I have several Cap One credit cards. Got an offer from them to refinance and auto loan I have with another company. The rate is lower. Anyone done this? Should I do this? Anyone had problems with them?
Re: Cap One auto refinance?BEWARE!! Thanks for the advice. I have been holding off because I really don't need any more inquiries on my report. Also want to make sure they are not dangling a low rate and then have them give me a higher one once the application is done.
Re: Cap One auto refinance?BEWARE!! If you know cap 1 you know they always dangle a prime product with subprime results... thats a given.
Re: Cap One auto refinance?BEWARE!! txstep, I fyou have a good credit history, go to get your loan somewhere else. They don't give any cheap rate to autoloan because you have accounts with Capital One. By the way, Peoplefirst ad rate 5.99% attracted my brother for applying. Ron.
Re: Cap One auto refinance?BEWARE!! My credit report doesn't look good. Working on that. Even though I know I am paying out the a$$ for the auto loan, I'm not sure if I can get approved for another one. Just thought I could get the one through Capital One because I have 3 cards with perfect payment history for 2 years. I'll probably just leave it alone and try to pay it off as quickly as possible. Like I said, I don't need any more inquiries on my report.
Re: Cap One auto refinance?BEWARE!! I would also find out how much your car is worth vs. how much you owe on it. If you are "upside-down" in your loan (owe more than car is worth), a bank may only be willing to refi the value of the car, leaving you holding the bag for the rest.
Re: Cap One auto refinance?BEWARE!! Thanks for the tip. I hadn't thought of that. I think I am about even on car value vs. loan amount.