Car Shopping Checklist
by Credit.com
Download a printable version
Hunting for cars can get complicated. Print this helpful worksheet and take it
with you to the dealership. From asking about the car’s accident history to
negotiating financing options, this checklist makes it easy to stay on track while
shopping for a car.
1. Set a target price – Start by looking at your budget.
Decide on a target price for your new car. This is the price you ideally want to
spend on the car, not the maximum amount you can possibly afford. Along with the
total amount you would like to spend, calculate how much you want to pay each month
for a loan and how long you want your loan term to last. Knowing these figures can
help you avoid a dealer’s attempt to sell you a more expensive car. You
can estimate your auto loan options using this free calculator.
Target price: $____________
Monthly loan payment: $____________
Loan period: _____ months
2. Research car options – Take a few minutes to look online
for cars that fit your price range. Sites like Consumer
Reports and Kelly Blue Book
provide a lot of free information about car features, rankings, and prices. You
can also apply for online
price quotes from dealers in your area using this free service. Look at the
gas mileage and compare options for new and used cars. When you find a car that
meets your needs, write the information down here along with the most important
pros and cons:
| Name |
Manufacturer |
Listed Price |
Pros |
Cons |
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3. Start shopping – Visit your local dealers to test drive
the cars that interest you. Don’t buy the car on your first visit; wait until
you test-drive all of the potential contenders. Being determined not to buy on your
first trip to the dealer will help you avoid high pressure sales tactics and will
give you extra time to find the best deal. Investigate what deals the salesperson
is willing to offer and take his or her business card with you for future reference.
Ask for a CARFAX report to review the accident history of any used car. If the dealer
declines, write down the VIN number so you can look it up online. If you find other
cars that you may be interested in while you are shopping, add them to the list
so that you can research them online at home. Make notes about the prices and features
being offered for each car in the following chart:
| Dealership |
Salesperson |
Dealer Price |
Pros |
Cons |
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4. Explore your financing options – While you think about
which of the cars from Step 4 you should buy, start looking at financing options.
First check your credit score to see where you stand. You’ll usually get the
best car loan deal from a credit union or online lender instead of a dealer. Without
actually applying, you can calculate your best option by using the lender’s
online calculators. You can also call to ask about rates. Once you have found the
best deal, apply for the loan. Most lenders will send a check for you to sign and
give to the dealer when you buy your car. If you decide not to use the loan, you
can destroy the check and notify the lender. Write down your loan terms here so
you can compare them to a loan offered by the dealer:
Loan amount: $____________
Down payment: $____________
Interest rate: ________ %
Fees: $____________
Loan term: ________ months
Monthly payment: $____________
5. Negotiate and buy – Now that you have decided which car
to buy and you have your loan, go back to the dealership and negotiate a good deal.
Remember, you hold a lot of bargaining power at this point. You know exactly what
car you want to buy and you have the loan ready to go. A salesperson would be crazy
to let you walk away. Negotiate with the salesperson until you find a deal that
works for you. Sign the papers, and congratulations! You just bought yourself a
car!
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