This was fine - it’s what I was expecting to pay. However, it turned out that the dealer couldn’t beat the interest rate Capital One offered. Of course, I’m up for the lowest rate possible. He suggested the dealership may have a lower finance rate. I let the salesman know that we would be using Capital One for our financing. Once we agreed on the car and price, we headed to the finance office. There’s no pressure while you’re trapped in their office to make changes to the deal. You don’t have to sweat with anxiety wondering if you’re approved for the loan. Related: Buying a New Car? 9 Things You Need To Know–Right there on the Window Sticker You Still Have to Sit with the Finance Person at the Dealershipįortunately, the hard part is done. This is so great when you’re in a negotiation the power of the sale is literally in your hands.
So, we went to take a test drive.Įven when negotiating the purchase at the dealership, I could adjust the terms of the loan on my Auto Navigator app, changing the downpayment, price and loan length to see the interest rate and monthly payment. Luckily for us, the car we were eyeing was at a dealer in the Auto Navigator database. It wouldn’t be convenient to come back to process loan paperwork. As it turned out, we drove to a dealer about an hour away, so I was glad to have my financing lined up. I’m willing to drive far to get a car at the price I want. I liked that I could shop with a dealer that wasn’t close to home. It has a number of filters for different types of cars, prices, features, etc. Then I could shop from the cars in the Auto Navigator database. You Can Shop for a Car in the Auto Navigator App, Too
CAPITAL ONE AUTO FINANCE EMAIL HOW TO
That’s financially unhealthy! Related: How to Buy a Car if You Have Bad Credit: 6 Tips One great feature of the Capital One Auto Navigator is that you can shop from dealers that accept the loan. Longer loans will have you owing money on a car that is worth less than your loan is. 7-year loans are the max that Capital One will finance, but 4 or 5 are best. I could pick the one that was the best fit for me. In the app, I could see and adjust the downpayment, trade-in value, price of the car, interest rate, and loan length of 4-year, 5-year or 7-year loans (shudder!). I was able to weigh the terms of different loan lengths. My credit would be unaffected if I changed my mind or went with another lender. Also, it was not a ‘hard’ credit approval, which dings your credit score. This gave me the confidence that I could be flexible and not get stuck negotiating small points to get a set monthly payment or price. Capital One pre-approved a loan limit before I began shopping. How Auto Navigator Worksįirst, I filled out some basic information. Related: Yes, You Can Buy A Car At Costco, And Here’s How to Get the Best Deal The Capital One Auto Navigator pre-qualify process was simple and easy and didn’t ding my credit. Frankly, it was so fast and easy that it’s almost hard to remember all the steps. I downloaded the car loan app and boom! I was on my way. I’ve been a fan of Capital One Cafes for a while (half price Peets coffee with your Capital One card!), and a fan of my Capital One credit card, so I decided to give the company’s Auto Navigator car financing service a shot. Talking to my bank, checking my credit score (ugh), filling out forms (double ugh), sifting through finance rates, loan terms and more can be frustrating and confusing.īut, I needed a car. One of the things I hate about buying a car is financing. And it was the easiest part of the purchase.
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