capital one blank check?

Capital One Blank Check is a pre-approval for a secured auto loan contract. The interest rate is fixed for the length of the loan. If your credit is bad, expect to pay higher rates than those listed on the website.

This product has one redeeming feature: it allows you to separate the financing deal from the auto price deal. This separation sharply cuts the auto dealer's ability to manipulate the total amount of money you'll pay for the auto. But you can get pre-approved auto financing at other institutions than Capital One. So you must shop around for the best terms.

Be careful: read the fine print on the contract before you engage in a loan with any company! The cost of convenience is usually paid later in "gotcha" fees. The type of person who wants convenience without the hassle is an unthinking person who is ripe for predatory loan terms: these people jump in because they want the car NOW, without bothering to see what extra fees and high rates are part of the loan contract.

You should shop around for the best loan terms your credit will allow. If you shop around and apply to several financial institutions within a short period of time (about 2 weeks), all those hard inquiries that the potential lenders make will count as exactly one inquiry in your FICO credit score. You'll lose only a few FICO score points and get them back within 2 years. 10% of your FICO score is on these new credit issues.

You will probably get a better deal at a local credit union or local bank. You will probably get a worse deal at an auto dealer: the auto dealer gets the funds from a financial institution and then must mark up the interest rate or closing costs to make a profit.

Always reject payment insurance, interest payment insurance, health insurance and life insurance options on an auto loan contract or auto purchase contract.

With regard to your "bad" credit, please ask us further questions on those accounts that are still open or still have a balance. Type of account (secured/unsecured, loan, credit card)? Credit limit or original amount of the loan principle? Current balance? Interest rate? Has it gone to collections?

Do you know your FICO credit scores? Have you ordered your free-once-per-year credit reports at www.annualcreditreport.com (the site that is listed at the US Federal Trade Commission site)?

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Capital One clean exams do no longer artwork at each and every dealership. they have a particular record of sellers which you will desire to purchase a vehicle from. those are in many situations the enormous sort call dealership. the vehicle ought to be decrease than a definite sort of years previous, decrease than a definite sort of miles and has to fee a definite quantity. All of this could be disclosed once you acquire your examine interior the mail.