It’s estimated that 80 percent of car buyers will most probably start their car buying process online.
Buying a car is one of the most expensive purchases you’ll ever make. Therefore, take your time and create a plan before you make this investment.
To help you remove the uncertainty in this process, here’s a comprehensive guide to buying a car online:
1. Do Thorough Research
Whether you’re buying a luxurious Land Rover or a simple family car, in-depth online research can make a huge financial difference to your purchase. You should consider expanding your research beyond your local dealers to find a variety of cars within your budget.
Decide on your price range and limit your search to your budget. In most cases, the price listed on the car isn’t the final purchase price. You’ll have to include other costs such as taxes and registration fees to your financial plan.
You can also narrow your search options depending on the brands and features you want.
2. Verify Your Online Seller’s Credibility
When you’re in the process of buying a new car, ensure you check your dealer’s credibility. Consider how long the seller has been in business and their ratings to know the business’ reputation.
You could also read online comments and reviews from past customers for more insight on what type of service you can expect from them.
3. Consider Your Pre-Financing Options
You can choose to finance your car purchase through your bank, credit union, or from the car dealer.
Financing your car title loans through title loan companies, banks or credit unions is a more feasible option. They offer variable interest rates allowing you to choose the most competitive rates.
Although car dealership financing may offer lower interest rates, they’re mostly available on selected models. To be eligible for dealership finance, you need to have good credit records. Also, you may have to part with a large down payment.
Shop around until you find rates that are suitable for your budget.
4. Collect Price Quotes and Negotiate for the Best Deal
Contact various dealerships for online price quotes. You should be specific on your brand and preferred models when asking for quotes. Once you get the offers, compare the prices to determine which one fits you best.
If none of the price quotes fall within your budget, start the negotiation process. Ask if additional fees were included or withheld from the initial price quote. These fees are normally negotiable and can reduce your overall price significantly.
Don’t mention your method of financing or trade-in at this stage as it can compromise on the negotiations.
Use This Guide to Buying a Car for Your Next Purchase
With the above tips on how to buy a car online, your car ownership process is going to be a breeze. You can now request for the delivery of your car to your home or visit the selected car dealership to sign the required paperwork and pick up your new ride yourself.
If you find this guide to buying a car insightful, check out our latest blog on how to choose the right car for you.