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I've been car shopping, and went to my CU with a load of questions first. A big part of it is loan to value ratio. If you want a 40k car loan, basically, you need to buy a 40k car.
They told me I prequalify for 43k, when I presented them with a 43k vehicle, (new Toyota), but told me they would only finance 20k on a one year old Nissan priced at 23k.
I have used the Capital One Auto prequalify twice. Once back in 2011 and I had a preapproval for 25000 and I bought a 2 year old truck for 25500 and I paid the difference. The second time was last year and I bought a 2016 Accord new and my prequalify was for 35000 and the car was 26000. I paid nothing down and was not asked for any money. I told the Honda dealership I wanted to use my prequalify letter and they said no problem. You should have no problem not using the full amount, why over extend yourself if you dont have to. I beleive you can also check online which dealerships accept the capital one prequalify for your area. Good Luck
Is this a hard pull and as long as the price is below the approval of loan you shouldn't have to put any money down?
We used this in March just 2 wks after a BK13 discharge. We were declined by multiple lenders or offered crazy interest rates before we found Cap One Auto Nav program. We pre-qual for $40k. Picked out a 2016 Mercedes for $59k at CarMax. I put $23k down and walked out with $40k loan at 4.93%. The only reason I had to put money down was because the total cost was over $40k. It was seriously the easiest process ever. I told Carmax about the prequal upfront.