Finance Question...
Le Mans Master
Joined: Nov 2001
Posts: 8,647
Likes: 1,871
From: LONG ISLAND
2025 C3 ('68-'73) of the Year Finalist - Unmodified
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CAPITOL ONE ???
SURE YOU CAN @ 11.9%
THERE IS A SUCKER BORN EVERY MINNUTE........
JUST SEND THEM A BLANK CHECK & TELL THEM THEY ARE APPROVED
JUST FILL IN THE BLANKS
!!!
Racer
Joined: Jun 2005
Posts: 431
Likes: 0
From: Wichita Kansas
I also used Capital One. Got a 3 year 6.85% (person to person) loan for $7,500 two years ago. I am going to finish paying it off in two weeks though.
Make sure you have all the necessary paperwork when you are buying it from the person (I had to call Cap One several times to make sure everything was filled out correctly). FYI, the check is more like a personal check too. They guy I bought it from was a little hesitant at first to accept it, but it all worked out in the end.
Also we just bought a 01 Tacoma and got a used car (through dealer) loan through Eloans (rates were better than capital one this time). So far the process with them has been painless. Pretty much the same process as Capital One. If you have any specific questions let me know.
Make sure you have all the necessary paperwork when you are buying it from the person (I had to call Cap One several times to make sure everything was filled out correctly). FYI, the check is more like a personal check too. They guy I bought it from was a little hesitant at first to accept it, but it all worked out in the end.
Also we just bought a 01 Tacoma and got a used car (through dealer) loan through Eloans (rates were better than capital one this time). So far the process with them has been painless. Pretty much the same process as Capital One. If you have any specific questions let me know.
Racer
Joined: Mar 2006
Posts: 313
Likes: 0
From: Fairfield PA
My Capital One Load is at 6% (acctually 5.8%). I wouldn't call him a sucker at a rate of 6%,7% or even 8% for a toy. Granite it is better to pay all cash if you have it.
Le Mans Master
Joined: Nov 2001
Posts: 8,647
Likes: 1,871
From: LONG ISLAND
2025 C3 ('68-'73) of the Year Finalist - Unmodified
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Nor was i referring to him specificall, but most cap one checks i have seen come across my desk & i have seen hundreds are usually some insane rate & they usually target / solicit & mail cedit criminals the checks in the mail !!!
Racer
Joined: Sep 2006
Posts: 469
Likes: 0
From: Sandy TX
And this surprises you? You work for a car dealership...
My two Capital One loans are both around 6%. I am certain my cars are appreciating more than that, making the loans essentially free. Why tie up your own funds when you can use someone else's $$$? My cash is safe in the bank.
As to the original poster: I wouldn't be spending $15k on a Corvette before owning a home. A home is the first step to building wealth. A Corvette will not appreciate nearly as much as a home...and you can't live in the Corvette. Take that $15k and put it down on anything...even a tiny shack out in the woods.
Last edited by Topless75; Apr 4, 2007 at 06:58 PM.
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Instructor
Joined: Dec 2005
Posts: 188
Likes: 20
From: Victoria Texas
I traded a Harley that I paid cash for for my Corvette. Even swap, no money exchanged. Worked out good, the guy wanted a Harley and I wanted his Vette. I do believe, though, that my Corvette is appreciating in value where as the Harley market is depreciating. I have to agree, I would never take a loan out on the house for a toy.
Burning Brakes
Joined: Sep 2005
Posts: 1,139
Likes: 109
From: B'ham Alabama
I do not know how his credit was or what the interest rate was,...but the process looked very easy.
Intermediate
Joined: Mar 2007
Posts: 45
Likes: 0
Because my credit is so good, I pd for mine with my home equity and than pd it off with a 18 month, 0% credit card (always make sure you read the fine print). Than I pd off the credit card in twelve months. No fees, no interest, free $$ is a good thing. I would only recommend this if you are very discipline!
Instructor
Joined: Jan 2007
Posts: 159
Likes: 0
From: Mansfield Texas
Capital One mail teaser for up to $30k unsecured/signature loan at 8.99% for 10yrs . I thought it was a little high, but very easy with no collatoral. I too plan to pay off very soon, but am always happy to have the flexibility of a smaller payment in-case Mr. Murphy steps in and causes financial troubles.
Cash is always the answer, only my wife takes it as soon as I save it, so I pay big payments on everything to keep less cash laying around.
Cash is always the answer, only my wife takes it as soon as I save it, so I pay big payments on everything to keep less cash laying around.
Melting Slicks
Joined: Feb 2004
Posts: 2,039
Likes: 105
From: State of Confusion!!!
2018 C2 of Year Winner
Because my credit is so good, I pd for mine with my home equity and than pd it off with a 18 month, 0% credit card (always make sure you read the fine print). Than I pd off the credit card in twelve months. No fees, no interest, free $$ is a good thing. I would only recommend this if you are very discipline!
When my company's accountant and financial planner says it makes sense, and a used car saleman says you are nuts...who would you go with??
Le Mans Master
Joined: Jan 2007
Posts: 7,869
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From: Omaha NE
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I'm paying for a '91 Celica right now on a Capitol One card thats 0% for 18 months. When thats up I'll switch to another 0% offer.
Best part is I have the title....
Best part is I have the title....
Racer
Joined: Sep 2006
Posts: 469
Likes: 0
From: Sandy TX
Well...the used car salesman will know all the scams that an honest accountant may not be aware of...
Le Mans Master
Joined: Nov 2001
Posts: 8,647
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From: LONG ISLAND
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YOU CANT AFFORD IT !!!
and what "USED CAR SALESMAN WERE YOU REFERRING TO EXACTLY ?
Safety Car
Joined: Jun 2002
Posts: 4,732
Likes: 2,482
From: Buckeye, AZ
St. Jude Donor '12-'13
My car was $16500......I borrowed off my 401k. The interest is paid back to yourself. The thing to be aware of is that you don't make interest in the account on the loan amount. This is not a problem and even advantageous in a slumping stock market, but if the market is up, that loan could cost you 10% or more. In my case the 2 years I had my loan out the market was diving so I actually saved money, because I didn't lose money on the withdrawn amount. Likewise the Vette went up in value in that time. I have read this. If you are saving your money to buy a collectable car, you may be better off to take a loan. This is because the amount you save may not be building as fast as the value of the car goes up and you are actually falling behind. I wish I would have borrowed another chunk to buy a C2 5 years ago and I would have might quite a few $.