Loans
Postmaster
Joined: Oct 2005
Posts: 3,724
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From: Clarksburg WV
FYI, when I was looking at vehicles (such as my truck), I was looking at a lot of older stuff because, well, diesels are farkin' expensive.
Anyway, I originally applied for an auto loan with Capital One...I don't know how good your credit is, but what they do is give you a limit, and a "blank check," and you can write the check for any amount from $7500 to whatever your limit is (mine was $15,000), and they don't care WHAT year the vehicle is- so long as you carry full insurance on it. Also I think they gave me like a 9.75% interest rate on anything older than 2000.
However, I hung on to that while I was looking at vehicles and it expired...then they offered me a personal loan for $10,000 @ 9.99%. I used that and bought my truck for $5000. Had $5000 left over, and I don't have to carry full coverage on the truck.
Only bad thing about the personal loans is that they have to offer them to you...you can't apply for one. I've had a credit card with them for several years now so they've sent me a few offers for the personal loans.
Anyway, I originally applied for an auto loan with Capital One...I don't know how good your credit is, but what they do is give you a limit, and a "blank check," and you can write the check for any amount from $7500 to whatever your limit is (mine was $15,000), and they don't care WHAT year the vehicle is- so long as you carry full insurance on it. Also I think they gave me like a 9.75% interest rate on anything older than 2000.
However, I hung on to that while I was looking at vehicles and it expired...then they offered me a personal loan for $10,000 @ 9.99%. I used that and bought my truck for $5000. Had $5000 left over, and I don't have to carry full coverage on the truck.
Only bad thing about the personal loans is that they have to offer them to you...you can't apply for one. I've had a credit card with them for several years now so they've sent me a few offers for the personal loans.
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Post Fiend
Joined: Nov 2001
Posts: 14,947
Likes: 6
From: Topsfield, MA
I have a good credit rating (not great but good). I used to have a card with capital one but now I'm with chase, I like them better.
Whats sad is I have a better interest rate on my credit card than what you can get a loan for.
I wish I could just charge it through paypal or something. ha. Then I could do a balance transfer to a 0% charge card for a year haha.
Whats sad is I have a better interest rate on my credit card than what you can get a loan for.
I wish I could just charge it through paypal or something. ha. Then I could do a balance transfer to a 0% charge card for a year haha.
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Nathane
General NON-Automotive Conversation
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Aug 25, 2006 10:45 PM
