Reply
Established Member
eugenepark81
Posts: 10
Registered: ‎11-19-2011
0

Capital One Blank Check - Approved!

My FICO score is 646 and I submitted a request for a $40k loan.  I'm pretty shocked that it was approved at all, and I'm being granted the loan at 7.22% APR for 2011 or newer vehicles.  Why is the APR higher for older vehicles? The APR for vehicles from 2004-2007 is  9.26%.

 

Anyways, it turns out I won't be purchasing a vehicle until mid February, so the application served no purpose, other than to satisfy my curiosity, at the expense of a small ding on my FICO. 

 

I'll be applying with Capital One again when the time comes.  Is there any fine print that I should be aware of before moving forward with a Capital One Blank Check loan?

 

-Eugene

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Capital One Blank Check - Approved!

 

Congrats on the approval !!   Do you know if Capital One pulled all three CRs for your approval ?

 

Most lenders give you a better interst rate for new cars because older cars may represent a higher risk to loan money against, as they may incur more repairs, depreciation, etc...

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Member
eugenepark81
Posts: 10
Registered: ‎11-19-2011
0

Re: Capital One Blank Check - Approved!

Thanks!

 

I have no idea which CRs they pulled but I'll ask when I call in tomorrow. 

 

B/c of the rapid rate at which I'm paying off my credit card debt, I won't have as large of a down payment as I'd like to when I purchase my car in the spring.  Is it unusual for auto loans to accept extra payments that go towards the principal?

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Capital One Blank Check - Approved!

 

The good news is that as you pay down your CC debt, your FICO score will improve as your utilization decreases, so hopefully this means you get a better deal when you pull the trigger on a new car.

 

Most lenders will accept payments against the principal, but be sure to read the fine print of your contract before you sign, because there may be some an exception, based on the timing and method of your payment, such as if you send it in seperately versus including additional monies in your monthly remittance.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Frequent Contributor
GrowingCredit
Posts: 315
Registered: ‎05-28-2011
0

Re: Capital One Blank Check - Approved!


pizzadude wrote:

 

The good news is that as you pay down your CC debt, your FICO score will improve as your utilization decreases, so hopefully this means you get a better deal when you pull the trigger on a new car.

 

Most lenders will accept payments against the principal, but be sure to read the fine print of your contract before you sign, because there may be some an exception, based on the timing and method of your payment, such as if you send it in seperately versus including additional monies in your monthly remittance.


+1

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
Established Member
eugenepark81
Posts: 10
Registered: ‎11-19-2011
0

Re: Capital One Blank Check - Approved!

great advice pizzadude!

Member
Jbrown7815
Posts: 33
Registered: ‎11-27-2011
0

Re: Capital One Blank Check - Approved!

OP if you don't mind me asking, what is your annual income?


Starting Score: 679
Current Score: 721
Goal Score: 800


Take the FICO Fitness Challenge
Established Member
eugenepark81
Posts: 10
Registered: ‎11-19-2011
0

Re: Capital One Blank Check - Approved!

Hey Jbrown,

 

My annual income is ~$85k after bonuses. 

 

-Eugene

Established Contributor
aussiesareforever
Posts: 741
Registered: ‎10-04-2010
0

Re: Capital One Blank Check - Approved!

Congratulations on your loan. I was also approved for a CapOne blank check but I did some online research and found a few too many complaints from individuals with CapOne auto loans. I ended up going with my local CU, got a better interest rate and great service. It will be great to have your CapOne blank check as back up when you go car shopping but you may be able to get a better interest rate from your local CU or the car dealer. Remember that inquires within a 14 day period for the same type of loan only counts as 1 inq as far as your FICO score is concerned. Makes considering looking for other options tempting!

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

New Member
Sobe
Posts: 8
Registered: ‎12-23-2011
0

Re: Capital One Blank Check - Approved!

[ Edited ]

eugenepark81 wrote:

I'll be applying with Capital One again when the time comes.  Is there any fine print that I should be aware of before moving forward with a Capital One Blank Check loan?

 

-Eugene


(For anyone who is actually still looking at this thread)

 

Yes; the blank check can only be used at dealers authorized to use it found via their dealer locater at the Capital One website.

 

http://applications.capitalone.com/jsp/dealerlocator/

 

Dealers not listed in their database will not accept the check and cannot use it. You can always call their customer service department (from one of the documents you get in the mail when the blank check arrives) just to confirm the dealership's status.


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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}