Capital one loan approval

[Anonymous]

Yesterday I went to the dealership and kicked some tires. I crunched some numbers with the sales guy and didn't like the price nor the financing rate so ultimately I walked out the door without anything. No sweat off my back as I don't need a new ride this instant. I came home and did some research, I've since found better vehicles, newer years, and lower milage....all within a couple hundred to thousand dollar swing one way or the other. I went to Capital One and got approved for $40,000 with interest rate of 4.62% on that exact truck I looked at lasnight. My real question is where do I go from here with this offer from Capital One?

[Anonymous]

capital one has to provide you exact numbers. like $40k at 3.9% for 60 mos and not bind you to particular dealers. 

until exact numbers are not in place no one can prudently justify answering your question.

are you w-2 have bank stmts self employment; have a co-signer.

[Anonymous]

I got more info on this. They have a dashboard set up when you're approved where you can locate the dealers and then put in individual VIN numbers to see a average cost per vehicle based off VIN. It populates this as well as the max they can finance the vehicle for. You then adjust this for either the amount of the loan and it again will tell you exactly what the rates are as well as the monthly payments. The numbers can be adjusted based off price or length of loan to show you where you need to be comfortable at. It's actually turned out to be a very good tool. I went into the dealership and asked for a cash price. I was able to get two different lots from the same dealer to beat their own pricing. I've not signed up for anything yet as I'm still looking, but this is far easier than being hassled with "is it the down payment or the monthly payment you're concerned with" type of sales. If you don't like the price, negioate or walk.....that simple. This is all done without them having to pull your credit upfront and then be subjected to their terms. I called Capital One on the way to the dealership and asked a couple of questions, essentially what ever those numbers show up once you've negioated a contract will be your payments....no more/ no less.

[34Roses]

I recently purchased a car using Cap One Auto Finance 2 weeks ago.   A car was not on my radar for at least another year but my 10 yr old car with 215,000 had other plans.  Especially since my CH13 was discharged in Dec.  I was getting tons of offers to purchase a car and I would put them in my "just in case" file.  CapOne AF was one of the offers.

I was originally approved with Wells Fargo Dealership Services but at a high interest rate and denied by a few other companies at this particular dealership so I just started shopping around and applied with regular Wells Fargo and was denied.

I applied with CapOne AF and instantly approved with no down payment and a lower interest than Ally and WFDS.  The process was flawless.  I was approved up to 40K but I already knew I was not going that high and not purchase brand new.   When I finally found a car I got a sales quote (that paper that the sales guy fills out with price, etc.) in writing it was all processed with no issues.  There was no blank check given to me the dealership goes online and process everything and the numbers have to be an exact match to what was given to you.  No bait and switch, price and interest rate all the same.   So now I have set up my account online and getting ready to make my payment next month.

I have nothing but good things and a good experience with CapOne AF.  I had to get a car and they helped and it worked out perfectly.

[ezdriver]

I applied online with CapOne today after my credit union woould not approve the amount that I need. I received a response from the CapOne website that they would email me a decision in 24 hours. I suspect that they are not going to approve ti since most people who posted that they used CapOne stated that they received instant approval online. Oh well....

[Anonymous]

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@ezdriver wrote:

I applied online with CapOne today after my credit union woould not approve the amount that I need. I received a response from the CapOne website that they would email me a decision in 24 hours. I suspect that they are not going to approve ti since most people who posted that they used CapOne stated that they received instant approval online. Oh well....

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Did you find out anything regarding the decision from CapOne?

[TRC_WA]

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@ezdriver wrote:

I applied online with CapOne today after my credit union woould not approve the amount that I need. I received a response from the CapOne website that they would email me a decision in 24 hours. I suspect that they are not going to approve ti since most people who posted that they used CapOne stated that they received instant approval online. Oh well....

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I had a similar situation when I bought my Challenger in January.

My previous auto loan $22k thru BECU was at 3.99% and they would only approve a new vehicle up to $30k... So I let the dealer pull my credit and I got financing through another local CU at 4.49% for the full $40k that I needed.  I was also approved at $0 down... because I didn't want to drop $5k just to save $60 a month on my payment.

Once my BK13 derogs drop this fall I will refi with BECU... their best rate for 700+ is 1.99% or so.  I actually went in to BECU last week and the same loan guy said "Man I should have approved this" LOL and told me that the refi shouldn't be an issue once my reports are clean and I've demonstrated that I can handle this loan amount... which I should have having made 9 or so payments by then.

Didn't try DCU or CapOne... I just stayed local.

[ezdriver]

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@Anonymous wrote:

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@ezdriver wrote:

I applied online with CapOne today after my credit union woould not approve the amount that I need. I received a response from the CapOne website that they would email me a decision in 24 hours. I suspect that they are not going to approve ti since most people who posted that they used CapOne stated that they received instant approval online. Oh well....

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Did you find out anything regarding the decision from CapOne?

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Glad you ask. Came back here specifically to report that as of this post, I still have had zero communication from CapOne.

After I applied, I realized that I had done so without first understanding that they have a specific dealer network. I applied with Wells Fargo online last night and the response was that my request was approved based on the info that I entered ... but I have to follow up with a local branch today and take in my income documents. Will post an update later today.

Fortunately, I don't need a new car ... especially a Porsche 911S ... but I do want it. I don't mind burining some inquiries until April 30th because I will be 100% off the credit market until 2016 if I don't secure an auto loan by this weekend.