Capital One Auto - Will They Finance - Approve Me Again?

[Anonymous]

Hey Guys!

I currently have an auto loan with Capital One and want to get a new car, I have had the loan for about 18months and have a small balance and equity in the car I have (looking to trade).  I have a 97% on-time payment history.  My score is slighly higher than it was 18months ago.  I have a pretty low score in the mid 500 range, due to a divorce, but have been rebuilding. 

My question is, what is the likelyhood that Capital One will approve me for the new auto loan? Using my old car trade-in as the down payment. 

The amount I am looking to finance is approx. $27,000.

New here, but have visited a lot.  This is my first post.  Thanks in advance!

jc3blessed

[Anonymous]

Get your credit card utilization way down and check scores again.

Capital One Auto Navigator is a soft pull and they'll tell you yes or no.  If you can put a 20% down payment down, you get higher approval odds and lower interest rates.

When my scores were 580s, they preapproved me for up to $35,000 at 11%.  I didn't get a car (didn't need one), was just checking.  

[Anonymous]

@ABCD2199 Thank you so much for responding! 

I have $0 on my CC utilization, as I dont have any open CC at the moment.  Thanks for the advice and sharing your experience as well as links! Super helpful!!