So i pulled the trigger on capital one auto and got approved for up to $36000 with 6.02% rate ...is this a good rate? Imma first time buyer and im tryin to get a 2013 accord ...it should be in the next few months but i wanted to see where i stand ...honda is offering 0.9% for qualified buyer until 03-03-2013 and i wanna know if i should even try... and also, how does blank check work? Do i still need to put a down??? Am only trying to purchase $27k maybe $28k car ...any thoughts?
Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
I don't know about the blank check, but given you're a first time buyer and taking a SWAG at your Auto-Enhanced score, that's a pretty good rate.
It costs you nothing if you do it within the next month to let the dealership attempt to beat your current offer: actually I would always recommend letting the dealer try especially on a new vehicle with how the FICO algorithm works.
iirc, last time i went thru cap1 blank check, no down pmnt required, and the b/c is only valid for 45 days, then you would have to re-apply, but to be sure of the stips, just check out the b/c pkg when it shows up 
I just did gave the delaer a blank check LAST NIGHT - no word of a lie.
I went through my local CU that I've been doing all my banking through since I was about 12 (so over 18 years history with them) as well as the dealer - none of them matched Cap1.
If you got 5% through capital one I will doubt you will qualify for the >1% interest rates...those are for perfect credit scores and then ONLY if you can afford to have it paid off in 3 years or less (so either a really nice trade-in and/or big down payment - or make enought to afford a 5-600 payment easily).
Capital One beat my CU's rate by 1.5% Dealer financing was slightly above CU rate.
The only thing to consider is the following:
1- they have to be a dealership that accepts Cap One - if you already have a car picked out and a deal going with a dealership then check online to see if they are an approved dealership for Cap 1 (check on Cap Ones sight) not every dealership is ok in the eyes of Cap 1.
2- I don't know if its common, but it makes sense - but you'll need to wait for the check to clear before taking delivery. Cap 1 told me on the phone that I would be able to hand it over and drive away since its a 'bank check' but honestly there is no info on it other than my name and a cap 1 logo. We had to fill in the sale price, vin number, dealership name, etc. I can understand the dealership wanting to wait till it clears to allow me to drive away. - I'm hoping it doesn't take 5 days like the dealership told me it would.
3- I know there was a 3 but I can't remember it right now...
@scarrollprint wrote:I just did gave the delaer a blank check LAST NIGHT - no word of a lie.
I went through my local CU that I've been doing all my banking through since I was about 12 (so over 18 years history with them) as well as the dealer - none of them matched Cap1.
If you got 5% through capital one I will doubt you will qualify for the >1% interest rates...those are for perfect credit scores and then ONLY if you can afford to have it paid off in 3 years or less (so either a really nice trade-in and/or big down payment - or make enought to afford a 5-600 payment easily).
Capital One beat my CU's rate by 1.5% Dealer financing was slightly above CU rate.
The only thing to consider is the following:
1- they have to be a dealership that accepts Cap One - if you already have a car picked out and a deal going with a dealership then check online to see if they are an approved dealership for Cap 1 (check on Cap Ones sight) not every dealership is ok in the eyes of Cap 1.
2- I don't know if its common, but it makes sense - but you'll need to wait for the check to clear before taking delivery. Cap 1 told me on the phone that I would be able to hand it over and drive away since its a 'bank check' but honestly there is no info on it other than my name and a cap 1 logo. We had to fill in the sale price, vin number, dealership name, etc. I can understand the dealership wanting to wait till it clears to allow me to drive away. - I'm hoping it doesn't take 5 days like the dealership told me it would.
3- I know there was a 3 but I can't remember it right now...
they didn't let you take home the car??? i thought the blank check is as good as cash??? or i would think it's the same thing as writting your own check.... hmm...
I've bought two vehicles with blank checks. The first was Americredit many years ago and the last one was with Cap1 about 7 years ago.
With Cap1, I had received something for a specific dealership and that they (cap1) would be onsite for financing. I went down to try but found it really hard to deal with the dealer (I'm not into their sales tactics) on getting what I wanted for the price I wanted. Just to see what the difference would be, I went home and applied for the blank check. The interest rate was lower than what it would have been had I gone with Cap1 at the dealership.
When the check got in (Next day?) I called another dealer for the vehicle I wanted, verified over the phone that I could get it within desired price range and they wouldn't play all the haggline games. Went to dealership, signed papers, gave them the blank check and I drove away. Never even thought about it being limited to a certain dealership and I had no issues. They give you the restrictions up in the paperwork (nothing over 50K on used, certain manufacturer excludes such as Kia I think).
When I had used the Americredit blank check, it was the same situation. I went in, gave them check, they faxed papers in and I drove away.
Starting Score: 689 (Feb 2013)
I just bought my daughter a new car last Sunday, I applied for the cap 1 blank check, got approved for 7.75% went to the dealership chase bank gave me 5.99% through the dealer so for me it was more of a tool. But I would have used it no problem! Ill wait 6 months and refi
