@Anonymous wrote:Me and my husband just now co-signed on a car loan! its a preowned Toyota corolla LE 2015 with 13,432 miles on it , and i am the primary applicant ,and we got it for 4.0% (which is little high) but considering our situation this seems to be the best option.
Here is our background , we both are drivers and we drive around 165 to 200 miles a day (my husband has 2015 prius with 0% financing), so we obviously are want cars that give high mileage , low maintainance and reliability. corollas are great in that category.
as for our credit , my husband has baddies and few old collections and his scores are in lower 600s , but has immaculate payment history with Toyota and because of this he got 0% financing for his prius in 2015. i have good scores, my transunion is 731 and no baddies , perfect payment history , however i dont have a long history , i have 1 year credit history with TONS of inquires. and even though i work as a subcontractor we have setup our income in such a way that my pay goes to my husband's check in his name , that way we have one pay check and a one time insurance deduction. so considering all of this , i am happy we were able to close this deal with 4.0% interest rate for 75 months. This makes my monthly car payment 239$ for this new (pre owned certified) car along with gap insurance .
We are currently wanting to trade in my husband's 2015 prius for a corolla and get a better deal and low combined payment for two cars. lets see tomorrow he is going to the dealer to discuss the trading in of his car. his car payment is 517$ . when he called the dealer today they told him that by trading in his prius for a New corolla he can reduce his car payment to 330s .that i think will be perfect for us . that way our combined payment would be around 550
Just a few words to the wise....#1 Dealers will tell you ANYTHING to make a sale! Regardless of it is in your best financial interest.
#2 Financing a vehicle for 75 mo when you drive 1000 miles a week will have you in a DEEP negative equity situation quick!
@Shooting-For-800 wrote:I find the exact opposite with Cap One.
they treat me better than any other bank including my bank of 20 years with 3 checking accounts.
Cap One just blew my mind!
i have been very very happy with them since my BK a few years ago, but this is amazing!
i went to local credit union and could not get approved for new car at any rate for any amount with $10k down payment.
Cap One just preapproved me for $40,000 at 2.49% for 60 months or 2.93% for 72 months with no money down!
No wonder I am so loyal and yes I will stay loyal.
YMWV, I do spend a lot on my cap one cards and pay them weekly.
BTW my scores are just south of 700 now.
Update...
Went to the new car dealer and had the easiest process ever.
Filled out the Cap One application on paper, came back 5 mins later with 2.49% for 72 months with $0 down and no supporting documents needed.
@Drove out with a brand new car @ $35k.
BTW Cap One interest rates are also based on the car, resale value, etc.
I got a great deal, so the rate went to the lowest rate.
If a car is over priced, your rate will go up.
Tons of horror stories out there, but Cap One treats me like a king.
