Capital One Auto Finance Review

Due to the baby coming in the near future, we decided that a 5 year old Kia Spectra wasn’t going to cut it in terms of safe transportation. So we decided to look around at new cars. Since neither of us have had a car payment in a while we have had some time to save up for a down payment on a new one.

We ended up deciding on the Honda Pilot. I have gone through 2 Honda civics and have driven them into the ground. (one of them literally!). I really had no major issues with either of them so the Pilot was an easy choice in terms of reliability and safety. We decided on buying new since I didn’t want to deal with any hassles of a used car since taking cars in for service is not convenient for us since I work so far from home and the dealer.

Being Honda, they really don’t ever give good financing rates. So I was on my own for this one. My father turned me on to Capital One Auto Finance. He had used them prior to Capital One buying them when their name was People First.

Basically everything is done online. You apply they mail you a blank check that is approved up to a certain amount, you go to the dealer and buy the car.

Here is how it worked for me.

• 2/3 Applied Online for a loan
• 2/4 Received approval email
• 2/8 Received Blank Check in the mail
• 2/9 Purchased Car

Once the check clears Capital One Auto Finance the loan payment process will begin. This process was amazingly simple and had no issues at all during the process. This also saved me the time and mess of financing through the dealer. That process becomes complicated as they try to tell you how much you are gonna pay a month with the interest baked in the payment rather than giving you actual price you are paying on the car since there are too many numbers involved. Using Capital One Auto Finance I knew exactly the price of the car I was buying, so I could bargain with the sales guy on price alone.

I was able to lock in a 5.7% interest rate on a 60 month loan. This obviously isn’t as good as the 0% that the American Card Dealers are thowing at you, but it is worth it for us since we love Honda’s. So I definitely recommend these guys to you. It was almost too easy and that is evident with the car payment I know have for 60 months!!