Anyone with experiance using Capital One Auto or HSBC Auto Financing?

[Anonymous]

I'm thinking of applying for a car loan online. I just checked my fico score and i just hit 701 on Transunion and 700 on Equifax. Don't know Experian. I've raised my scores 100 points in a about 10 months. Yay for me! Scared of going into the dealership without a fall back plan if they try to screw me over. I've never gotten an auto loan or any kind of loan before. My entire credit history is my credit cars. My oldest card is 13 years old. Anyone have good experiences with Capital One Auto or HSBC Auto Fincancing?

Message Edited by MXtra on 06-19-2007 10:07 PM

[smallfry]

I just finished paying off a car loan with Cap One. Trying to make the last payment was a trying experience. Don't ask. If I were you I would try to gain membership in a credit union. Their rates tend to be better. Try Navy Federal of Penfed. I just refi'd a 6 month old car with Navy got 6% and GAP insurance only cost $199. See what you pay for that alone through the traditional lenders. Good luck.

Message Edited by smallfry on 06-20-2007 05:50 AM

[Tuscani]

I agree with smallfry.. Try a CU. I will say that CAP1 auto is no were near as bad as their CC division. Can't comment on HSBC auto.

[Anonymous]

both of them are okay to deal with, if that is all that you can get.  capone auto's blank check was the only way i could get a vehicle back in '05, and although the interest rate was high (18.99%), the process was quick, easy and painless.  i refi'ed the loan with hsbc a year later, and knocked off a few percentage points (14.99%), then another year later i refi'ed with citifinancial auto.  citi knocked my rate down to 8.75%.  of course, these rate reductions were based on my credit substantially improving over the past 2.5 years. 

can anyone tell me if 8.75 is decent auto loan rate for low-mid 600's?

[mloupagu]

Pentagon Federal has the best auto rates I have ever found. I have financed a few autos with them and have been researching recently. I joined a few years ago and I am not in the military. I have been very happy with them. www.penfed.com

[Anonymous]

i just joined and am going to try to refi my auto loan with them.  thanks for the info.

[Anonymous]

what kind of downpayment would I need with penfed? The car I want will cost about $20,000 after all the taxes and fees are added in. So will I need $2,000 for downpayment? I thought I read somewhere most credit unions only finance 85% which is why the rates are low, but it does say they finance up to 100% of the car for eligible people. I wonder if I'm eligible since I've never gotten a loan before. I didn't know joining a credit union was so easy and can be done online for $20.

[smallfry]

---

@Anonymous wrote:
what kind of downpayment would I need with penfed? The car I want will cost about $20,000 after all the taxes and fees are added in. So will I need $2,000 for downpayment? I thought I read somewhere most credit unions only finance 85% which is why the rates are low, but it does say they finance up to 100% of the car for eligible people. I wonder if I'm eligible since I've never gotten a loan before. I didn't know joining a credit union was so easy and can be done online for $20.

---

I put nothing down. Ever.

[Anonymous]

i would advise against using CapOne for autofinance solely based on my personal experience.  i got the blank check on time and approved for 14.99% (my scores at the time were around 650).  however, when they had to verify my income and employment and such, their fax machines kept "breaking" and even though i asked them to expedite the verification, they still took a long time.

then once i finally bought my car, they had SERIOUS problems getting my check processed.  the check was deposited by the dealer and it took me at least 10 separate phone calls (speaking with supervisors and the like) to figure out why my account wasn't being opened correctly.  somehow my check/account information was "lost" between the department that processes the checks and the department that sends you information regarding your monthly payments and account opening.

needless to say, i refinanced right away (i mean before i even made the first payment to CapOne) with Chase at 6.94%.  the refinance application took me 10 minutes to complete online and i got a phone call from chase within 2 hours asking me where i would like to sign the closing documents.

to make a long story short, i had a TERRIBLE experience with capital one and from what i have heard from friends, their interest rates are higher than a lot of other lenders. 

i am happy with my CHASE loan, so i would recommend looking on the chase website and checking out what they have to offer at this time.

[Anonymous]

in my case, i went to the dealer, and told them i would be writing a check (didnt say it was a capone blank check). we worked a deal, they did all of the paperwork, and gave me a final figure.  i pulled out my blank check, filled it out and handed it to them.  they had never seen one before.  dealer called the number that came with the check, was on the phone with capone for about three minutes, and i walked, or i should say drove off the lot with my truck.  was in and out in no time, with no problems.  as they say on here, ymmv.