It’s an exciting time in your child’s life. They’re getting ready to buy their first car. Next to getting their driver’s license, this is a big deal for any young driver.
Money Lessons in a First Car Purchase
As a parent you likely want a few things out of that first car–safety, good performance and affordability. To this last point, hopefully all of the money lessons you’ve taught your child as they were growing up will help them understand how to afford their car.
Unless your child has been stockpiling summer job earnings for years, chances are they’re going to have to finance that first car purchase. Doing so can be a great lesson in how to be smart about their money. It’s also going to be a great way for them to start building a credit history–something they’ll need throughout life when they purchase a home, apply for credit cards or even go for a job.
Online Tool Helps You Test Drive Your Auto Financing
A great tool to help them as they start thinking about that first car purchase and how to afford it is Capital One’s Auto Navigator® site. It’s a free online tool that allows them (or you) to find a car and know ahead of time what financing they can qualify for–all before leaving home. On the Capital One Auto Navigator site, you can read car reviews from Edmunds.com, use your zip code to find local dealerships and discover the cost of buying a car.
Better yet if you’re looking into financing your car purchase, this online tool lets you pre-qualify for auto-financing before even visiting a dealership. This pre-qualification comes with no risk to your credit score.
Researching Cars Online First
Some other highlights of the Capital One Auto Navigator:
- You can view advertised cars at eligible dealerships throughout the country without driving from lot to lot.
- It has tailored search features and filters that give you the chance to review multiple vehicles and various finance terms all in one place.
- You can see ahead of time what your likely APR and monthly payment will be, based on down payment amounts and different term lengths.
- You know upfront the estimated amounts for tax, title and license, and the cost of optional warranty or gap insurance coverage.
The Capital One Auto Navigator site is a great tool for helping your young driver figure out if their target car fits within their identified budget. It also provides more transparency, clarity and efficiency for anyone purchasing their next vehicle. You won’t have to hold your breath and hope you will be approved for auto financing–because you’ll know before you even get to the dealership.
Getting Pre Qualified for Auto Financing
Once you’ve decided on which car you want and from which dealer, you can take your pre-qualification certificate (printed out from the Capital One Auto Navigator site or shown on your mobile device) to the dealership to finalize your financing. In essence, Capital One’s Auto Navigator site lets you and the first-time car buyer test drive their financing so you can feel confident that you’re getting the best deal on a car, for your time and your money.
Note: Capital One product information is accurate at the time of posting.