I checked their site out. Does it matter that this is a 13 yr. old car. I mean would I be able to get a loan for 15K if I wanted to?

 

I got 14,000 for mine since that was the high BB value, had to come up with the 2 grand

 

I got a loan from capitol one. I acually applied for 16k, and recieved a check from capitol one before I knew which car I was gonna buy. When its paid off, I will likely use capitol one again to buy my next toy because of this.


*edit*

I dont think the age of the vehicle matters, at least up to a certain point. Otherwise, capitol one would never have issued me a check without first knowing the particulars of the vehicle.

 

It doesn't matter if it's a 50 year old car. Like I said, mine's a 93 and paid 18k for it (only had 26k original miles when I bought it). As long as you have decent credit they'll loan you the money for the car. I have a really great credit score but you don't have to have perfect credit to get a loan from them. You have to at least borrow $7500 from them is the only requirement. I had just set a limit that I was not going to spend no more than 20K.

What you do is set the highest amount that you think you can qualify for. You don't have to spend that amount. So say you qualify for 30k but the car you're wanting is only 15k...they send you a blank Capital One Check, you fill it out for 15k, call Capital One and tell them that's what you're doing, fax them the info on the car you're buying and you have yourself a 15k car loan. It's really a good deal.

I have a great relationship with my banker but even he has his limits. Capital One is just alternative for people that want to purchase cars that the general public consider more valuable than NADA or Kelley Bluebook does.

 

Cap One Blank Check loan.They give you money based on your credit,not the car,so it doesnt matter what you get or year,miles,etc.Good Luck

 

I did Capital One for my 93 BB with 35K miles on it for 18K. It's super easy but you do pay more on interest. It can also take a while for the owner to get his payment cleared (3-5 days) so make sure you have that figured out. The previous shady owner wanted me to give him a check for 18K, and he keep the car for the 5 days while it cleared. Hmmmm.... You can't work around this by issuing the check to yourself and then paying the car owner in cash. The check has to be made out to the current car owner (and you must fax over a copy to Capital one to prove it).

Anyways, they don't care about age, condition, miles, make or anything on the car. They're just financing you based on your credit score. The ONLY problem I had in dealing with Capital One is that it is HARD as all hell to navigate through their automated call system to find somebody breating to talk to.

If you're worried about the fact that you're paying more for a car than it's Blue Book Value is, you can change your insurance to "replacement value". That way if the car gets totaled for some reason, they have to pay you for the actual cost of replacing the vehicle, not the Blue Book value which can be thousands less.

Best of luck and make sure you get a good compression check done before buying!

 

That's what I did, but the car is now paid off for the last 4 years.

 

Another option is an agreed value. It may vary a little, but you usually have to get an appraisal for that. IIRC it cost me around $75. The advantage is not having to haggle about what is a fair replacement should your car be stolen or burn to wheel hubs.
You should also have it re-apprasied ever few years or so, especially if you think it's gone up in value or you've added "stuff".

 

You should be careful about adding "stuff" If you lose your car for some reason due to theft/fire/wreck, your insurance company will depreciate the value of your "stuff" so that you only get 1/4 - 1/2 of what you actually paid for it......regardless of how rare it is. Make sure you get this understood up front with your insurance company. SOme companies take this approach and some don't. Make sure you know before you sign the insurance paperwork.

 

Actually that's the advantage of an agreed value and a comprehensive itemized appraisal. It's a record of exactly what "stuff" was on the car and the value is mutually agreed to before hand. Of course the premiums are also adjusted accordingly. I've never had a replacement policy. Since you can't go the dealership and simply replace an FD anymore, if your idea of fair replacement and the insurance companies is different, what do you do?
The reason I suggested a re-appraisal ever few years is so your not under-insured if you've added some expensive "stuff" since the last appraisal. The other consideration is if you think, as some threads suggest, the market value has significantly increased.

 

Just get some GAP insurance. Mine was only 179 dollars or so, they cover the "extra" over book for you.

 

i got approved for 11k from capital one auto finance. i ended up spending only 9k though on my 93 base model. i also got a 10% rate, which is a little high, but i'm only 24 with decent credit history and had no cosigner on the loan.

 

Some banks like USAA and Pentagon Federal will give you KBB + a percentage. 10% or something. BTW Pen Fed rates are great! Easy to join too.

 

So does that mean I could get the check now and If I decide I don't want the car I could just not make the check out and it's like I never got the loan?

 

The only way to know for sure is to read the fine print.

btw, Capitol One is "famous" for a clause which allows them to jack up the interest rate if you're late on any payment, even your electric or phone bill. Caveat emptor...

 

I'm another Capital one user. Really simple process. They ask basically no questions about the car you are buying.

I think the check is only good for 10days or something like that. You may need to call and tell them you aren't using it though.


It's a loan not a credit card, but their probably is still a late fee. No reason to have a late payment though when they make you send bank info. so they can automatically take it out of your bank account. I no know they changed their online payment site info. last year, so you may can just pay monthly, I haven't really explored it very much.

 

This is very true, I've heard some wild stories. Don't use capitol one. Honestly, I know people take out loans for these cars but it is a car that you're going to have to dump money into, its that simple. If you can't get a car loan around the normal 4-6% don't take it. 10% or more interest is way way to much.

 

The main problem with getting a loan is not finding a decent interest rate, but getting a loan on a 14yr old car. Most banks and CU's won't give a loan on a car more than 7yrs old. I went through all this with my car, thats know I know. Capital One doesn't car about the age of the car they just want your money. No way are you going to get a 15k personal loan either. How about just don't be late on the payment, that solves the problem.

And interest rates are going up so 4-6% on a used car would be hard to find. Capital One is around 8% now I think. Mine was 7.05% when I got my car and 7% on a used car isn't bad.

 

I used Chase Bank (First USA Bank back in '04). Had 21K at my disposal, got mine for 13K.

 

I have had my car for over 3 years & 30,000 miles later (with a Capital One Loan) and have not had to dump money into it. Sure, wear and tear items like tires, brakes, etc. that you have to replace on any car. But Please don't say you are going to have to dump money into it though. If you keep any car long enough it is going to cost you money to fix.

 

That is one of the most foolish statements I have ever seen. paying extra interest to be sure they won't take your car after an accident .......... ridiculous. What do you think insurance is for?????? I hope you are not planning a career in finance.

 

Get in tight with your Credit Union. 6.75% for a 93 with 10XXXX miles on it here, and did it last week. I am just financing a roller though. Engine and other parts will be paying cash. That way if she blows, I will be stuck with a balance of under 5k on a 6k car, not stuck with a balance of 12k on a 6k car.

 

i got 13875 for my 93

 

So you're choosing to pay interest on a car to try and protect it as an asset?

I would talk to a lawyer and consider getting some kind of insurance coverage. There are plenty of ways to protect your assets.

Everything is negotiable. If you feel your car would be undervalued in the event of a settlement, just keep your receipts for mods and use the same approach used in an insurance claim.

Besides, in any case I would think the bank would liquidate your car and any other things on loan, and after those loans are paid off, the balance would be handed over to your settlement. These people aren't ignorant of the concept of equity.

Dave

 

I'm talking about modding of course. That was my idea when I bought it and I basically started immediately, I just would have tired off the stock performance and have already grown tired of the power I have, there will be a big single in my future. Thats personally what I meant by dumping money, but yea, left alone with the reliability mods this car won't need much other then regular maintenance.