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".
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO