Only 26 percent of respondents feel very confident when shopping for a car, according to a recent survey by Capital One Auto Navigator.
Capital One Auto Navigator attributes the confidence to three major factors: 1) having your finances in order prior to visiting a dealership – which included answering the survey questions, "I checked my credit," "I pre-qualified for financing," and "I know my financing options;" having performed research and knowing what car you want; and possessing car-buying experience.
Capital One Auto Navigator offers transparency to car shoppers, which can enhance their confidence in their car-buying experience by enabling them to see if they pre-qualify for financing with no impact to their credit score
"Car shopping should be enjoyable instead of stressful, and with a little pre-work, consumers can ensure their decision complements their lifestyle and budget," Capital One Auto Finance managing vice president Jeffrey Rabinowitz said in a press release. "We found that 88 percent of consumers surveyed understand what it means to pre-qualify for financing, but only half are willing to try it. With Auto Navigator, consumers can pre-qualify for financing with no impact to their credit score, and with our Auto Learning Center, they can research all aspects of car shopping. This transparency allows consumers to feel more confident in their car-buying experience."
The survey of 1,004 U.S. adults ages 18 and over, which was fielded on September 5-8, 2019, was conducted on behalf of Capital One Auto Finance using Engine Insight's Online Caravan omnibus.