Capital One Auto Navigator Pre Approval

[Anonymous]

Great!!  Thank you!!  You have given me hope!!  I didn't think anyone would finance me with a 654 FICO.

[MakeItAMudLight]

---

@Anonymous wrote:

Great!!  Thank you!!  You have given me hope!!  I didn't think anyone would finance me with a 654 FICO.

---

654 isn't too bad when buying a car.  As long as you've got the income to support it.  

[Anonymous]

Really??  Well, that is good news.  My salary is $65,000 and my DTI is currently 15%.  I am looking at a $26,000 car with $2,000 down.  Does that sound doable?

[Anonymous]

I should add I haven't had a car loan in over 15 years.

[MakeItAMudLight]

---

@Anonymous wrote:

Really??  Well, that is good news.  My salary is $65,000 and my DTI is currently 15%.  I am looking at a $26,000 car with $2,000 down.  Does that sound doable?

---

I'm pretty sure just about anyone can get that done.  What are you looking to get?  Do you have a trade?

[MakeItAMudLight]

---

@Anonymous wrote:

I should add I haven't had a car loan in over 15 years.

---

One big reason people with lower scores can't get approved is negative equity.  So that's not an issue here.  

[Anonymous]

I'm looking at the new Honda HRV.  No trade in.  I have a 2015 Chevy Equinox.  It is a mess.  Probably just going to junk it.

[Anonymous]

I am retired and on a fixed income. I maybe make 20k a year.  My debt/income is about 25ish.  The one thing I had in my favor was being a long time Cap 1 customer with a history of on time pymts. In fact maybe a month ago, I paid my balance down to zero. If cap 1 has pre-approved you, you are good to go. Unles the dealer can beat their rates, go with Cap 1.

My old car was a 98 so it's been a long time since I had a car loan but it was paid in full on titme. 

[Anonymous]

I appreciate your advice!!  Wish me luck!!!!

[Anonymous]

I learned most of this on this board. I'm just paying it forward.

This is the letter I used. I researched what specifics I wanted and then found 4 dealers with cars in my price range/specifics. I made sure they were on Cap 1's list and then when I was ready, sent my emails. The first person that replied with a workable over in the email was the one I went with. Because I had the pre-approval printed out and the emails I was able to negotiate a deal I was happy with. I also did the trial offer on Transunion (I think it is) so I got a peek at my credit cores. Just cancel it wwithin 65 days so you don't get charged. The dealer couldn't surprise me because I had finncaning and new what was on my credit report. I was also fully prepared to walk if they would not honor the pre-approval.