Cap One - Configure a Vehicle's Term Length

[mzladyk]

So I'm planning on purchasing my first car. I did the Cap One prequal app and was approved. Or is it preapproved? 

The terms were decent especially considering my income and credit scores. My EQ is 666, TU 688 and EX 684. They were 100 pts less about a year ago so I'm slowly getting up to the 700's.

I plugged in some cars I'm interested in into the "configure a vehicle" part. I know the term varies depending on the car. Because I'm a PT worker with small income, I am plugging in older cars (2007-2010) with less than 100K miles into the app and cars are approx $10-12K. The app won't give me 60 mos terms. At most, I get 48 which isn't bad; I just wanted 60. 

I'm wondering...  it says at the bottom "Please note that these terms are an estimate based on the vehicle you selected." IF I were to bring it in to the dealership and try to purchase the car... is it set in stone at 48 months? Can I somehow ask for 60 mos?

[SamsungHDTV]

You can definitely ask for a 60 month term. I don't see why it wouldn't be an option. You should call their auto loan department and ask a loan officer. 

[exCYter]

Guessing it has something to do with the age of the vehicles.  You're asking for a five year loan on a 10 year old car

[Anonymous]

Yea many lenders avoid longer term loans on older vehicles. You may be able to get 60 months if the vehicle is "Certified Pre-owned" or some type of variation of that title at the dealer. Typically, it has to be below 80k miles, one owner, never in an accident among other things.

[jsucool76]

You can also try putting in the VIN for a more precise result.

[Anonymous]

I got preapproved by Cap 1 and it seems if you pick a vehicle that has less than 70k miles you can get 60 mo. higher than 70k and the term is 48 mo. It seems to be based on the milage.  I haven't purchased a car yet so I don't know if there is a way around it.  

[mzladyk]

Thanks for the replies.

I did use the VIN for a more precise result which is why I was wondering if the terms were set or if I can ask for a longer term. All VINs came up with 48 mos option as the max. The ONE car that I found that was somewhat perfect is from a dealership that is NOT on the list of eligible dealers. Figures, lol.

At least I'm not in a hurry and it's not a HP to do the Cap One auto navigator so I can re-do it in February if I can't find a car that works for now.

From what I understand, this is a prequalification from Cap One. Has anyone ever been denied after going to the dealership with the financing certificate?