My dealership ran my credit to see who would approve me, and I have a pretty good credit score (over 730) but for some reason Ford denied me. Anyways, he said one of their banks approved me but he couldn't tell me the APR, so I decided a back up plan was necessary in case I get there and he's trying to charge me 9% APR or something stupid.

Capital One approved me, so I was just curious if anyone has any opinions on them? Anyone already making payments through them have anything to chime in on? Right now I'm thinking they are going to have a lower APR, so anything I should watch out for? I already verified my dealership is in their network or whatever.

 

He may not be able to tell the APR because it's too soon, but you should always go in with something. Chances are they'll beat it, but that just guarantees you get a better rate. That's sort of what happened to me, at least as far as I can tell. I got approved by Capital One too for I think 5.02% since it would be on a new 2011 model. The dealer came back with 4.99% from a different bank. Dunno if it was just coincidence or not, so take it as you will.

You're probably in the same boat as I was, good credit, but no credit history.

 

Good idea, I got approved at 4.19% so if they wan to beat that then that would be awesome haha

 

I went through capone for a 72month loan, I got 5.4apr and only used my 500 deposit for my downpayment. The innitial approval is quick, less than 30sec but their reps took forever to verify the info I faxed. It actually became a nightmare because they sent me mutiple emails informing me that my blank check was activated, followed by requests for not additional stubs but the same ones I'd already faxed. It took nearly a month of them reviewing the same docs, before the nightmare was over. I applied for my loan two weeks before my car was scheduled to have arrived, if it had come on any of its three original etas (4/28, 5/3, and 5/6), my dealer probably would have sold the car to someone else, cause I wasn't approved for the final time til about 2weeks later.

My note is 613, I'm paying online through Chase 700per month, so I don't have to deal with these idiots.

 

Go in with the best rate you can find from anywhere, and I guarantee you that the finance guy at the dealer will beat it if only by 0.1% or so.

I had approval through BofA and went in and the finance guy just happened to beat it with Capital One by a tenth of a percent. I have a sneaking suspicion that if I had two tenths lower he would have just happened to beat that too. It's happened that way to me more than once.

I went with Capital One and haven't had a problem except:

1. They had the wrong address for me so I had to contact them to get the first statement in order to pay my first bill on time. They had the numbers transposed and my info never made it to me. Idiots. It's plain as day on the paperwork...and typed to boot.

2. They claim I haven't provided enough info on my insurance coverage and are trying to charge me for their insurance. I've been through this scam before with home mortgages and car loans. It's the oldest trick in the book for these kind of places. Well that and taking forever to post the payment so they can claim it was late when you mailed it 2 weeks ahead of the due date.

The only benefit I've had from Capital One is that the rate was the lowest that I found, and we have a local branch so when I needed to pay the first payment because they hadn't got me the info, I just took the payment into the local Capital One bank with the account number and it was received that day.

So my advice is, get a good rate, and I bet the finance guy will pull a rabbit out of a hat and beat it.

 

Hi , I'm kinda new to this site ,but I'll tell you I financed two cars thru Capitol one and it was a great experience. Applied online & approved and had the blank check sent overnight. Get the bottom line on your deal and just write the check! No finance manager to deal with, no extra sale pitches for extras. I would have done it again on my 2010 but ford gave me 0% financing.
If you get auto payment withdraw its should be 1/2@ apr less. Goog Luck

 

I've had a similar experience with Capital One. Quick approval, low rates and very easy. As far as making payments, I was always on time and never got messed with when I sent a little extra or when I payed off the car in full. I'd highly recommend them.

 

I had 820 and Ford denied me.

Got 3.25% for 60 months at PNC.

 

Wow.

 

I've found that in my experience, Ford Motor Credit is the hardest lender to predict and work with regardless of your credit score...and I've bought many cars including Fords! Very frustrating and can truly hamper the buying experience especially when you are trying to qualify for the promotional rates.

I've used Cap One for several cars, and the process was very easy except for one time about 6 years ago where they tried to lower the check amount because of an error on THEIR side. Too bad I had already freakin' bought the vehicle, so I had to scramble and come up with $1,500 in 24 hours. Never happened again though.

My favorite was always Toyota and Honda Financial, followed by HSBC. So easy to apply and pay online. Now they are Santander/RoadLoans.

 

I've had 2 Cap One loans. Never a problem and great rates. BofA policies suck if your dealer isn't a part of their "club." You'll pay $200 whether you USE their loan or not once you ask for the check.

For this car, I got a Navy Fed CU loan for 1.99% for 3 years. Didn't even bother with dealer financing. What was a little odd was they only approved me for about 80% of the car total. No problem since I only wanted about 67% but that was a bit of a surprise.

 

+1 on getting pre-approved with a good rate and letting the dealer try and beat it. I was approved by my credit union for 4.25% and let the dealer try and beat it. They came back with 3.99. I also put 20% down, so I'm sure that helped.

 

I think Cap One sucks.

A few years back I used one of their 0%x12 checks for $19k. The next month the statement had interest tacked on. Had to call in, fax copies of their offer and the check, they corrected - said it was a coding error. Paid it off at 11 mos. via Bal Transfer to another bank's 0%.

About 6 mos after that, here comes more 0%x12 checks. I balance transfer 19k again. Statement comes back with interest tacked on. Had to call in, they corrected - said it was a coding error. From the dang checks that are pre-printed??

So I've got the balance down to $15k and the 12 mos are about up. In the panic of 09, they mail a letter that says they're renegging on the promised LIBOR rate (about 5% variable) that was part of the original paperwork with the Bal Transfer checks, and spiking to 14.9% variable. I call in and was assured my account was fine under the original terms of the transaction. The deadline goes by and my statement goes to 14.9%. I write the CEO the full story, name the person and date I called in, wouldn't budge. So I paid them off with part cash and part 0%x12 to US Bank, and like I told the CEO, I closed them out forever. Never will I give CapOne a dime.
And I told all my friends how they lie and cheat their perfect paying customers, and the CEO won't even stand up and do the right thing. In the end CEO Richard Fairbank not only lost a great customer, but really didn't make any money. He got 3% Bal Transfer fee, zero interest, and pizzed off a perfect payer so he will never earn anything again.

So if you are going to use Cap One, be sure and verify they aren't cheating on the promised terms, and be prepared for a potential change in the deal months down the road.

Since that time my local Credit Union has provided a 30 yr mortgage at 4.75% and I just got an 84 month car loan from them at 3.24%! And my money stays local which indirectly comes back to me.

 

This is interesting as I've used capital one to finance 3 cars never a single issue all very competitive rates but then again i have good payment history with them. As for fordcredit my wife financed two of my mustangs at 0% no issues and surprisingly I got this one on mine for 0% which due to my 698 beacon score I thought wouldn't happen ,maybe its because I only financed $17,0013? Weird I guess congrats to the people in this thread just like my little sister with no credit history but great credit scores really sucks when you go try to get approved for stuff like a car or house doesn't it? My younger sister bought her first car on payments last year and no bank would touch her that the dealers could find even though she was a 802 beacon and had 15-20% down with her trade, ended up at a local credit union and no before you ask the dealer could not/would not match the 4.9%-48months offered so she financed through them all it took to get approved was a $5 savings depost lol now that she has some payment history i'm sure it will be easier next time but all in all I was shocked no one would approve her even though she makes decent money on the job over a year and with a 800+credit score. While I've had a bankruptcy less than a 700 score but can get approved for ford's best rates*rubs bald head

 

I'm pretty sure Charlie's experience is NOT unique. I'm very wary of credit card terms and conditions and they're FAR different than loans. Loans are pretty simple: the terms are laid out and you make payments. Credit cards almost always have a clause that says the bank can change the terms at any time. This is why I prefer to NOT carry a balance on ANY bank credit card. Eff em. I had one bank actually DELAY processing my payment by DAYS to make it "late" then charge me a late payment fee and jack up my interest rate. I canceled them. And I believe their out of business now.

 

Capital One is one of the worst banks I've ever had the displeasure of working with.

I got an offer of 5% via Ford for 60 months, then got an offer of 3.9% via a local FCU. They matched it.

 

Yeah 4-5% on a 5 year is where its at. I could have gotten better, but i went with our company credit union. They have always took care of me. Plus no payment have to be made, as my pay check goes there. Ronn