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Two vehicle loans at the same time with Cap1?

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Two vehicle loans at the same time with Cap1?

I currently have a vehicle that was financed last year using the Cap1 Auto Navigator. Ran the pre-qualify again and was told I qualify. Does that mean I can have two loans with them, or are they expecting me to trade in the car I have now?

5 REPLIES 5
Valued Contributor

Re: Two vehicle loans at the same time with Cap1?

I would say two cars if your income supports it.

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

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Message 2 of 6
New Contributor

Re: Two vehicle loans at the same time with Cap1?

It would be for two vehicles.  If you want a different rate or more credit you can call them and tell them you'll be trading your current vehicle in and they will calculate it based on that.  

Message 3 of 6
Contributor

Re: Two vehicle loans at the same time with Cap1?

Thanks for the responses.

 

I let the dealer run an app through my current CU just to see what they would do. I was a little disappointed when the CU initially came back with a rate 4% higher than Cap1. The Finance Manager at the dealer called the CU and somehow got them to offer a rate 1% lower than Cap1. Car was purchased, and very happy. Smiley Happy

Message 4 of 6
Valued Contributor

Re: Two vehicle loans at the same time with Cap1?


@Jujuka wrote:

Thanks for the responses.

 

I let the dealer run an app through my current CU just to see what they would do. I was a little disappointed when the CU initially came back with a rate 4% higher than Cap1. The Finance Manager at the dealer called the CU and somehow got them to offer a rate 1% lower than Cap1. Car was purchased, and very happy. Smiley Happy


They were probably lying to you and padded the rate.  

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship             1% Cancer Charity - Fifth Third             0% Finance Promos - Venture & QuickSilver





           
Message 5 of 6
Contributor

Re: Two vehicle loans at the same time with Cap1?


@Shooting-For-800 wrote:


They were probably lying to you and padded the rate.  

 


What do you mean by "padding the rate?" I told them I was pre-approved with COAF and wanted to use that. They ran it through and were getting ready to send me over to the finance team to complete the paperwork. I asked them to run my CU at that time, and that's what they did. The CU rate I got ended up being 4.73% on a USED car when the CU's lowest rate on a NEW car is 3.99%

 

Message 6 of 6
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