Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

Current wholesale rate for Cap 1 and BoA?

The last post in this topic was posted 2456 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

Anyone know what the current wholesale rate for Capital One and Bank of America might be, for a 6 year loan with a top tier credit score (Auto Enhanced Fico of 800+)?

 

I just got off the phone with my dealer and was told that those two offered the lowest rates and using one or the other should be able to beat my credit union rate (1.89% w/Alliante)... I told them I prefer BOA because I can walk in to make a payment, but they stated Cap 1 has been offering the better rate...

Share this post


Link to post
Share on other sites

BOA does not publish traditional rate sheets, their system determines and then myself and the analyst would go back and forth.

 

I would not place a loan with Cap One, even though their highest level of approval rate slightly less than you already have via your credit union.

Share this post


Link to post
Share on other sites

Marv,

 

The F&I guy, from my dealership, is telling me Cap 1 is offering 1.69% for 72months.. I was going to go with it, but now I'm wondering why you wouldn't use Cap 1. Is there something I need to look out for?

 

BTW, I was told BOA's offer was 1.89%...

Share this post


Link to post
Share on other sites

Do you really want a well known subprime lender for automotive product on your credit file?

 

Sent from my SCH-I605 using Tapatalk 4

 

 

Share this post


Link to post
Share on other sites

That's the only reason? I thought it was because of something shady they might be doing like.... taking any extra payment made, and applying it towards your next payment, versus putting it towards the principle..

 

I'm still thinking about going with BOA... Only reason for BOA is because they have branches all around me.. And for whatever reason, I enjoy making payments in person. Still Cap 1 being almost a 1/4 point lower really makes me want to go with them ... assuming the only issue is that they have been known as a sub-prime lender..

Share this post


Link to post
Share on other sites

At 1.69% on a 30,000 (for example) you will pay roughly $1,567 in interest. At 1.89% you'll pay $1,755. For the $200 over six years ($2.78 a month) there is no way I'd put Cap1 on my credit profile.

Edited by Labyrinthine

Share this post


Link to post
Share on other sites

At 1.69% on a 30,000 (for example) you will pay roughly $1,567 in interest. At 1.89% you'll pay $1,755. For the $200 over six years ($2.78 a month) there is no way I'd put Cap1 on my credit profile.

 

Excellent way to put it.

Share this post


Link to post
Share on other sites

I had no idea that Capital One was considered subprime especially with the low rates they offer. I know this is the auto section but does anyone know if Cap 1 is considered subprime with credit cards too?

Share this post


Link to post
Share on other sites

I had no idea that Capital One was considered subprime especially with the low rates they offer. I know this is the auto section but does anyone know if Cap 1 is considered subprime with credit cards too?

There are a lot of opinions on this along with much debate. Its kind of both prime and subprime

Share this post


Link to post
Share on other sites

The last post in this topic was posted 2456 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines