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Cap1 Auto

Established Member

Cap1 Auto

Anybody have an idea if you have to wait a certain amount of time before being denied and reapplying for Cap1 Auto.  And/Or Iam I more likely to get a Cap1 approval at dealer versus the app? Have seen  a 60 bump increase in score and was hoping to get an approval.  So far only NFCU is approving me but a little less than what I was looking for. Still have a few credit hurdles to go. 

Starting Score: 500
Current Score: 500
Goal Score: 640 by 2013

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Established Member

Re: Cap1 Auto

I've heard you have to wait 30 days before reapplying, but have no proof.  


In my opinion, if your credit may be shaky, sometimes applying directly with the dealer is better.  If you apply at C1 and they deny you, it is very difficult (basically impossible) for the dealer to get that denial overturned.  However, if you apply at the dealer, the dealer may be able to talk to C1 to get an approval.  


I've found NFCU to have the best rates for me when applying for a car.  

Message 2 of 4

Re: Cap1 Auto

I am not sure about after a denial, but once approved your approval is valid for 30 days and once that happens you have to start the process over again. I got pre-approved, 30 days came and went without me buying a car, and my pre-approval ran out. I re-applied on day 32, and was approved again (with slightly different rates). 

Message 3 of 4
Senior Contributor

Re: Cap1 Auto

a million percent MORE likely to be approved in person at the dealer esp with cap one because they can markup the buy rate.


BUT if you do that, tell them YOU ONLY want your credit checked by cap one and TELL THEM that you were pre approved already. This will give them incentive to offer a lower rate and get you approved.


often times, "captive lenders" Ie the manufacturers lender like GM financial BMW financial etc will offer a much better deal. Go look on the car makers financier's websites and see if they are competitve with cap one. 


if you are 600+ with decent income, you should be fine for a decent rate in the 7-10% range depending on the car and your DTI.



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