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Cap 1 Auto Loan Refi Approval!

New Contributor

Cap 1 Auto Loan Refi Approval!

I got an email from Cap 1 the other day offering auto loan refinancing. Figured I didn't have anything to lose with my horrible 17.99% rate that I got prior to my BK discharge and it was a soft pull to pre-qual.


I got approved 4 months post discharge! The rate is still high at 9.36% but I dropped my term to 48 months since I can easily pay around $500, cutting a year off my loan! My plan is to stick with Cap 1 for a year and then maybe refi again if I can get a lower rate around 5% with 36 months while still paying $500 with a much lower payment. 


They checked all 3 reports but my loan document says they went with my EX which is 602.


Message 1 of 3
Established Member

Re: Cap 1 Auto Loan Refi Approval!

Quite awesome! I tried to finance a new vehicle with CapitalOne, but couldn't as I am a 1099 employee and they wouldn't work with me. Santander Consumer Finance picked me up at a high interest rate, but that's the price I pay for mistakes I made in my early 20s. I'm working on it, though!
CapitalOne Journey: $4300
Discover More: $6700
Chase Freedom: $1200
AmericanExpress Preferred Rewards Gold
Rooms2Go: $2500
La-Z-Boy: $1300

Starting, 3/1/2015: EQ 616, TU 641, EX 656.

Current, 06/12/2019: EQ 621, TU 649, EX 640.

Goal: EQ 700+, TU 700+, EX 700+
Message 2 of 3
New Contributor

Re: Cap 1 Auto Loan Refi Approval!

I'm in the same boat as you have a sky high 17.8% Carvana (Bridgecrest loan) and just did a random pre-check with Capital One and came in at 9.8%. I think I'm going to take the offer. Current scores are TA 611 EQ 613 and EX 654.

AMEX Delta Skymiles $1K | AMEX Hilton Honors $1K | Southwest Rapid Rewards Visa $2200K | Chase Amazon $1K | Chase Slate $500| Capital One Quicksilver $600 | Credit One $500 | Kohls $1K | Overstock $2K | IKEA Projekt $650 | Monro Drivecard $800 | Target Red Card $500 | Credit One Platinum $1500 |
| Rebuilding since Dec 2018
Message 3 of 3
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