One of my favorite things about having my WOM family is experiencing the girls’ milestones with them; it’s fun to feel the feels all over again.  Whether they’re getting out of grad school, going through the angst of love, traveling abroad or simply saving for the future, seeing them grow is a reward all in of itself.  Like any boss or mentor, I find myself playing the role as sounding board for a handful of hopes and fears, and I try to give my two-cents and advice whenever I can. 

So when Capital One reached out, wanting to talk navigating the financial side of car buying, my ears perked up with Kat in mind.  Sure, auto loans are something we all get to know at some point or other when buying a new car, but I knew they’d especially be important to Kat right now. As WOM’s Editorial Director, she’s in her late twenties and has recently found herself with her first car out of college, totally paid-off. The first go-around, she had her mom to help her navigate the steps and jargon.  And this go-around, she wants to take the process into her own hands, but she’s hesitant on how to move forward.  And I mean hesitant; we’ve been talking about it for almost a year now.

I was quick to understand though; car buying can be really stressful.  In a decision where you should feel 100% in control, you usually don’t.  And I know I certainly felt my hands were tied many times when discussing my options for the loan pay-off.  So that’s why I was intrigued to read that Capital One offers an Auto Navigator tool that lets you “test drive” all of the different options for your loan; make and model, term length and most importantly…price. 

I did a little digging before sharing with Kat; my father and the Mr. have both taught me something about car buying, and research ahead of time is ALWAYS key.  I was pleased to find that you can use the free Auto Navigator tool on your laptop or phone (in your pajamas at home in peace) to search for your dream car based on payment and APR info.  And to get started and pre-qualified, you won’t get dinged on your credit score (which is always a good thing). My favorite part is that you can modify and personalize the financing terms before you even get to the dealership…because, seriously, who likes to negotiate that kind of stuff at the dealership?  But why I really love this tool, is the before you even get there part I just mentioned.  Because if you’re anything like me (hands up) you may let common sense escape you when the prospect of something bright and shiny is on the horizon.

Along with the Auto Navigator tool, I felt we would be amiss if we didn’t share a few other practical tips when looking to make this, or any major financial decision.

One.  First things first; before making any financial decision, have an honest conversation with yourself about your personal financial situation.  Understand how much you truly can afford in a monthly payment and how that monthly payment will realistically fit in with your other bills.

Two. Do your research, especially if you’re buying used.  For a new car, price out your car with all of the bells and whistles, and make sure to ask at least three dealers for the the best price they can give you.  For a used car, make sure you understand through research any issues your car type has had in the past and do some digging for fair market value numbers.  Also, if buying used, stay away from any cars with CVT; continuously variable transmission.  According to numerous manufacturers and experts in their field, this is a system that can be faulty and may lead to trouble down the road.

Three.  Lastly, remember that car dealerships are a business, and they need to make a profit to survive.  Don’t be afraid to negotiate, but if you get a fair deal for the car you love, then go with it.  

Tell me friends, are any of you in the same boat? Have you had a great experience with financing your dream car?  We’d love to know!  Truly, MKR