topic Re: Captialone Auto Loan is it easy to get approve? in Auto Loans

Captialone Auto Loan is it easy to get approve?

Give_Me_Credit_Please — Sun, 23 Dec 2012 22:17:36 GMT

I currently have cap1 secured card and also Orchard unsecured which is now cap1, I was thinking about auto loan through cap1 but should I wait to get re-built my credit and get a pre-approval letter from them or should I go ahead and apply? Thank you in advance.

Re: Captialone Auto Loan is it easy to get approve?

MovingForward_2012 — Mon, 24 Dec 2012 16:29:17 GMT

What are your scores? I can't see them on my iPhone.

Re: Captialone Auto Loan is it easy to get approve?

MovingForward_2012 — Mon, 24 Dec 2012 16:31:26 GMT

Oh, and how long have you had each card? Any lates? Util? How many inquiries do you have and when did they occur? What is your gross income and what are you looking to purchase?

Re: Captialone Auto Loan is it easy to get approve?

tooleman694 — Fri, 28 Dec 2012 16:49:26 GMT

They approved me with a score in the low 600s, only had one credit card that was a couple months old. I had a lot of recent 30 day lates too on my last auto loan.

Re: Captialone Auto Loan is it easy to get approve?

jllunas — Fri, 28 Dec 2012 17:26:36 GMT

Capital one is one of the easier banks to give out an auto loan. When we had our bankruptcy discharged in 2009, 6 months later they approved us for a 20,000 dollar used car loan but the interest rate was 10.85%. 7 months later we refinanced with our local credit union for 2.9%. So it would not hurt to try it just depending on your credit score its going to determine your interest rate.

Re: Captialone Auto Loan is it easy to get approve?

maiden_girl — Fri, 28 Dec 2012 20:38:16 GMT

jllunas wrote:
Capital one is one of the easier banks to give out an auto loan. When we had our bankruptcy discharged in 2009, 6 months later they approved us for a 20,000 dollar used car loan but the interest rate was 10.85%. 7 months later we refinanced with our local credit union for 2.9%. So it would not hurt to try it just depending on your credit score its going to determine your interest rate.

I wouldn't say they were easy to get approved for. I had a credit card with them for two years and when I app'd for a auto loan with them, they denied it on top of three credit pulls. My FICO at the time was around 720 but my auto enhanced score was 640 I think...

I've never had any late payments. My only problem was that I had never had a car loan before. Lol.

Re: Captialone Auto Loan is it easy to get approve?

jllunas — Fri, 28 Dec 2012 23:42:41 GMT

Wow that's strange, my wife and I both were approved through them with no problems .

Re: Captialone Auto Loan is it easy to get approve?

Revelate — Sat, 29 Dec 2012 04:22:50 GMT

Capital One Auto is nowhere close to the easiest of lenders to obtain an auto loan with, actually their approvals seem to be all over the map. It might be the first-time buyer issue as MountainHiker suggests, I never tracked it that closely, but there are some folks that reported being denied here that just left me scratching my head.

I know I won't ever try for an auto loan through them again regardless of what my credit situation cleans up to be, I just don't know where I stand with them as a lender and have no interest in finding out the hard way but admittedly I'm a little particular in that regard and auto loans when applied for together, only count as one from the FICO side of things... wouldn't cost me anything to find out whenever I next shop for a car loan, but bleh.

Re: Captialone Auto Loan is it easy to get approve?

jllunas — Sat, 29 Dec 2012 04:34:50 GMT

Well when my wife applied they approved her right away, when I applied I did not get approved right away, Then they called me about 15 minutes later to verify my identity and they approved me for a 3% interest loan on a 2012. Hmm. I was a year in a half out of bankruptcy, i wonder if thats why the approved me.It's been easy for me.

Re: Captialone Auto Loan is it easy to get approve?

MovingForward_2012 — Sat, 29 Dec 2012 18:39:04 GMT

What was the auto enhanced score that pulled for approval?

Re: Captialone Auto Loan is it easy to get approve?

TrishN — Sun, 30 Dec 2012 00:39:10 GMT

maiden-girl is look like my husband b4. When we aapply for capital one is 1 year ago. his credit score is 716, 2 year Crap 1 customer making 60K for year his AAOA 1 years 3 months. No baddie. they Pull all 3 and turn him down. They said short credit history........

Re: Captialone Auto Loan is it easy to get approve?

jllunas — Sun, 30 Dec 2012 14:13:36 GMT

It makes me wonder if capital one just approves people with not so great credit. When they approved me my fico was 678 my wife's fico was 680 we were both out of bankruptcy by then.

Re: Captialone Auto Loan is it easy to get approve?

MovingForward_2012 — Sun, 30 Dec 2012 17:42:36 GMT

Trish, 1 year, 3 mo AAOA is a pretty short history especially if you have had no other auto loans. Lenders don't just look at scores, they also look at income, DTI, AAOA, and for an auto loan, your payment history on previous auto loans. Capital One is subprime and prime. I think their auto loan offers are more towards prime credit as the interest rates are pretty reasonable. And they have both subprime and prime credit cards. That's why I requested more info from OP because no lender is a slam dunk for all bad/limited credit portfolios.

Re: Captialone Auto Loan is it easy to get approve?

TrishN — Mon, 31 Dec 2012 03:26:44 GMT

at that time. his credit limit is 18K , available credit 16K5. Income 60K/year. No baddie,clean report. They turn him down, we went to dealer and got approved 4.5 APR. yuck we never deal with Crap 1 no more

Re: Captialone Auto Loan is it easy to get approve?

ds3 — Tue, 01 Jan 2013 17:17:02 GMT

I apped with them in October, and was declined immediately. They seem to hold a grudge if you burn them, which I did on a CC years ago. I went to a dealer and was approved right away with an EX auto-enhanced of 687.

Re: Captialone Auto Loan is it easy to get approve?

MovingForward_2012 — Tue, 01 Jan 2013 18:26:27 GMT

His credit limit was 18K? How much utility did he have? Having high utility can hurt when apping for an auto loan. I wouldn't call a bank crappy just because he was denied.

Re: Captialone Auto Loan is it easy to get approve?

creditwatcher2012 — Tue, 01 Jan 2013 20:01:33 GMT

Capital One I would said is one of the easier banks to get in with, I was turned down by many banks (including capital one) but eventually got an approval from them (blank check)

Re: Captialone Auto Loan is it easy to get approve?

Give_Me_Credit_Please — Sat, 05 Jan 2013 04:17:22 GMT

Sorry for the late response. I have unsecured Orchard 2.5 years ontime payment, secured Cap1 for 9 months paid ontime, just got approved for Target, Walmart and secured Wells Fargocc. Eq. 615, Exp. 585, TU 595. I have 30 inquiries.??

Re: Captialone Auto Loan is it easy to get approve?

MovingForward_2012 — Sat, 05 Jan 2013 15:29:59 GMT

I would wait for some of those inquiries to fall off before apping for a auto loan with Capital One. They don't like a lot of inquiries. Have you had a auto loan in the past, and if so, was it in good standing? Your scores are a bit low so approval could go either way. I would garden your newly obtained cards for awhile while you wait for some of your inquiries to fall off. This will boost your score and give you a better chance of approval.

Re: Captialone Auto Loan is it easy to get approve?

Give_Me_Credit_Please — Sat, 05 Jan 2013 16:29:30 GMT

I haven't had an auto loan in my name since 2005 and was repo, the repo is no longer on my report. Ever since than I haven't applied for any auto loan. I reading alot about Roadloans about success stories so I went online to apply, haven't got a response yet but if approved I'm considering it, even though my interest rate will be high, I have to bit the bullet and refinance once with Cap1 once I re-establish and some of the inquiries fall off. Thanks for the advice, I appreciate it.