McLEAN, Va. — In an interesting twist, the number of recent graduates who told Capital One Auto Finance that they would pay for their first car in cash almost came close to doubling over last year.

In its annual survey, the company found that 44 percent, up from 29 percent last year, plan to pay cash for their first vehicle.

"Despite numerous financing options available to today's young adults, fewer plan to take advantage of the benefits of bank financing (24 percent) than just a year ago (41 percent)," officials explained.

"While the vast majority of the young adults surveyed (nearly 82 percent) were aware that their credit score could impact the interest rate they would be offered, unpredictably, 72 percent of those who planned to finance their first car purchase through a bank or dealership has never checked their credit report," they continued.

The company also discovered that many young adults will navigate the car-buying process all by themselves, without the help of their parents.

In fact, more than half of those surveyed, 52 percent, indicated that their parents have not discussed budgeting for car expenses nor talked about auto-financing options with their children, at 64 percent.

"Buying a car is not an intuitive process, and it can be intimidating for first-time purchases, especially in such a challenging economic environment," pointed out Sanjiv Yajnik, president of Capital One Auto Finance.

Perhaps not surprisingly, most recent graduates plan to purchase used vehicles rather than new, at 67 percent, the company reported.

Comparing today's first-time buyers to the same experiences of their baby boomer parents, Capital One said that both groups named price as the most important factor in car-buying decisions (49 and 41 percent, respectively).

And while car prices have climbed significantly over the years, it is interesting that young adults said their first car will cost within the same $1,000 to $5,000 price range as what baby boomers said they spent on their first car.

"The troubled economy has definitely impacted car-buying decisions," Yaknik indicated. "At the same time, there are incredible deals available at dealerships across the country, and a range of financing options are available.

"Armed with the right information, it is an excellent time to get a great deal, but it is important for first-time car buyers to take time to understand exactly what a car loan is, calculate what they afford, understand financing options, and not to be forgotten, know their credit score and how that score could affect the terms of their loan," he concluded.