topic Re: Order of Operations car financing in Auto Loans

Order of Operations car financing

Bdubb44 — Fri, 13 Jun 2025 17:39:16 GMT

My car was totaled in a storm and was not planning on this right now but no choice.

Auto score on myFICO shows 660-681. My DTI is too high according to one credit union (didn't end up applying there). Good salary and job stability. Own a home. Car was really old and had liability so no $ there.

I was preapproved on capital one financing.

I really want a low payment and need decent car for job. Can I try to get approved for lease for lower payment and still use capital one if denied? Is there any way to get soft credit check for lease?

I am looking at Hyundai right now. But open to others.

Re: Order of Operations car financing

cashorcharge — Fri, 13 Jun 2025 19:55:47 GMT

Yes, you can shop for lease options and if those don't pan out, your Cap1 preapproval should still be there.

HOWEVER, most manufacturer dealer financing arms don't typically offer a SP preapproval. You'd need to take a HP to get approval or you may be provided with stipulations to get you approved.

Additionally, with your score and DTI, getting approved for a lease will be harder as lending requirements for leasing are a bit more stringent than traditional financing.

Re: Order of Operations car financing

pizzadude — Wed, 25 Jun 2025 15:54:28 GMT

What are your other ( non-auto ) FICO scores, are they much higher or lower than your auto scores ?

Many lenders still do not pull industry specific scores for auto loans.