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Capital One Auto Refinance

New Member

Capital One Auto Refinance

I was thinking of refinancing my auto loan with Capital One and wanted to know if anyone had any experience with them??  (Good or Bad).

 

Thank You

Message 1 of 8
7 REPLIES
Contributor

Re: Capital One Auto Refinance

Tell us more about your situation so we can better help you!
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FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Message 2 of 8
Senior Contributor

Re: Capital One Auto Refinance

My brother and his wife used CapOne to buy a pickup a couple months ago.....seemed to go okay.  However, they purchased pre-owned 2006 and rate was 7.75.

 

PenFed offered to refi for 3.99 so you may want to look at a CU for better rates.  Alliant offered me a 4.69 and PenFed 3.99. 

 

I think CapOne is offering "as low as 4.79" for new, but used will be higher.  And I don't know how often they actually grant the "as low as" rate. 

 

From a loan qualification, speed and convenience, CapOne seems pretty easy to work with.

Message Edited by txjohn on 03-31-2009 04:21 AM

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 3 of 8
Regular Contributor

Re: Capital One Auto Refinance

I had a Cap1 loan refinanced through a CU and my rate went from 10.35% to 4.15%.  My scores were around 620 when I purchased and 660 when I refinanced.  Shop around for the best rate.  Be prepared to pay for the negative equity, though.  It is SHOCKING how quickly you get under water when your rate is above 10%.
Message 4 of 8
Established Contributor

Re: Capital One Auto Refinance


cliffdodger wrote:

Is it just me or does capital one seem to like loaning to those with lower credit scores? (but at higher rates)  Maybe they're trying to tap a market other companies don't want to touch.

 

 


 

Your observation is correct. Capital One Auto is in the subprime auto business not so great but not so bad credit . Thats where the money is. 
Message 5 of 8
Regular Contributor

Re: Capital One Auto Refinance

My experience with Capital One Auto Finance was good.  I applied online and was approved  for the amount requested and received the blank check within a few days.  The rate was a little high at something like 9.79% for a used auto.  I kept the loan for about 10 months and refinanced at 3.49% from my credit union a year ago.  It is a fairly painless process but like others have mentioned I would definitely shop around for a lower rate.  The only issue with shopping around is the credit inquiries.  I would suggest printing off a copy of your credit report and getting your FICO scores and take it to a few banks/dealership and see what they can offer you.  Don't allow them to pull your credit until you decide to finance through them.  Good luck!
Message 6 of 8
New Visitor

Re: Capital One Auto Refinance

I am having problems with Capital one this is the first time I have received bad customer service from them

I have been a past customer of theirs before with no problems and the loan was paid off in full till now.

I recently submitted a request for a loan in which I have a fico score of 700 and above rating.

I was given some lame excuse or reason why they could not give me a loan was that I have a mortgage and the other reason

was the time I have had my mortgage but when I sent them a letter for an explanation I got the run around and they informed

me that there was no real reason behind not giving me a loan not sure why since mostly everyone has a mortgage and I have had this mortgage for about 5 years now in good standing and I have a copy of my credit report and nothing shows up to give anyone a reason not to give the loan.

It must be I have a perfect credit rating with no late payments that I cannot get the loan go figure.

but at least there should be some one to respond to I have tried several times through email and regular mail and a phone call

to the customer support line and still having problems to get to talk to a live person on the line. Why are they turning away perfect loyal customers for a loan I really don't get it ??

Message 7 of 8
Established Contributor

Re: Capital One Auto Refinance


gstull wrote:

I am having problems with Capital one this is the first time I have received bad customer service from them

I have been a past customer of theirs before with no problems and the loan was paid off in full till now.

I recently submitted a request for a loan in which I have a fico score of 700 and above rating.

I was given some lame excuse or reason why they could not give me a loan was that I have a mortgage and the other reason

was the time I have had my mortgage but when I sent them a letter for an explanation I got the run around and they informed

me that there was no real reason behind not giving me a loan not sure why since mostly everyone has a mortgage and I have had this mortgage for about 5 years now in good standing and I have a copy of my credit report and nothing shows up to give anyone a reason not to give the loan.

It must be I have a perfect credit rating with no late payments that I cannot get the loan go figure.

but at least there should be some one to respond to I have tried several times through email and regular mail and a phone call

to the customer support line and still having problems to get to talk to a live person on the line. Why are they turning away perfect loyal customers for a loan I really don't get it ??


you should try another lender.

-void
Message 8 of 8