After reading some BK Forum reviews regarding Capital One Auto and the extreme interest rates, I figured I would apply to replace my old, well used, beat up, wrecked and forever our eternal family friend..."The Caravan". My goal was to keep my payments at $250 a month or less, because I hate debt. Based on "your" reviews, I figured my interest rate would be 10%-15% not leaving much for equity and likely a throw away car.
So I applied, and before I hit the submit button, the extreme anxiety, heart racing, oh my god what are you doing feeling, I pondered the cost of credit to a recent BK'r.
Low and behold the results are in, sometimes I like technology, 3.85% interest for 72 months on any new vehicle, purchased through authorized dealer. I can reduce my interest rate even more by selecting a shorter term with higher payments. 3.85% is almost like free use of money, hey didn't I go down this road before...oh yes I did...a what a lesson I learned.
Bottom line, I got use of cheap money for a new car, with the cash rebates which for once I get to keep, my A-Z plan, I can get a nice "new" car with a $250 a month payment. Whats more cool is when I drive it off the lot, after my discounts and rebates, I will still owe less than what its worth after the famous drive it off the lot depreciation factor.
Wow, I never thought I could or would even consider another car loan, let alone at these rates. I do have a great track record with auto loans, paid off every one and never late.
Justbroke, you must be right....there is a car loan FICO score. Oh yea, walking into a dealer and telling them you are A-Z pricing and will write a check seem to make the experience much more like your in the drivers seat, and let's not forget, no negotiating with the mean and sneaky F & I guy.
So I applied, and before I hit the submit button, the extreme anxiety, heart racing, oh my god what are you doing feeling, I pondered the cost of credit to a recent BK'r.
Low and behold the results are in, sometimes I like technology, 3.85% interest for 72 months on any new vehicle, purchased through authorized dealer. I can reduce my interest rate even more by selecting a shorter term with higher payments. 3.85% is almost like free use of money, hey didn't I go down this road before...oh yes I did...a what a lesson I learned.
Bottom line, I got use of cheap money for a new car, with the cash rebates which for once I get to keep, my A-Z plan, I can get a nice "new" car with a $250 a month payment. Whats more cool is when I drive it off the lot, after my discounts and rebates, I will still owe less than what its worth after the famous drive it off the lot depreciation factor.
Wow, I never thought I could or would even consider another car loan, let alone at these rates. I do have a great track record with auto loans, paid off every one and never late.
Justbroke, you must be right....there is a car loan FICO score. Oh yea, walking into a dealer and telling them you are A-Z pricing and will write a check seem to make the experience much more like your in the drivers seat, and let's not forget, no negotiating with the mean and sneaky F & I guy.
) of buying cars and paying them off in full with no late payments.
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