Buying a car

A new car could be one of the most expensive purchases you make. Before you commit to the first vehicle that catches your eye, think about how you plan to use and pay for it.
Keep in mind:
  • Leasing generally lets you use a new car over a limited period for a relatively small monthly payment
  • Buying may require a larger down payment and higher monthly payments for the life of the loan, but it tends to be less expensive than leasing over time
See the checklist
Browse resources
Watch
Lease or buy your car? Understand the options
Take a look at the numbers and see how each would impact your finances.
Video: Lease or buy your car
Saving for a large purchase
Video: Saving for a large purchase
If you're planning to buy a big-ticket item, it's a good money habit to have a plan to pay for it.
Read
Financing a new car
It pays to learn about automobile financing before walking into the showroom.
Understand the basics of buying a new or used car
Learn how to determine your automobile needs, plan a budget or research your options.
Explore
Calculator
Auto Loan Payment Calculators
Calculate your estimated monthly payments or how much you can afford to spend on your next car.
Calculator
Auto Refinance Calculator
Use this auto refinance calculator to compare your current loan with a refinance loan.
Apply for a loan
Preferred Rewards
Preferred Rewards
Saving for a car? You may qualify for real benefits and rewards on your Merrill investment and Bank of America banking account.
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Merrill Guided Investing with an advisor
All the benefits of Merrill Guided Investing with an advisor who will discuss your priorities and provide advice and guidance to help you pursue your goals
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Important disclosures

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
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