People who used peoplefirst/cap1 for financing

[odenspike]

Hi.

New guy here in pursuit of my first NSX. I am so glad I found this site prior to any purchase. Already learning a great deal.

I just did the online app for capital one/peoplefirst.com for the person to person loan. I asked for 30k and was approved at 7.09%.

The approval email said they were sending the loan package in the mail.

My questions is does the car still have to fall into any certain guidelines they may have or will it be any NSX I can find in my price range will be good to go. I have had several loans with them over the years that I had to use a car lot and all of those had to fall in a certain year, mileage, etc. Wasn't sure if that applied to the person to person loan.

Also, will I have to send in any additional items to make this official, or once you have the email approval you are good to go?

Thanks for your help,
Charlie

 

[skyguy]

pen fed

Sounds great. FYI. I was approved for 3.9% APR on used car with Pentagon Federal Credit Union. Funny thing is you don't have to be military to join. their website is posting 4.25 APR, but ask them about 3.9%. Just a thought.
BTW, Every time you ask for a loan approval, it goes on your credit rating. also Pen Fed can get you a check overnight, very easy, no strings, no prepayment penalty, etc.
Also the only thing they need is the vin#

good luck with whomever and happy motoring!

Skyguy

link to Pen Fed:

https://www.penfed.org/index.asp

 

[odenspike]

skyguy, thanks for the link. I will check it out. Yeah, I know what you mean about the hit on your credit report every time you pull an app. I definetly try to limit any credit apps.

 

[ERICKGS3]

I used capitol one for my loan. i got it at 5.89%. make sure that your loan is for a person to person loan. the interest rate is higher for person to person.

things you'll need.

the pink slip completely filled out. you have to put the price you paid on the pink..capitol one wants to make sure the price you paid is the amount of the loan.

they want a copy of both, buyers and sellers driver's license.

copy of bill of sale notorized with both signatures.

hard to do in one day but it can be done..just be patient and dont mess up..

overall, capitol one has been great..id work with them again

 

[odenspike]

thanks for the info. The 7.09 was as cheap as they would do a 72 month loan right now. They have some cheaper rates for shorter times though. It is for the person to person, so atleast I have that covered.

Thanks for the info on what all I will need.

 

[AaronR]

I have used capital one 4 times and it works great. When you sell the car they will next day the check out and charge your fedex account. Very simple, very easy, never had a problem. My last one was only at 3.85% too which was nice
Aaron

 

[NetViper]

I used them and it was really simple. I got 4.75% on the 93 NSX. No other company could touch it. That was also a while ago when rates were closer to 7%.

 

[odenspike]

Dang, seems like I should be getting a better rate. My score is a 799, but I did just move to a new area and have only been in my house for a couple of months, so maybe that is pulling me down some. No debt aside from my house payment and make decent money.

Thanks for everybody's input.

 

[mlambert890]

People First is quite good and nearly always gets a thumbs up. Don't be quick to assume your rates are bad.

Rates have been going up quickly since the Fed made their move, so anyone quoting low rates from "just recently" isnt applicable unless it was literally in the last month or two.

Also, 72 month term will either be unavailable from most lenders, or will carry a higher rate.

Comparing interest rates is usually not possible without exposing a lot of personal info and making sure you have apples to apples comparison on terms.

The other thing with People First is that you get approved on an amount and then they send you a blank check. Nearly every other lender wants to know specifically what car you are buying and won't finance an old car that's 30 grand.

Even credit score cant be compared without knowing exactly which agency they're basing the score on. There are at least 3 different scales in use and a 799 on one is Bill Gates level credit whereas on another it's "very good".

 

[KellyJoe]

Just sold mine that I had through Peoplefirst/Capital One. I had a great rate and excellent service until I paid it off.

Get this. The car was paid off with cashier's checks that left the account with credit that will come back to me. Well it turns out that you can get financed through them very fast and easy but their "policy" is that they don't issue refunds for 30-45 days after payoff. The checks have cleared and their policy is to send out the title within 3-5 (we'll see) but they hold YOUR money for 30-45 days after I know for a fact the account has been paid in full. Complaints have been filed (BBB and TN Consumer Affairs Division)and many phone calls later I'm still waiting for my money. Be sure you send exact amount when paying off or you'll be in the same boat. Capital One has lost my business forever.

 

[odenspike]

Funny you said that,I had a credit coming back after pay off on my last loand with them and it also took me about 2 months to get it back. It was the biggest ordeal in getting them to finally send it back. Took countless calls and multiple letters.

 

[MYNSX]

Hi.

New guy here in pursuit of my first NSX. I am so glad I found this site prior to any purchase. Already learning a great deal.

I just did the online app for capital one/peoplefirst.com for the person to person loan. I asked for 30k and was approved at 7.09%.

The approval email said they were sending the loan package in the mail.

My questions is does the car still have to fall into any certain guidelines they may have or will it be any NSX I can find in my price range will be good to go. I have had several loans with them over the years that I had to use a car lot and all of those had to fall in a certain year, mileage, etc. Wasn't sure if that applied to the person to person loan.

Also, will I have to send in any additional items to make this official, or once you have the email approval you are good to go?

Thanks for your help,
Charlie

I USED THEM WHEN I PURCHASED MY FERRARI 355.FAST AS HELL TO QUALIFY ME .FED-EX'D THE CHECK NEXT AM.

I NOW ALWAYS KEEP A BLANK 45 DAY 100K CHECK FROM THEM IN CASE I NEED IT TO PURCHASE MORE FOR ME OR MY CO. (JUST RENEW BEFORE EXPIRES AND THEY DON'T NEED TO RE-QUALIFY YOU)

'GREAT WAY TO GO!!!!!!!!!

PSSS .... MY RATE WAS AT 3.8% BETTER THAN ANYWHERE ELSE!!