Car Buying Tips & Advice: 3 Steps to Prepare for Buying a New Car | Edmunds

Car Buying Tips & Advice: 3 Steps to Prepare for Buying a New Car | Edmunds

Three steps to prepare
for buying a new car. So you’re in the market
to buy a new car. Congratulations. Very few purchases in
life are more thrilling. Of course, as you know, very few
purchases are more expensive. That’s why you deserve to
be 100% prepared before you start the car-buying process. Here are three easy
steps you can take to get your game plan in order. Step 1, do your research. Use independent online
sources like Edmunds to narrow down vehicle types
and models that meet your needs. You can also visit
automaker sites to better understand the
available features and options on every vehicle. And don’t forget
to check dealer web sites to learn about
any special offers and promotions in your area. Finally, seek out reviews
from people who actually own vehicles on your list. Whether it’s through
online ratings and reviews, or simply through word of mouth. This is the best way to
get a full download of how any vehicle performs
in the real world. Step 2. Plan your trade-in and
down payment strategy. If you’re applying a trade-in
toward your purchase, take a few minutes to use
an online appraisal tool, and get a ballpark figure of
how much the vehicle is worth. Be honest about its condition,
including any dents, scratches, and mechanical issues. This will set your expectations
for what the car is worth. And it will give you a point
of reference for any offers that you receive. If you still owe money
on your trade-in, call the bank to get
the exact payoff amount. This will be used to calculate
exactly how much equity, if any, you have in the vehicle. You may want to apply
some, or all of that equity down payment. But whether your down payment
comes from a trade-in, or from out-of-pocket,
Edmunds recommends that you put at least 10%
down on your new car purchase. Finally, step 3. Get pre-approved financing. Before you seek
out any financing, it’s always smart to know
where your credit stands. In all likelihood, your bank
or credit card company partners with a tracking service that
makes it free and easy to check your credit score online. In general, a score
of 710 or higher will qualify you
for the best rates. Next, apply for a pre-approved
loan at any bank, credit union, or online lender. Even if you don’t
use the financing, it will give you a
strong idea for how much your monthly payments will be. Preapproval also gives
you a good benchmark to compare against any
dealer finance specials. In fact, there’s
an excellent chance that the dealer can, and will,
offer better rates and terms. Now that you have your research,
down payment, and financing all squared away, you can
move forward confidently with the car-buying process. Now that you’ve
laid the groundwork, it’s time to start
shopping like a real pro. Subscribe to our
YouTube channel, and let’s find your perfect car.

About the Author: Michael Flood


  1. Edmunds, when you put out crap like this is really hurts your branding by association. Stop denigrating your own web presence.

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