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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, by enabling you to conduct research and compare data for free — so that you can 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 Make Money The offers that appear on this site come from companies that pay us. This compensation could affect how and where products appear on this site, including for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does not influence the information we provide, or the reviews appear on this website. We do not contain the universe of companies or financial offers that may 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 in navigating the details of borrowing money to buy cars. Written 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 manage their finances with precise, well-studied and well-researched data that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate promise

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We make sure that everything we publish is objective, accurate and trustworthy. Our loans reporter and editor focus on the things that consumers are interested about the most — various kinds of loans available, the best rates, the most reliable lenders, the best ways to pay off debt and more — so you’ll be able to feel secure when making a decision about your investment. Editorial integrity

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If you have questions about money. Bankrate can help. 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 needed to make it through life’s financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is honest and reliable. Our award-winning editors and journalists produce honest and reliable content to help you make the right financial choices. The content we create by our editorial team is factual, objective, and not influenced through our sponsors. We’re transparent about the ways we’re in a position to provide quality information, competitive rates and useful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services, or through you clicking certain links posted on our website. Therefore, this compensation may affect the way, location and in what order products appear within listing categories, with the exception of those prohibited by law for our mortgage or home equity products, as well as other products for home loans. Other factors, such as our own rules for our website and whether or not a product is available within your region or within your personal credit score may also influence how and where products appear on this website. We strive to offer a wide range offers, Bankrate does not include details about each credit or financial products or services. The median monthly payment for a used car came to $526 during the quarter-fourth of the year 2022 and brand new vehicles were more expensive at $716, according to . As a first-time purchaser, this kind of number can feel intimidating and even more overwhelming when you aren’t comfortable about the process. But confidence is all made of preparation. So make sure you take the time before heading to the internet or to a dealer to understand the key steps to take when you are buying your first vehicle. 1. Find out how much you can manage to afford. The first step in making an effective purchase is to first determine . The credit rating, your monthly income, and the kind of vehicle you’re looking for must all be taken into consideration when making the decision. It is important to find a compromise between fitting your budget and finding a car right for your needs. When determining your budget, consider the whole picture, not just the sticker price that you will see advertised. The real price you pay out the door is the total cost you’ll be required to pay, including dealer fees and taxes. When you’ve got that number or a reasonable estimate, you can factor in your salary average and make use of an, which can aid you in determining what your monthly cost of financing the vehicle will be. Tips from Bankrate

Car ownership is a major expense, the responsibility of paying for it, so make sure that you have room in your budget to cover additional costs.

2. Reserve money for a down payment Your future car is the initial lump sum you’ll pay. Try to pay at least 20% of the purchase price that could take a while. Be patient and save to purchase a car is probably worthwhile if you can put off purchasing an automobile until you have the funds. It will save you money overall and lower the cost of your monthly expenses. If you are unable to wait, you can make an easier down payment. But, you might not receive a fair rate with your lender. If this is the case, you should consider an alternative that is less expensive. The less you pay overall, the less you will have to pay for a down payment. 3. Take a look at your credit report If this vehicle is your first large purchase, it’s possible to be that you do not have a lengthy credit history. If that’s the case, you should check your credit history to find out what loan alternatives are available. The credit score of yours is the primary factor lenders consider to determine the interest rates they will offer. The higher your credit score will be, the better your interest rate will be. Verify your credit score prior to meeting with a dealer. You can do so online through or for free at . It’s worth it to get your credit in order before applying for car financing if you can. 4. Decide what car is right for you. Deciding which car is best for you takes much more than just color or style. Take into consideration other aspects, like the car’s durability and size to meet your requirements, the latest technology and safety features, as well as gas mileage and the climate where you live. Check out and for these figures as well as additional information on how much the vehicle you’re looking at is sold for. It is also a good moment to decide if you’d like a . While a brand new car can be exciting, certified pre-owned (CPO) will give you an affordable price but still come with modern features as well as a manufacturer-backed warranty. If you’re not in a bind to get behind the wheel as soon as possible it is possible to save money by waiting . 5. Get prequalified for financing after you gather some information on the kind of car you wish to purchase and your financial situation, you can apply with lenders that offer prequalification. This is essential to save money as well as putting you in charge in deciding the most suitable financing option. Prequalification, or , differs from full approval, and so even when the prequalification process ends, it’s not a done deal. Rather, preapproval will give you an idea of potential rates and conditions. You’ll still need to complete an application form however, you’ll know whether you are able to afford the loan ahead of time. You will need the following when you apply to prequalify: Average income and finances. Personal information. Information about employment. Any current debt. 6. Head to the dealership -in person or online after obtaining a prequalification for an loan and selecting the vehicle of your dreams, it is time to start the buying process. It is recommended to see what vehicles are available in your area. Most dealers have their inventory listed on their websites. They also allow you to set up appointments. It is essential to get behind the wheel of your potential car and take it on an initial test drive prior to making a buy. Be sure to alter the seat and see whether it will fit in your garage and can manage your daily routine. However, you’re not restricted to dealers that are local to you. Online dealers such as Carvana, TrueCar and Vroom give you access to the entire inventory of used cars. You can search and apply for financing without leaving the house If you decide to purchase one, you are given up to one week to the car, and then take it . 7. Negotiate Negotiation may be intimidating However, finding the most favorable deal boils in the form of 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. The bottom line is this: be prepared to walk away if you can’t obtain the credit you are due. When the time has come to close the deal stay steadfast in your commitment to the deal’s agreed-upon amount. You can expect the dealer to push for . Don’t accept options such as paint protection or fabric when an add-on like gap insurance might be more beneficial. The next steps to negotiate can be difficult, but getting the best deal comes in the form of standing up for yourself. Be prepared with all the paperwork needed, a firm understanding of your credit history and be prepared to inquire. Concentrate on the price of the purchase and not on the monthly installment. Be prepared to leave if you don’t get the deal that you’re looking for. When the time has come to conclude the deal, remain steadfast on the agreed-upon number. The dealer is likely to insist on . Say no to options like paint protection or fabric, when an add-on like gap insurance could be more beneficial. 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 to navigate the ins and outs of securely borrowing money to buy a car. The article was edited 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 gain confidence to manage their finances by providing clear, well-researched facts that break down complex subjects into bite-sized pieces.

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