How does Capital one Blank check work?

Nyfhpy · 01-31-2007, 08:55 AM

How does the interest work?
In other words lets say I apply for and am approved by Capital one for $30000When do I know what my interest rate is? And what if I am approved for $30000 but I only use $25000; does the interest rate change?
Any info would be great.

**BassBoy** · 01-31-2007, 09:04 AM

When you are approved, you should know what your interest rate will be. If you don't know, or no one will tell you, then don't use that lender.

How much of the approved amount you use shouldn't change your interest rate.

DO NOT go shopping until you know ALL OF THE TERMS.

FilingOnMyOwn · 01-31-2007, 09:56 PM

If you're approved it will be a set rate that is told to you along with the credit limit, from that point its at your discretion how much you want to spend. Although I think you have to spend at least $7,500 or something like that.

CindyLou · 02-02-2007, 08:09 PM

Used it and loved it. Up front, no surprises. They give you the limit you qualify for and the interest rate and you literally fill out the blank check to the dealership when you buy the car. The good think about this is that they do not require a down payment. I used lending tree, which includes capital one.

01-31-2007, 08:55 AM	#1
Nyfhpy Registered User Join Date: Nov 2006 Posts: 6	How does Capital one Blank check work? How does the interest work? In other words lets say I apply for and am approved by Capital one for $30000When do I know what my interest rate is? And what if I am approved for $30000 but I only use $25000; does the interest rate change? Any info would be great.
Nyfhpy Registered User Join Date: Nov 2006 Posts: 6

01-31-2007, 09:04 AM	#2
BassBoy Moderator B/F Guru Join Date: Oct 2005 Location: Northeast, Ohio Posts: 2,070	When you are approved, you should know what your interest rate will be. If you don't know, or no one will tell you, then don't use that lender. How much of the approved amount you use shouldn't change your interest rate. DO NOT go shopping until you know ALL OF THE TERMS.
	Bankruptcy History: Chapter 7 filed - 10/12/2005 - Asset Discharged - 02/16/2006 Case Closed - 11/08/2007 A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation. Last edited by BassBoy; 02-02-2007 at 09:18 AM..

02-02-2007, 08:09 PM	#4
CindyLou Registered User B/F Guru Join Date: Oct 2005 Location: SoCal Posts: 2,295	Used it and loved it. Up front, no surprises. They give you the limit you qualify for and the interest rate and you literally fill out the blank check to the dealership when you buy the car. The good think about this is that they do not require a down payment. I used lending tree, which includes capital one.
	Chapter 7 Pro Se....Discharged Feb. 2006

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01-31-2007, 09:56 PM	#3
FilingOnMyOwn Registered User B/F Guru Join Date: Oct 2005 Posts: 1,793	If you're approved it will be a set rate that is told to you along with the credit limit, from that point its at your discretion how much you want to spend. Although I think you have to spend at least $7,500 or something like that.