Capital One Auto Loan?

[Anonymous]

Hi, Im looking to finance my first car. I have looked around and would like to get a 2016 Toyota Camry which costs about $16k with 32k miles.

Im currently rebuilding my credit, I had 2 missed student loan payments (now in defferment because I am back in school) my score dropped to 490 due to these missed payments, now i have brought it up quite a bit, I have 2 capital one cards, and 4 store cards. no missed payments 100% on time for 3 years.

I want to get about a $17k loan for 60 months I currently make 25K and i have quite a bit saved up for payments so i am comfortable until i graduate and get a raise (not looking to put a large down payment if any at all) I feel comfortable with this loan. Looking to pay about $300 each month, I plan on graduating within the next 6 months and getting a large raise but in the mean time I need a car asap

Credit history is about 3 years 

My Capital one credit wise reports 618 

My Credit Karma Reports TU 632 EQ 629 

My Walmart fico score is 646 

I have a 56% utlization right now (looking to get it down to 35% by the time i apply in October.)

My question is based on your knowledge, what amount and interest do you think I would get approved for, with Capital One Auto Loan/ Auto Navigator at these scores and credit history? I would like to get a car in October and have no time to build a relationship with a credit union. Capital One or the dealer are my only options. 

thanks so much for your help!!

[Appleman]

You can check today with the CapitalAuto Navigator, it is a soft pull (meaning no negative effect on your credit score). They will do a Hard Pull if you go further than the pre-approval stage.

I would say check today and check again in October. Carvana also will do a SP to see if you qualify for auto financing.

Rather than have people guess, you can check your potential interest rates today.

Good luck

[Anonymous]

I have a feeling (from my own experience with cap one) the key to good cap one rates are long employment history . My husband fresh out of bk ( a week to be exact) got 6.12% for 72 months up to 20000$ on prequal letter and got 6.16% when he actually applied with hard inquiry with cap one. He has 16 years plus employment history with the same employer. Infact he is self employed independent contractor with the same company for 16 plus years. They just asked for his bank statements. He Got a brand new corolla .

I was denied cap one refinance and the reason give short employment history. Mine is 1 year 2 months .

So good luck. And definitely try it. They are solid. My husband got vehicle delivered a week ago. 

And i ended up refinancing at 2.49% with consumers cresit union

[Anonymous]

Ahhh thank you guys! I've been employed at my current job for two years now. I hope that's good enough

[Harvey26]

I would still look into some of your local credit unions. but most likely the dealer may run your credit through one of them anyway. So why not just see which one has the best rates in your area and go from there.

[Anonymous]

Get your auto scores from here (myfico) and then get preapproved via capital one or penfed or dcu or NFCU or maker specific financing but do NOT let the dealer shot gun your application out.