Capital One Auto Financing

[Mortera81]

They did one inquiry on each bureau for me. As for the approval amounts I'm assuming that's based on income. And it was not a joint app. Just me.

[Anonymous]

You are saying the dealership did not have their own inquiry aside from 3 inquiries for cap1? interesting? 

[Anonymous]

Thanks for these posts. I had two previous auto loans through Cap One, and both were at high interest rates.  The last one was with the old blank check. After reading your posts, I applied online because I need to buy a car in June. The rate range quoted was between about 2 and 5%. No verification was requested, and it is a load off my mind to know that I won't need to provide it at the dealer either. My scores are in the mid to upper 600s, with two of them nearing the 700 mark. While I have good income, the process of verifying it would have been cumbersome. I'm so happy!

I was planning to go through DCU, but I wouldn't save any in the end, so I'm not going to bother. They would probably ask for income verification, which I don't have time to bother with right now.

[Anonymous]

Well, I just found out I was denied from DCU (don't really understand why). So, I figured I would try out Capital One. I applied online and was instantly approved! I couldn't believe it? Additionally, they aren't asking for any proof of income? 

For all of you with experience through Cap One Auto financing, my questions to you are this:

1. How accurate is the 'Offer Calculator'? I put in the vin of the cars that I have picked out (just a matter of which one I can get the best price for). 

2. Does Cap One not consider brand new 2014 cars a brand new loan? The one I put in was a 2014 brand new but it was giving me an error message until I selected the 'used' option.

3. The estimated loan amount and APR for the brand new 2014 was $37,251 / 3.35% APR & for the USED 2015 (4,500k mi) was for $38,569 / 2.45% APR.  Is it really that much better to get a loan for a new year car even though the 2014 is brand new still?

The estimated approval for a 2015 brand new is for the full $40k / 1.96% APR. That is better than anything I anticipated and especially after I just got denied from DCU? 

Last question - I have to go through an 'eligible' dealer? I will then essentially need to apply again there? 

I just don't want to get my hopes up again and then be denied... thank you all in advance for your help!

[Dj4Money]

 One problem with Capital One is they no longer offer Blank Checks. They work more like a captive lender as you have to work inside their network of dealers which work for used and new cars. Now most dealers don't know that and they'll try to beat it; it's an important tactic to get pre-approval. However most importantly is to talk price, price, price, price until a price is agreed on.

 As to your 2014 NEW question, just tell the dealer what Cap One offered don't need to tell them they won't do it on a new '14. The captive lender will beat it...

[Anonymous]

Thank you.

So I can count on the loan / APR quotes Cap1 gave me online?

[Anonymous]

I would ask why would you think there will be a problem? 

You have an approval don't you? I would definitely count on my cap1 approval and go heads high. 

The  only thing I would ask at the dealership is if they  will pull a HP again on you at the dealership.. If you are absolutely happy with the APR you got from them ask to sit in front of the F&i manager and watch his screen at the dealership. I don't trust F & i managers at dealerships. have a paper ready to showing the F & I manager explaining his willingness to sign a document saying there won't be any HP on any bureau without your permission. Watch his reaction to it. Should be fun. 

Let me know if any additional HP pull occurs at Dealership. 

[Mortera81]

The offer calculator is 100% accurate. Whatever is on the wheel is what you pay and you qualify for. Now keep in mind, the dealer might want to tell you otherwise. They did try telling me my interest was higher than it was in the wheel but as soon as I told them I called Cap One and confirmed the exact apr and I knew 100% I was correct they backed off. Just another shady dealer practice I guess

[Anonymous]

That's interesting, I noticed Capital One Auto Financing at dealership near where I live. My score is the upper 600's but I'm 21 and just starting to build my credit. I am just afraid of being denied. But congrats on your new car!

[Anonymous]

UPDATE

So i went ahead and applied with Capital One Auto Finance. I made a joint application with wife who has scores in the late 500's. My auto enhanced and Fico 8 scores are in the mid 600's. I had one hit on each credit bureau for both of us .

We got APPROVED with CONDITIONS. Our rate was between 6.95-11.4% depending on the loan amount.  It was not an approval i thought would be without any documentation. My last auto loan was paid off in May 2008. since then no auto loan on CRA's. Auto loan from cap1 is listed as Auto Finance v/s credit card hard inquiry.

I was required to provide with

3 Refrences

Copy of our drivers license

Proof of Income.

All needed to beuploaded on Navigator before approval.

Capital One requested a phone interview for me. I am afraid to explain all income info to them for i am self employed. Since hard inquiry is made its worth getting fully approved or denied.  

Now i m wondering if the hard inquiry was worth it. My wife has never been listed before on any loan. She has no previous auto loan experience but i do. 

What this means is if you are new to auto loans its a good idea to apply via Dealerships. If you have worked many years 2+ at your job its very easy to b approved with Cap1.