Can I Get Approved for CPO?

[Anonymous]

Hi guys, been checking out these forums for a little while and just registered. Figured I’d ask you all.

About me.
Income: 52k annually
Monthly debt/bills: $600
Scores: 731ex, 741eq, 725tu

Never had a car loan though. But every payment for CC on time or early. Have three but two are paid off. Hoping to pay the other one off very soon.
Was looking into a CPO BMW 3 series for around 18k-20k. No co-signer available.

Will BMW approve me you think if I put anywhere from 2k-5k down and trade in my car (it’s maybe only worth $1000)

Thank you guys! Also I pulled those scores from experian’s app. I paid the $1 for the trail and did a refresh. My auto 8 score says it is 704. Oh. And average age of accounts is 3 years.

[Remember0]

You'll have no issues getting approved and should be for whatever their promotional rate / lowest available is (<4% I'd imagine).

If you want to keep the dealer honest get a pre approval from like Capital One (Auto Navigator will not cost you a hard) and that way you can guarantee the dealer won't try to rip you off. By the way, worst case, you'd qualify with Hughes FCU as a first time buyer but no need to go down that path. You'll get great terms, good luck with the purchase!

[Anonymous]

awesome, thank you for the reply!

yeah just nervous being my first car loan. I know my file might be considered thin to some lenders.

Probably going to apply for a loan through my bank and see what rate they will give me as well as Capital One.

Also, side question. Can I take a capital one pre approval to any dealer?? Or just the dealers it lists on their site where it says “explore dealers”.

Thanks again!

[Remember0]

I don't know. Either way, even if a dealer isn't listed, you can use it to keep them honest. In toher words, even if the dealer would not accept Capital One (which seems odd, they are a major lender), you can threaten to go to another dealership if they can't come close to / beat the Capital One rate.

If you don't mind, let us know what Capital One approves you for, I'm personally curious how low their rates go.

[Anonymous]

Will do! I’m hoping to get a rate that’s semi-decent.

[jim44]

I may be wrong but I think it's Capital One that picks the dealers.  Not too sure if they work through Independents or just Franchise.  Through personal experience a few years back, I couldn't find  a car/dealership that I was interested in on their preapproval.  Now with refi.. that is a different story.  BTW great advice otherwise.  

[Anonymous]

You should not have an issue at all. As for the CPO, it depends on the price of the vehicle. Normally, the vehicle will note if its a CPO and if so you would then negotiate the price once settled if it's within your pre-approved range, then no problem at all. 

I'm in the process of buying a CPO (3 more years on it) Land Rover Evoque and its well within my budget and I got preapproved. As its a no-haggle dealer, I had them verify the CPO end date and get the required servicing done. As I was pre-approved with Auto Navigator and had to fill out the dealer loan application as part of Auto Navigator, I asked them to run it through their system to to see if they could do a better interest rate. Waiting for an update tomorrow. 

With your score, you should qualify for a very low-interest-rate... Just note, you might want to look at the length of the loan too. I go no more than 48 months, myself...

Best of Luck!!! Let us know how it went...

[Anonymous]

Awesome!! Thank you guys so much.

I have a couple grand now for the down payment. But I’m going to wait maybe a couple more weeks just to make sure I have some extra cash in case. I’m going to check capital one soon as well.

Yeah definitely don’t want anything past maybe a 60 month loan. 48 would be ideal if I can swing it. Appreciate the comments guys!

[Anonymous]

Excellent. Just so you know CapOne Auto Navigator won't hurt your credit it does a pre-approval no hit to credit score until loan app is processed at the dealer and submitted to them from the dealer. It allows you to shop around and holds the pre-approval good for 1 month...

Best of luck!!!

[Anonymous]

So I tried cap one auto navigator. They’re “reviewing” my income and proof of address. I just moved so not sure if that all will have an impact or anything.

Their rates looked like 8%. And it seems to me to be only at their dealers on their site ?? I could be totally wrong.

But I also went to my bank yesterday and I spoke to someone and he said he could give me 5%. So in a couple weeks I’m going to go check out some cars and if I like them I’m going to call the dude from my bank and see if he can hook it up and see if the dealer will beat it.