Looking for info on car loans

[scott29]

Been reading thru the posts and it looks like alot of people are having luck with Capital One. I am amazed by the large amounts that everyone was approved for. I will be looking to purchase a vehicle soon, but there is no way I want to spend 15-20k on one. I realize they have restrictions on the year and mileage, but I have been looking around and have found a few nice, practical cars for $7000-$8000. Most are no older than 5 years old and have around 60-70,000 miles on them. These are smaller cars, but all I need is something dependable and cheap on gas to get me to work. Would an amount, say $8000 be a problem thru Cap One. That may sound like a silly question, but I have talked to a few dealerships and all they want to offer are higher priced vehicles. Actually they said that would be the only ones I could possibly get financed for.

[SMinGA]

I believe there is a minimum amount they will loan - but I don't know the #. Before you actually submit an application, it should show the terms & requirements. May indicate the car should be year 20xx or newer, under Y miles, etc.

[bakergrl]

They will approve you up to a certain amount but the minimum you have to use is $7500 I think. The problem with buying used from Capital One is that the interest rate goes up. Ours was 10.25% for new or 13% for used.