Capital One Auto Navigator

[800goal800]

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. 

[matrix12]

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.

[800goal800]

Thanks

[Anonymous]

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.

[800goal800]

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

[Anonymous]

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@800goal800 wrote:

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

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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.

[800goal800]

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

[Anonymous]

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.

[800goal800]

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.....

[matrix12]

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.