Overhaulin'

Capital one check to purchase a car?

I am planning to purchase a car with a capital one loan check. is this the same as me using cash to buy this car. Also if it is the same as cash and lets say the car cost 20000 how much should i look forward to paying if this check is the same as cash.

Public Comments

1. Capitol One usually has pretty high interest rates, you need to know what interest is applied.
2. If you have negotiate the price to $20,000 then don't care, they get the same amount no matter how you pay. In fact they may lose money if you don't finance through the dealer.
3. Before you go through all the steps of trying to buy a car, make sure that the dealership will accept the Capital One draft (It is not a check, even if it looks like one. It is a bank draft) Many dealers do not accept them, because Capitol One is a problem to deal with, and many times it takes the dealer 30-45 days to get paid. You pay interest from the day you take delivery of the car, but the dealer waits 45 days. Capitol One keeps all that interest! Do your homework and negotiate a good deal! See if your bank or credit union can give you a better rate, and see what financing options the dealer has! Good luck!
4. check out the intrest rate with them. they are pretty high. if you got good credit go through a regular bank or crdit union. paying cash readyy does not matter with dealers these days everything is done electronic. financing is to help out the buyer so they dont have to go through working with the banks and some dealers have great relationsships with banks so they can help people get financed.