Question about APR%, Capital One

Anonymous · ‎02-24-2015

Pending proof of residence, I was just told that Capital One just approved me for an auto loan. When I asked the rep on the phone what the APR% will be she said that it depends on the car I choose, but it ranges from 2.1%-8.23%.

Any feedback on this? Also, which type of cars would most likely fall under the lower APR% of the spectrum?

Thank you!!!!

sccredit · ‎02-24-2015

New

EddieK · ‎02-24-2015

Usually when they give you a range of APR's, they are basing it on the year and mileage of the vehicle you choose. The newer and lower mileage examples would bring you to the lower APR and would gradually increase as the car you choose gets older and has more miles on it.

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ojefferyo · ‎02-24-2015

you should check with the dealership if you plan on buying new, their in house financing alot of times offer 1% and even 0% to qualified buyers

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guydiver · ‎02-25-2015

@EddieK wrote:
Usually when they give you a range of APR's, they are basing it on the year and mileage of the vehicle you choose. The newer and lower mileage examples would bring you to the lower APR and would gradually increase as the car you choose gets older and has more miles on it.

Yep. What EddieK said. FYI. Cap1 pulls all three bureaus, so you have three new hard pulls. If you try dealer financing, they will most likely use the shotgun approach to get you financed, more hard pulls. Yes they probably only count as one pull for scoring purposes, but they are still hard pulls on your reports. Unless your scores are great, and you know you will qualify for any of the low manufacturer promo rates, Cap1 is giving you some pretty decent numbers. For comparison, DCU's best rate is 1.99%(1.49% with DD) if you are 675 or better EQ Fico, and that's new or used. Most credit unions will be in that general neighborhood, some a little more or less. How's your credit file? Lots of help on here if we know where you stand.