For those of you with Capital One Auto loans

[bakergrl]

what is your opinion of them? I have a check on the way and it just seemed to easy.....what is the catch??

[indeep59]

Were you discharged and if so how long?

[bakergrl]

Discharged on 5-27.

10.28%

[indeep59]

I went to that website and didn't see anything about bad credit loans.
Should I just apply as if I had good credit?
My discharge is in a couple weeks but gathering up info on the best bets to get a loan as I desperately need a vehicle.

[bakergrl]

I just applied like normal, i read on here that some people have them for their car loan but it just seemed too easy.

They approved us up to $30,000 at 10.28% and the only catch I see is that they give you a lower rate if you sign up for automatic payments which isn't a problem. Like I said it seems too easy. We had car loans for $5.99% on our cars from 6-7 years ago, 10.28% doesn't seem so bad 1 months after discharge and it will help to rebuild our credit. Plus I like that I can negotiate with the dealers like I had cash to get a better deal.

[mikemike]

baker if u dont mind how much downpayment and ur credit score? i was looking into capone myself

[bakergrl]

No down payment requested by Cap One, but I am going to end up "putting" about $5000 down by using family A Plan through Ford and a trade in. I have no idea what our credit score is honestly, I haven't had a chance to pull it yet.

baker if u dont mind how much downpayment and ur credit score? i was looking into capone myself

[aces67]

The only true CATCH with Cap One is that even though they don't SAY they require a downpayment if you read the fine print they will NOT Finance 100% of the vehicle.

We were approved through them at 17% but they would only finance 80% of the value.

We went through Chase instead with $1500 down and 12%.

[bakergrl]

I talked to one of their reps and they think I should be okay. The total MSRP is $28490 and with my husbands discount, incentives, and trade in I will be financing a total for $22,461. The dealer is looking into getting us a better rate, if not then we will use the Cap One check. The dealer did not say we had to put any money down, when will they tell us?

The only true CATCH with Cap One is that even though they don't SAY they require a downpayment if you read the fine print they will NOT Finance 100% of the vehicle.

We were approved through them at 17% but they would only finance 80% of the value.

We went through Chase instead with $1500 down and 12%.

[Amy26]

Usually the dealer will not give you that information until you're sitting in the finance chair. Every time I've gone in to a dealer with an outside financing offer they always beat it. I have actually got into a habit of just going in saying I have my own financing even if I don't. I just make up some terms and then they do whatever they can to beat it.

I'm actually really impressed at the rate capital one gave you being only a few months post discharge. Three days after discharge the best deal I could get was with Ford through Americredit at 17.9%.

[bakergrl]

I was really surprised that Capital One gave us the rate we recieved, I was expecting higher. The dealer tried to get a lower rate with Ford Credit but they wanted money down and I already put a lot down with my trade in. I do not think that they could beat it so I am sticking with CO and maybe trying to refinance later.

[marchelala]

Aactually just bought a car this sat ( it was my own lease buyout w great residual) Applied at cap one before going to the dealer, and got approved for 30k and 110%ltv at 8%~14% depending on ayear of the car. Dealer financed through cap one as well @9%. Scores were mid 600, w highest being experian at 685. Looked at approval paper and it says tier 5 credit ( out of 7)

[bakergrl]

I'll have to look to see if it says what tier we are when the check gets here. We just D/C end of May so I am happy with the rate for now and hoping to maybe refinance with our bank in a year or so. I have no idea what our score is right now, we are going to wait a couple months to make sure everyone is posted and then check it.

[weRN2deep]

Bakergrl, I bought my last 3 vehicles with Capital one. I have had zero problems, I just pay my payments, pay off the cars, and go back to them - they have always extended great amts of cred to me. I just re-affirmed with them (a brand new car I purchased right before filing) and only did that because I've built a strong cred history with them and didn't want to lose that. Plus my pmts are sooo reasonable.

Anyway, as far as them as a company I have absolutely no negs to say.

[bakergrl]

Picked up the car today, so far no problems.