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Member
Posts: 6
Registered: ‎07-19-2007
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Capital One Auto Loan Rate

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
Established Contributor
Posts: 512
Registered: ‎06-08-2007
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Re: Capital One Auto Loan Rate


pacattack81 wrote:
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.
Member
Posts: 6
Registered: ‎07-19-2007
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Re: Capital One Auto Loan Rate

I filled out an application for Pentagon Federal Credit Union...paid a $20 fee to join and was later approved for 4.75%...the process seemed a little shady but it seems good...called customer service and they said all i do now is call them up and let them know the VIN#, dealer name, etc... once i'm ready...anyone else currently with Penfed?
Member
Posts: 9
Registered: ‎11-27-2008
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Re: Capital One Auto Loan Rate

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.

Regular Contributor
Posts: 223
Registered: ‎08-03-2011
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Re: Capital One Auto Loan Rate

These 0. 1. 2. something loans are heavily subsidized by them. They are hardly a benchmark for an acual interest rate.

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Posts: 16,481
Registered: ‎07-14-2009
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Re: Capital One Auto Loan Rate


RussianPassion wrote:

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

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