Cap One Auto Loans

[Anonymous]

Anyone have any experience with the cap one auto loan pre-approvals? I keep getting them. The most recent is for a certain dealership. I meet the income criteria listed in the small print. It is for up to $30K with 0% down. No % rate listed. Just curious how "pre-approved" they really are. I guess they keep sending them b/c I have a card with them.

I am planning on getting a bigger car, but was going to wait 6mths to a year b/c my Honda will be paid off by then and my credit cards too.

Anyone used this program?

[llecs]

Great question...bumping for others. I also have been getting them and this last one (didn't really look at the others) listed a specific no-name, independent dealer.

[creditreformer]

from my understanding, those mean you're approved as long as you meet the income requirements (1800/mo i think).  i keep getting them but haven't used them

[Anonymous]

thanks for your responses.

anyone actually use one? anyone know what their typical (if there is one) interest rate is?

[Gnut]

Yeah I was wondering about these too. I get them once in a while saying I am pre approved and I just need to bring it in to the the specific dealership on the front page with employment verification and other minor things.

[Anonymous]

Interest rate varies depending on your credit. I've got one in the past and went to the dealer but didn't go through with it as the APR was 16% but that was last year.

[sunnyday]

I used Cap 1 Auto Finance back in September 2008.  I was aproved for a blank check for up to 29,000.  My interst rate was 7.5% and my average fico was 640 at the time.  I received a much better rate from Cap 1 than what the dealer was trying to give me.  The blank check was very easy to use.  You just have to fax Cap 1 the requested info before going to the dealership with your blank check.  I would recommend Capital One.  I have had no problems with them.

[Anonymous]

Its a trolling offer, done between Capital one and the dealership in question. You meet a certain criteria that they plugged into a database and they then sent the letter.

the final interest rate and terms will be known once all the factors of the equation come into play.

You can actually buy advertising for direct mailers using criteria as diverse as:

person age, score, BK, existing loans, etc etc and send targeted mailers to people in that zipcode that fit you recipe.

You have been pre approved, assuming you meet their stips, You can just as easily NOT qualify once all the information has been collected.

[Takunda1]

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@Anonymous wrote:

Anyone have any experience with the cap one auto loan pre-approvals? I keep getting them. The most recent is for a certain dealership. I meet the income criteria listed in the small print. It is for up to $30K with 0% down. No % rate listed. Just curious how "pre-approved" they really are. I guess they keep sending them b/c I have a card with them.

I am planning on getting a bigger car, but was going to wait 6mths to a year b/c my Honda will be paid off by then and my credit cards too.

Anyone used this program?

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rates will range from 4.96% to 27% depending on what your CR shows. 98% of the time you will be approved with steady income, steady residence and if you are buying fro one the the franchise dealerships. They also will pull all three CR.

[Anonymous]

I have a 2008 Ford Focus SES through Cap One and Hubby has a 2007 Ford Explorer Sport Trac through them also.

We did not use the pre-approval forms and just applied online at their website and yet hubby still gets pre-approved letters even though he already has a loan through them while I for some reason do not.  I do think its odd as my credit score is higher than his and his payment is over 100 more per month than mine but I do think that they are a good company and the rates vary depending on your scores