I've heard both positive and negative things about using Capitol One. What are your experiences? Is it possible to pay it off early without penalty? (I'm guessing you'd pay less this way in the end)

 

I think Cap one has a really bad rep on this board

 

If you're still in school subsidized student loans are great!

 

I did a search, and the only thing that came up was the "credit one" credit card....was there talk of used auto loans before?

 

I have a cap one card, they offered me the lowest fixed rate out there at 2.9%. I've had them for 3 yrs with no complaints.

Many people don't like them because they give you no leeway if you're late with one payment. They'll attempt to jack up your rate to 22%. As long as you're never late, it's a good card.

Some have mentioned Cap One negatively affects your credit score. In my experience that's bunk as it has had no impact on my credit score.

 

i've used Capital One auto loan before and have zero complaints. they got me a better used car rate then anyone else could touch and no, there was no penalty for early payoff. i never ran into rate hikes or late payment issues because, well i actually pay my shit on time. the only beef i had was the extra $8 charge or so for paying via phone rather than mailing a check.

 

The best car loan you can get is through a cedit union. Great rates, no payment penalties, no balloon payments.

 

I agree. My only complaint about most credit unions is that you can only buy a used car that's in-state. Unfortunetly for me (being in CA) all the used car prices are alot higher than let's say in the midwest or east coast....I'm talking about thousands of dollars, not just hundreds.

 

other than most credit unions utilize cross collateralization. If you pay off one car through them, and later finance another and you default on your loan with the second they can seize the first and the second car. If you lose your membership with them for any reason such as loss of job,changing jobs they can call your loan for payment in full.

 

ooo..that's a scary thought. I never thought of that. Especialy in my field (entertainment industry) the job situation is very volatile....its's all contract work, hence unions.