11-10-2008 04:15 PM
11-10-2008 07:58 PM
My scores are 734, 734, 720 when i pulled them...i have never had an auto loan before...the lowest rate they offer is 5.54%...i applied and received 6.79%...is that a good rate considering my scores?...what rates have you all received and what were your credit scores?...thanks in advance
From CAP ONE that is good rate. Cap one is a mainly subprime lending institution, For anything lower I would try a CU or find out if there are any manufaturer rebates or APR specials being offered by your auto manufacturer.
11-10-2008 08:46 PM
11-27-2008 11:30 PM
I would not recommend Capital One except as a last resort because their interest rates are often higher than what you might be able to get elsewhere---no matter what their website says. All things considered, I would say that the rate you got is not a bad rate for them, but you may be able to do better. The only reason I applied to them was because I have one of their credit cards, and they kept e-mailing be about applying for a mortgage or a car loan with them. I am in the market for a new car so I thought I would give it a shot. My FICO scores are in the 790s, and my credit reports have no negs at all. Paid off two previous auto loans on time, all my CCs have zero uti. The only reason I dropped down to the 790s is because I had purchased a big ticket item on a CC that brought it close to the limit and I carried a balance for a short while. Cap One approved me for far more $$$ than I wanted but they wanted to charge me 10.6%!!! I contacted them about the rate because I felt sure it was a mistake. They e-mailed me back stating that that was the best they could offer me "given my credit history and rating..." PLEASE!!!!
I applied to BMW Financial, Mercedes, and Toyota afterwards and was approved by all three. I got 0.9% from BMW, 3.9% from Mercedes, and 0% from Toyota---all with no money down. You should shop around to a couple other places...not too many though, and do it all within a few days so that the pulls don't drag your scores down.
09-24-2011 06:19 PM
These 0. 1. 2. something loans are heavily subsidized by them. They are hardly a benchmark for an acual interest rate.
In case you didn't notice this thread is almost 3 years old so the information and subject matter is likely not applicable.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.