topic Re: Capital One Auto Navigator in Auto Loans

Capital One Auto Navigator

800goal800 — Thu, 04 Jan 2018 03:04:08 GMT

I was approved for 35k with a range of 6 - 19%. The cars I’m focused on, when putting in different terms, is about 12.

Once Cap One has the app, would this rate ever have a chance of being lower ? Also if I add in tax, is a check cut to me?

Im buying out of state.

Re: Capital One Auto Navigator

matrix12 — Thu, 04 Jan 2018 04:35:36 GMT

I just used Capital One a month ago to buy my car. The interest rate I ended up with was exactly the same as I was quoted on Auto Navigator. As far as the money goes, everything was worked out between the dealer and Capital One. I just signed the papers. It was a very smooth process.

Re: Capital One Auto Navigator

800goal800 — Thu, 04 Jan 2018 13:22:25 GMT

Thanks

Re: Capital One Auto Navigator

Anonymous — Thu, 04 Jan 2018 13:28:44 GMT

Capital One's APR on any given car is factored based on their estimated LTV on that particular car, so I would suggest playing with the down payment amount on that car and see if the rate changes. I've seen some pretty drastic APR drops by increasing down payment a bit.

Re: Capital One Auto Navigator

800goal800 — Thu, 04 Jan 2018 13:33:26 GMT

Thanks. The lowest APR Im getting on that car is 11% with a huge down payment

Re: Capital One Auto Navigator

Anonymous — Thu, 04 Jan 2018 13:41:32 GMT

@800goal800 wrote:
Thanks. The lowest APR Im getting on that car is 11% with a huge down payment

Interesting... Instead of putting a very high down payment on it, try a 10% or 20% down payment but LOWER the purchase price (asking price) and see if APR drops. If it does drop, it means the dealer is asking too much for the car. Use NADA values to gauge what to offer.

Re: Capital One Auto Navigator

800goal800 — Thu, 04 Jan 2018 13:47:39 GMT

staying give or take the same even when i discount it 20% with nothing down. Discounting it 20% and putting 25% down drops it byt 2% interst so 10ish

Re: Capital One Auto Navigator

Anonymous — Thu, 04 Jan 2018 13:56:13 GMT

Interesting! I never bought from them but have tried it before just to see. I wonder if the car you're looking at depreciates faster than normal? Is it sporty or anything?

I'd definitely use NADA in negotiating with the dealer. Remember that you have some negotiating power because the dealer knows you can walk out and go to any other dealer with your preapproval. Also note: do NOT have the dealer run your credit until you have hammered out a price, and I'd suggest telling them to ONLY run credit for Capital One instead of hammering you to tons of banks (unless you want them to try to find you a better deal, AFTER you negotiate the out the door price).

Also, major congrats on sticking to a reasonably priced car instead of going for a $35,000 one. Too many people buy "too much car" just because they're approved for it.

Re: Capital One Auto Navigator

800goal800 — Thu, 04 Jan 2018 13:57:57 GMT

Its a BMW and I know the price is more than fair. We have a price and he knows the process and will only check Cap One first for final approval and interest rates. If he thinks he can do better after, I will then allow them to try another bank or two.

We have plenty of income for a low DTI but its the scores.....

Re: Capital One Auto Navigator

matrix12 — Thu, 04 Jan 2018 15:43:59 GMT

If you know you have a good price, I would do just what you said. Have them run just Capital One first and see what terms they come up with. The dealer should know from the Capital One pull whether or not they can come up with better terms. If they think they can beat Captial One, then let them try.

When I bought mine, I printed out the page with the terms for the car I was buying and took it to the dealership with me. I showed them the print out and from that, they said they didn't think they would be able to beat the Capital One deal. When they got the numbers from Capital One, they knew they could not beat it.

Also, when I was playing with the down payment amount, it was interesting. On each car, there was a definite breakpoint on the down payment to lower the interest rate. On my car it was $2000. I ended up putting down $2100 and the interest rate was 0.7% lower.

Re: Capital One Auto Navigator

800goal800 — Thu, 04 Jan 2018 16:03:23 GMT

Well if they can beat 11% then they can have it

Re: Capital One Auto Navigator

Anonymous — Fri, 05 Jan 2018 15:59:46 GMT

Capital One is VERY LTV driven, I have seen a difference in 2-4% interest by literally putting down an extra couple hundred bucks. In addition, Capital One love's trade-in's so if you have a non-running beater that's only worth a couple hundred buck's that the dealer is willing to take in on trade it could make a drastic difference in APR.

Re: Capital One Auto Navigator

800goal800 — Sun, 07 Jan 2018 16:21:50 GMT

I just purchased the car yesterday and the process could not have been easier. Did the dealer credit app before going in since I was far away and in case there were any issues. Told him to only go to Cap One. Formal approval and rates came back within 30 mins. Paperwork was all ready when I came in. 2 HP...one from dealer and one from Cap One.

Re: Capital One Auto Navigator

matrix12 — Sun, 07 Jan 2018 17:40:15 GMT

Congratulations! Sounds like your experience was just as good as mine was.

Re: Capital One Auto Navigator

Anonymous — Thu, 11 Jan 2018 02:14:54 GMT

im pretty excited to read this went smooth for you. I finished a bankrupty, chapter 13 last summer, and capital one approved me for 5.89-8.06% on most vehicles. I'm looking in the 12-15k range. I was pretty nervous about using it, but you all made me feel better about it. Thank you!

Re: Capital One Auto Navigator

matrix12 — Thu, 11 Jan 2018 02:32:42 GMT

When you find a vehicle you like, play around with the numbers on Auto Navigator. Changing the length of the loan and down payment amount (even as little as $100 sometimes) will affect the interest rate. I worked with it until I found a middle ground that I was comfortable with. Good luck in your search!

Re: Capital One Auto Navigator

Anonymous — Thu, 11 Jan 2018 16:51:53 GMT

Matrix, it is amazing what a difference of $100 or so in down payment will do to the APR given by Cap One, As I've said before, if you have an old beater to trade in that is paid off, Capital One love's trade-in's even if they aren't worth but a few hundred dollars. I have seen drastic changes in APR's by just adding in a junk trade. The philosophy behind this is that the algorithm Cap One uses weighs a trade in heavily, because their thought is that if the car you are buying break's-down and you don't have a second vehicle then their is a higher probability you fix the vehicle you financed through capital one as you don't have a "fall back vehicle."

This is especially prevelant in subprime financing with banks such as Santander, Exeter finance, Skopos, CPS, etc. They like to see trade's because it give's them a higher probability you will pay for the vehicle you are financing and maintain it because it is your only vehicle.