Jump to content

swallman

Capital One rates on used cars

Recommended Posts

So, I've been using the Capital One pre-approval website for the past few months now while we ponder our next vehicle purchase.  Our credit scores aren't perfect and the rates reflect that.

 

However, one thing I'm seeing is significantly higher rates on used vehicles vs. new.  Just wondering if we would also expect that from other finance companies?

 

As an example, on a new 2019 Jeep Cherokee, I can get a rate of 8.17%

 

With the same terms on a used (2014) Honda Ridgeline, I'm getting rates of 14-16%

Share this post


Link to post
Share on other sites

Most automotive lending companies will charge a higher APR as the vehicle being purchased ages.  Nothing more than an associated risk factor.

Making a loan on a 6 years older vehicle is significantly riskier.

Share this post


Link to post
Share on other sites

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.


  • Today's Birthdays

    1. Fallon
      Fallon
      Age: 39
    2. flipper27
      flipper27
      Age: 41
    3. curt62
      curt62
      Age: 57
  • Member Statistics

    • Total Members
      177,111
    • Most Online
      1,528

    Newest Member
    FenderGuy
    Joined

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