Capitol One car loan amount difference...

[TerryBPP]

I'm starting my hunt for a pristine condition e34 535i 5 spd and decided to finance it instead of cutting into my limited savings. I use bank of america but they are aweful deals when it comes to small loans, especially car loans.

So I tried Capitol One. Within 20 mins I was approved for a $10,000 car loan @ 8% (which is high, but so are rates now). Fixed rate. 48 month loan. In the end they will cut you a $10k blank check. They don't discriminate what type of car it is for.

Only issue is they will only write the check for $10k or more dollars, no less. So what happens if I find a car for $7500. There is no way the owner will cut me another check for $2500. That the oldest scam in the book.

Is there a easy way around this or another car loan bank that does not have this issue?

[osidak]

Put the 10K check in the bank and have the bank cut you a certified check for the amount you need

[mschuep]

I was looking around yesterday, I think eloan will do loans less than 10k, but not sure of all the details.
If you are buying used from a private party, w/excellent credit, the rate is 8.45, used from a dealer drops the rate to 7.5

[TerryBPP]

Originally posted by osidak
Put the 10K check in the bank and have the bank cut you a certified check for the amount you need

They will not write the check to you. I already asked that.

I checked eloans and they will write checks for $5000 or more. Thanks mscheuep.

[mschuep]

Now I remember, I think they limit the age of the car to the past 5 years or some bs like that, maybe that was another lender I can't remember.

How's the evil e30?

[Groesbeck Hurricane]

Do you have access to a credit union? They usually have better rates and will loan smaller amounts. Another resource might be a small, local bank.

[TerryBPP]

Originally posted by mschuep
Now I remember, I think they limit the age of the car to the past 5 years or some bs like that, maybe that was another lender I can't remember.

How's the evil e30?

Captiol said the age did not matter. All they want is the title. Seemed to easy though.

Evil E is comming along pretty good. I've spent the last week assembling the Mega Squirt harness. Alot easier than it looks, although some of the online diagrams are misleading if you dont know electonics. I have maybe 5 hrs into the setup and I'm 3/4 done.

Hooking up the EDIS ignition is a cake walk. 5 wires, done.

I am having some clearence issues with the radiator, so I called Griffin to see if they had one that I caould recess into the front frame rails (18" x 25'). They did so looks like I'm going with their dual core setup.

[NICKG]

the other part is that you have to buy the car at a franchised dealer.....

[TerryBPP]

Originally posted by NICKG
the other part is that you have to buy the car at a franchised dealer.....

No you don't. The interest is lower with a dealer, but they will still give you the loan for a private party dealer.

[Paul K]

Your APR sounds way high. We just arranged a loan through our local credit union to buy the FJ Cruiser- got 5.65%. They write us a 'confirmation letter', we go negotiate the price with the dealer, then the C.U sends the dealer a check for the agreed on amount. I bought my Range Rover using Capital One- they gave us a blank check for 'no more than $40k' but they may have changed that. Good luck- hope it works out.

Cheers,

Paul.

[Steve Carlton]

Terry- doesn't the $10,000 minimum only apply in Arizona?

Paul- rates are higher for private party and used cars. They start at 5.89% on new cars.

[TerryBPP]

Originally posted by Steve Carlton
Terry- doesn't the $10,000 minimum only apply in Arizona?

Paul- rates are higher for private party and used cars. They start at 5.89% on new cars.

E loans killed Captiol One. %7.5 and can loan a minimum of $5k but up $15k. Any year car, I specifically asked about classics. Sexy sounding rep too.

[asphaltgambler]

Inquire with eloan, easist deal I ever did. Highly reccommend

[krichard]

When I used Capital One they sent me a blank check that I could write in the amount up to the maximum loan amount. Meaning that if my maximum loan amount was 10k I could write the check to the dealer for anything up to 10k. Shouldn't be an issue for you at all.

[cbeers]

I used Capital One for my car and was VERY happy with the whole process. Easy as can be.

Now, I need to look into this eloan thing, I smell a track car coming

-Chris

[Dave L]

how about setting up a line of credit? I bought my last 2 944's this way, no more asking the bank if I can spend my money plus I pay what I want when I want (within reason, there is a minimum payment) Interest rate is prime plus 1.25%

[legion]

Originally posted by Groesbeck Hurricane
Do you have access to a credit union? They usually have better rates and will loan smaller amounts. Another resource might be a small, local bank.

Yep.

I currently have three car loans with my CU. Highest one is at 3.75%. All were three year terms (because the car is older than 10 years). Only slight problem was that they would only loan up to Kelly Blue Book, and sometimes you find a car that is worth more than that...

[FenderGuy]

So who is the best? I just signed up with a CU and they ran my credit when I opened up my account..which kinda pissed me off since I wanted to use that credit check for a car loan

Frank

[SLO-BOB]

I did a Capitol 1 loan recently. The interest was a bit high, as described above, and they goofed up a couple of things. Overall not too bad and quick on the "blank check". They wouldn't believe the vin on my 72. Never did sort it out as I just paid it off. It was more of a short term gap loan.

I would check out Eloans.

[Steve Carlton]

I used to use peoplefirst.com before it became Capital One. They would not only match, but undercut other rates I came across. When you're talking about $7,500 or so, the difference is small.