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Capital One Auto Finance Approved at...3.9%?

CreditCrusader
Established Contributor

Capital One Auto Finance Approved at...3.9%?

I was shopping used trucks and came across a 2017 Ram 1500 with 55,000 miles that was priced nicely at $20,999.

 

Because I already have a credit card with them (and they have begged me to pre-qual), I went through their auto pre-qualification tool...and sure enough, the dealership was on their list. They gave me a 4.9% pre-qualification, which I printed out and took to the dealership.

 

I get there with $1,000 in cash to put down. But according to their finance manager, because my pre-qual wasn't run with a down payment, COAF offered me 3.9% due to the $1,000 cash I was paying up front.

 

Needless to say, I'm pleasantly surprised by both the low interest rate AND low payment!

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
Take the FICO Fitness Challenge
Message 1 of 4
3 REPLIES 3
4sallypat
Frequent Contributor

Re: Capital One Auto Finance Approved at...3.9%?

That is excellent news and a super good rate for a used truck!

 

It's nice to know that Cap 1 Auto finance does not allow the dealer to mark up the rates.

 

Did you happen to get the new body styled, upgraded interior RAM ?

 

I have been eyeing the Rebel 3.6L RAM 1500 w/ Ramboxes.

Message 2 of 4
CreditCrusader
Established Contributor

Re: Capital One Auto Finance Approved at...3.9%?


@4sallypat wrote:

That is excellent news and a super good rate for a used truck!

 

It's nice to know that Cap 1 Auto finance does not allow the dealer to mark up the rates.

 

Did you happen to get the new body styled, upgraded interior RAM ?

 

I have been eyeing the Rebel 3.6L RAM 1500 w/ Ramboxes.


Honestly, this is a pretty garden variety Ram 1500...no real bells and whistles, though I didn't really want them anyway. It's super clean and well-maintained.

 

Funny thing about having that pre-approval in hand and a mind full of credit knowledge: Auto dealers just know to cut the tricks and proceed with an honest sale.

 

They were having a promo giving $3,000 more than normal trade-in value. I had receved a wonderful quote for my trade that exceeded what I owed. I more or less told the finance manager my terms...and that I expected those terms to be met or I'd walk.

 

Deal was done, signed and off the lot in about an hour.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
Take the FICO Fitness Challenge
Message 3 of 4
aj2121
Regular Contributor

Re: Capital One Auto Finance Approved at...3.9%?

@4sallypat I have a new body style Ram with the new interior, it is very comfortable and luxurious especially for a truck. I would strongly encourage you to get the 5.7 if you decide to go with a Ram. The 3.6 feels underpowered and from various owners that I have talked to it does not get any better fuel economy than the 5.7, I would also add that the larger tires, extra vehicle height, and weight of the Rebel will emphasize the lack of power in the 3.6

FICO8 as of 4/9/21:
Message 4 of 4
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