This can be seen in the amount of money that people are financing, a median of $40,290 in the 2nd quarter of 2022 versus $35,587 by 2021, according to . This means you’ll need to budget some more money on your new vehicle. Next steps Buying a new car can be a thrilling processand there’s nothing more satisfying than leaving the dealership with the knowledge that you’ve got the best deal. Before you begin your look for that perfect car make sure the finances of your family are on track and that your credit score is up to the mark. It’s equally crucial to review your budget to figure out what car you are able to afford. Once you’ve worked out all the financial details, shop around to find the best financing deal to allow you to bargain with confidence. Going to the dealership prepared can help you choose the most affordable financing option that works for your budget. Learn more


The article was 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 cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers feel confident to take control of their finances by providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.

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