Getting an auto loan direct from a lender rather than the car dealer?
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I applied online for an auto loan with Capital One Auto Finance (capitalone.com/autoloans) and got approved for a low rate. They sent me a Blank Check that I can just sign over to the car dealer and cut out the usual auto financing hassles. It lets me negotiate like a cash buyer and ensure a low auto loan rate. It almost seems to good to be true. Has anyone else had favorable or unfavorable experiences with Capital One online auto loans? Thanks!
Here is the actual URL of their website: http://www.capitalone.com/autoloans/index.php
Tagged with: auto financing • auto loan rate • auto loans • autoloans • blank check • capital one • capital one auto finance • car dealer • cash buyer • experiences • hassles
Filed under: Auto Cash Loan
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Capitol One is one of my largest lenders. They are also one of the largest lenders in the United States and report to all of the credit bureaus.
Congratulations, you are well on your way to getting the best deal on a vehicle.
Since I am in the auto finance business, I will give you some tips for when you go to the dealership.
1. Do not reveal that you have your own financing until you have agreed on the best price. The reason for this is dealerships make money on the loans that they secure for their customers. If they think that you are going to finance through them, they will give you a better price.
2. Do not be afraid to walk away and shop other dealers if you think you are not getting a good deal. If the dealer thinks you are going to walk, they will come back with a better offer.
3. Do not be mislead in the F&I office. When the dealer finds out that you are going to pay by check, they will try and sell you what’s called back end products to use up the maximum amount of your check. There is not one product that they are going to offer that you can not purchase for a better price except gap insurance which has to be purchased at the time of the sale. You can purchase service contracts from your insurance agent or AAA and credit life insurance is a rip off.
Hope you get a great deal.