topic Re: Any experience with Cap One and 2 auto loans? in Auto Loans

Any experience with Cap One and 2 auto loans?

paix — Wed, 30 Mar 2016 19:19:14 GMT

I'm curious to see if anyone knows if Cap One will give out a 2nd auto loan if you currently have one with them?

In 2014 I purchased a car and got it financed thru Cap One, it was all done at the dealership and I got a 4% interest rate. I am still making payment for that car. No late/missed payments.

I'm looking to purchase a larger family vehicle. I've had a good experience with Cap One so I'm just curious if anyone know or experience them giving 2nd auto loans? What do you think my chances are for another loan? The car I am looking to purchase will be in the ballpark of $35k-40k. My credit scores are 712 EX, 697 TR, 722 EQ.

I do belong to a credit union and I would also check there for rates as well but wanted to see what experiences are with 2nd loans?

Thanks.

Re: Any experience with Cap One and 2 auto loans?

Cellice — Wed, 30 Mar 2016 19:46:46 GMT

If your income support it Capital One would approve you

Check out Penfed or DCU though. They have much better rates for your score.

Re: Any experience with Cap One and 2 auto loans?

pipeguy — Wed, 30 Mar 2016 20:06:48 GMT

I currently have 2 car loans through DCU, couple of years ago I had two through Ally bank. If you scores and income support the loan, they'll issue the loan(s) - that said with your scores DCU will offer you 1.74% and a refinance for close to that if their scoring model shows you are 720 plus (might be Fico 4 I don't remember, just that its 30 plus points less than my Fico 8 score). One of my loans is at 1.49% the other at 1.99% through DCU.

Re: Any experience with Cap One and 2 auto loans?

paix — Wed, 30 Mar 2016 21:37:53 GMT

I'm going to research a bit more on DCU, Thank you both for the suggestions. I have not considered them before as I wasn't familiar.

My income is $60K. My DTI is pretty low, I have my current car payment $370, a student loan $214, and credit card bills totalling about $500 plus minus every month that is paid in full. Our mortgage is under my husband's name only and he pays for that. I have the better credit so that's why I'm looking to for the 2nd auto loan.

Re: Any experience with Cap One and 2 auto loans?

fury1995 — Fri, 01 Apr 2016 15:00:06 GMT

Capital One typically likes to limit your open auto loans to one however if your current loan is joint, they may consider a second joint auto loan.

Use a different lender for your second auto loan if otherwise.

Re: Any experience with Cap One and 2 auto loans?

Anonymous — Fri, 01 Apr 2016 15:14:59 GMT

Does these places ask for Income verification. I ask because it is all online, so I was wondering

Re: Any experience with Cap One and 2 auto loans?

paix — Tue, 05 Apr 2016 16:47:12 GMT

Just wanted to give an update.

I applied for DCU auto loan and was approved for $40,000. But the rates were much higher than I was hoping for. 3.9% for 72 months and 2.9% for under 65 months. If I do direct deposit it would be 3.49% for 72 months and 2.49% for under 65 months.

I know they pulled EQ and that score is 722 so I was hoping for lower rates. I forgot to ask what score they got when they pulled EQ.

Anyhow, I'm not sure if I'll get lower rates elsewhere. Thoughts anyone?

Re: Any experience with Cap One and 2 auto loans?

paix — Tue, 05 Apr 2016 16:56:49 GMT

Archange1 - after approval, DCU ask for most recent pay stub to be uploaded. So yes, they need income verification.

However, when I got approved for my Capital One auto loan at the dealership 2 years ago, I did not have to provide any source of income verification. I just put down my gross monthly income on the application but didn't need verification.

Re: Any experience with Cap One and 2 auto loans?

Cellice — Tue, 05 Apr 2016 17:44:19 GMT

@paix wrote:
Just wanted to give an update.

I applied for DCU auto loan and was approved for $40,000. But the rates were much higher than I was hoping for. 3.9% for 72 months and 2.9% for under 65 months. If I do direct deposit it would be 3.49% for 72 months and 2.49% for under 65 months.

I know they pulled EQ and that score is 722 so I was hoping for lower rates. I forgot to ask what score they got when they pulled EQ.

Anyhow, I'm not sure if I'll get lower rates elsewhere. Thoughts anyone?

Checkout PenFed

What brand car are you buying? A lot of automakers are offering lower interest rates.

Re: Any experience with Cap One and 2 auto loans?

paix — Tue, 05 Apr 2016 18:11:21 GMT

I'm looking at a used 2012 Toyota Sequoia.

Re: Any experience with Cap One and 2 auto loans?

Cellice — Tue, 05 Apr 2016 18:17:34 GMT

@paix wrote:
I'm looking at a used 2012 Toyota Sequoia.

For a used model that old you wont get much better rates. Toyota doesnt even give rates that low on their CPO models.

Re: Any experience with Cap One and 2 auto loans?

paix — Tue, 05 Apr 2016 18:24:29 GMT

@Cellice wrote:
@paix wrote:
I'm looking at a used 2012 Toyota Sequoia.
For a used model that old you wont get much better rates. Toyota doesnt even give rates that low on their CPO models.

That's what my husband also said, that we probably won't get better rates because it is used. These cars are still so expensive though!

Re: Any experience with Cap One and 2 auto loans?

mariposa7678 — Tue, 05 Apr 2016 18:53:48 GMT

i'm on the same page as you @paix, i'm looking for a chevy Tahoe, infinity qx56 or ford expedition, we are a big family...I don't know what to do...debating lol

Re: Any experience with Cap One and 2 auto loans?

Cellice — Tue, 05 Apr 2016 19:04:46 GMT

@mariposa7678 wrote:
@i'm on the same page as you @paix, i'm looking for a chevy Tahoe, infinity qx56 or ford expedition, we are a big family...I don't know what to do...debating lol

New Chrystler Pacifica looks cool

Re: Any experience with Cap One and 2 auto loans?

mariposa7678 — Tue, 05 Apr 2016 19:07:52 GMT

@Cellice wrote:
@mariposa7678 wrote:
@i'm on the same page as you @paix, i'm looking for a chevy Tahoe, infinity qx56 or ford expedition, we are a big family...I don't know what to do...debating lol
New Chrystler Pacifica looks cool

I dont want to pay for a new car lol unless I can get 0%

Re: Any experience with Cap One and 2 auto loans?

paix — Tue, 05 Apr 2016 19:18:02 GMT

@mariposa7678 wrote:
@i'm on the same page as you @paix, i'm looking for a chevy Tahoe, infinity qx56 or ford expedition, we are a big family...I don't know what to do...debating lol

I really like the 2015+ line of Chevy Tahoe! Sooo beautiful. We were going back and forth between a 2015 Tahoe and the Sequioa. My husband decided on Toyota just for reliability. And even used models are still so expensive. But we found one that we are trying to seal the deal on. I will most likely just use DCU for this loan as my credit union's rates are still higher than DCU.

Re: Any experience with Cap One and 2 auto loans?

mariposa7678 — Tue, 05 Apr 2016 20:01:51 GMT

we have 2, 2001 suburban however I want something newer

good luck

Re: Any experience with Cap One and 2 auto loans?

paix — Wed, 06 Apr 2016 16:42:53 GMT

These boards are so helpful so giving another update in case anyone is wondering about DCU experience. I also want to thank those of you who suggested DCU. I initially asked about Capital One but so glad DCU was suggested.

My EQ score was all over the board and that was most surprising to me as I thought for sure I would get the best rates because my score was well over 700. My Credit Check Total EQ score 722, the dealership pulled 743 EQ, and DCU told me they pulled 681 EQ. I was told my 681 score was below their best rate. She said if my credit score improved in a few months, I can refinance for a better rate. I got 2.49% for 65 months with direct deposit. So I will direct deposit a portion of my paycheck to DCU, I asked if it had to be the entire paycheck, she said no.

The DCU process was pretty quick. I read some good things about them and some not so great things (slow communication, etc...) But I have to say I had a really good experience. I applied for the loan first (Monday morning) then applied for membership (yesterday Tuesday). After applying for the loan, I got the message "someone will contact you shortly". I didn't receive any communication all day Monday so I called on Tuesday morning to asked about the status of my loan application. Rep said it was being reviewed and if I could wait, she will find out. I waited a few mins, she came back and told me I was approved for $40K.

I was asked to upload my latest pay stub and also the purchase agreement. I went to the dealership yesterday and got the purchase agreement. For the membership - I was asked to upload a photo ID, pay stub, and social security card. I had all but the social security card because I have no idea where it is (boxed away somewhere). I was a little worried this might delay the membership approval process. This morning (Wednesday) a DCU rep called me to finalize the loan and she said she will just do a phone verification since I did not have my social security card (THANK GOD!).

We should receive check tomorrow (overnight for $15 fee) and plan to pick up our new 'used' car, a 2012 Toyota Sequoia platinum edition. Exciting!

Re: Any experience with Cap One and 2 auto loans?

Cellice — Wed, 06 Apr 2016 17:20:25 GMT

Congratulations! 2.49% is a good rate on a 2012 used car. Enjoy your new car!

Did you look into refinancing your CapOne loan with DCU. Your most indicated you had 4%. If you can get the same 2.49% with DCU that could be a yummy savings. They should be able to do the refinance with the same inquiry too!

Re: Any experience with Cap One and 2 auto loans?

mariposa7678 — Wed, 06 Apr 2016 18:14:47 GMT

wow, very good percentage.. I refinance my car last year with DCU and gave me a very good deal, 1.99 because at that time they required the whole check DD and I did not like that.