Comments on: I got an Auto Loan with CapitalOne, question about model year determining APR? http://www.loansreferences.com/i-got-an-auto-loan-with-capitalone-question-about-model-year-determining-apr/ Get Home, Auto, Student Loans Information Tue, 28 Sep 2010 17:56:09 -0700 http://wordpress.org/?v=2.8.1 hourly 1 By: CarMan http://www.loansreferences.com/i-got-an-auto-loan-with-capitalone-question-about-model-year-determining-apr/comment-page-1/#comment-709 CarMan Fri, 12 Mar 2010 14:59:46 +0000 http://www.loansreferences.com/i-got-an-auto-loan-with-capitalone-question-about-model-year-determining-apr/#comment-709 Look at www.Bankrate.com, which shows you the national average rates for new and used cars. Don't pay higher than the average with your good credit score. Look at http://www.Bankrate.com, which shows you the national average rates for new and used cars. Don’t pay higher than the average with your good credit score.

]]> By: aric_714 http://www.loansreferences.com/i-got-an-auto-loan-with-capitalone-question-about-model-year-determining-apr/comment-page-1/#comment-708 aric_714 Fri, 12 Mar 2010 14:11:04 +0000 http://www.loansreferences.com/i-got-an-auto-loan-with-capitalone-question-about-model-year-determining-apr/#comment-708 First and foremost I wouldn't get financed by Capital One. That's great that you were approved but I have heard WAY too many horror stories about working with Capital One. Have you checked with your bank or a credit union. THERE ARE BETTER DEALS OUT THERE. 9.30% is ridiculious. Shop around, you can do bettter. First and foremost I wouldn’t get financed by Capital One. That’s great that you were approved but I have heard WAY too many horror stories about working with Capital One. Have you checked with your bank or a credit union. THERE ARE BETTER DEALS OUT THERE. 9.30% is ridiculious. Shop around, you can do bettter.

]]> By: kcbranaghsgirl http://www.loansreferences.com/i-got-an-auto-loan-with-capitalone-question-about-model-year-determining-apr/comment-page-1/#comment-707 kcbranaghsgirl Fri, 12 Mar 2010 13:39:50 +0000 http://www.loansreferences.com/i-got-an-auto-loan-with-capitalone-question-about-model-year-determining-apr/#comment-707 What kind of car are you thinking of buying? I just bought a 2007 certified pre-owned Saab. I went to the dealer with a Capital One approval in hand for 6.7% - a pretty good rate for a new car nowadays. But once I chose the car I wanted, the salesman introduced me to the finance manager, who asked about the terms of my pre-approved loan. It turns out that he was able to offer me a 5.9% GMAC loan for 60 months - even though it was a used car! So he was able to beat the Capital One loan by a good two percentage points (because my CO rate would have been higher than 6.7% since I went for a used car). So... Dealers are still trying to move their 2007s and older certified-pre-owned cars, and some have even had end-of-calendar-year specials for 2008s. Call Capital One and ask them to explain the terms of their offer more clearly to you, but don't be surprised if the dealer you ultimately choose can do better than Capital One could. Last piece of advice: mention NOTHING about financing while you're negotiating what you'll pay for the car. If the dealer thinks they won't be able to get you to sign on for their financing, they will try to stick you for a higher cost so they make some money off of your purchase. (Ditto for any trade-in you might have. Save that until you negotiate the cost of the new[er] car, too.) Of course, I presume you'll go with whichever loan has the best interest rate...and that may or may not be Capital One. Happy car shopping!!!!!!!!!! What kind of car are you thinking of buying?

I just bought a 2007 certified pre-owned Saab. I went to the dealer with a Capital One approval in hand for 6.7% – a pretty good rate for a new car nowadays. But once I chose the car I wanted, the salesman introduced me to the finance manager, who asked about the terms of my pre-approved loan. It turns out that he was able to offer me a 5.9% GMAC loan for 60 months – even though it was a used car! So he was able to beat the Capital One loan by a good two percentage points (because my CO rate would have been higher than 6.7% since I went for a used car).

So…

Dealers are still trying to move their 2007s and older certified-pre-owned cars, and some have even had end-of-calendar-year specials for 2008s. Call Capital One and ask them to explain the terms of their offer more clearly to you, but don’t be surprised if the dealer you ultimately choose can do better than Capital One could.

Last piece of advice: mention NOTHING about financing while you’re negotiating what you’ll pay for the car. If the dealer thinks they won’t be able to get you to sign on for their financing, they will try to stick you for a higher cost so they make some money off of your purchase. (Ditto for any trade-in you might have. Save that until you negotiate the cost of the new[er] car, too.) Of course, I presume you’ll go with whichever loan has the best interest rate…and that may or may not be Capital One.

Happy car shopping!!!!!!!!!!

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