McLEAN, Va. — As much as consumers might be conducting research before making a vehicle purchase, the seventh annual Rules of the Road Survey from Capital One Auto Finance found that many buyers are still ending up in a financial challenge after the contract is signed.

The survey that probed first-time buyers determined that 63 percent of respondents thought they accurately calculated the true cost and expenses of buying a vehicle. However, the study revealed nearly half of respondents say they did not factor in their calculations the cost of maintenance and repairs (47 percent) or registration and parking (45 percent).

Capital One revealed more consumer unawareness in regards to the financial part of the vehicle transaction.

Of those surveyed who got a loan to purchase the vehicle, the survey found nearly half — 48 percent — do not know the contract's interest rate. Furthermore while 61 percent researched different models and types of vehicles before making their purchase, the findings showed only one-third of respondents mentioned they had checked their credit score.

Education about how the vehicle-loan process works was another glaring consumer condition, according to the survey.

Capital One found 59 percent of respondents indicated they did not have a financing department member discuss multiple options or explain how auto financing works. Moreover, 54 percent of survey participants didn't realize they could go online to compare financing options while 57 percent didn't know they you could go online to apply for a loan for a new vehicle.

As a result, only 20 percent researched financing options online and 18 percent went online to research different lenders.

"It is important that first-time car buyers do their research and factor all elements of car ownership into the purchase price before moving forward with a decision," explained Sanjiv Yajnik, president of Capital One Auto Finance.

"There are incredible deals available across the country and a range of financing options are available," Yajnik continued.

"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 the time to think through additional auto expenses beyond the sticker price, understand exactly what a car loan is, calculate what they can 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 went on to say.

While consumers might not be conducting a lot of financial research, the Rules of the Road Survey determined the majority of first-time buyers still did extensive work comparing prices and various makes and models of vehicles before making a final decision.

And of those who set a budget, the survey revealed 88 percent in fact said they stuck to it when they purchased their vehicle.

"Buying a car is a big commitment and consumers have numerous choices, which can make the process seem a bit intimidating. The first step for any potential car buyer should be researching the cars that might be right for them, which often can be done online," Yajnik highlighted.

"But first-time car buyers should do more than just compare make, model and price. Investigating financing options, insurance companies, and warranties all must be approached in a similarly diligent manner," Yajnik added.

With that guidance in mind, Capital One Auto Finance developed the following tips that dealers can share to help first-time vehicle buyers manage the buying process:

—Learn about vehicle pricing. Research new- and used-vehicle prices including dealer invoice pricing and transaction costs — the Internet can be a great resource. Know what you can afford and use those target numbers as a reference point for your pricing information.

—Research and compare different financing options. There is a range of auto financing options available, including dealer financing, loans from banks and credit unions, and pre-approved no-obligation online loans. Researching your options and finding the lowest rate that you qualify for can save you a substantial amount of money over the life of your loan. It's also critical that first-time buyers match the length of their loan to the planned length of ownership so that they do not become "upside down."

—Treat the vehicle-buying process as two separate negotiations. Determining the vehicle price, and financing as two separate transactions and negotiate each separately. This strategy will often help you save money. (If someone happens to have a trade-in, consider it a third part of the negotiation.)

—Check your credit rating. It's important to understand your credit situation before determining if you can finance a vehicle, who your lender should be, and when you should begin the process of obtaining the loan. If you are a young adult, don't assume you do not have a credit history. Some parents have made their older kids authorized users of credit cards and cell phones, so it's important to obtain a credit report to make sure the information is accurate before buying.

—Make sure you are comfortable with the contract. If it's not the price or deal you want, be ready to walk away.