Capital One Auto Navigator Pre-Qualification Question

[trader92]

I was pre-approved through Capital One Auto Navigator tool for up to $55,000. I plan on putting $10,500 down. 

However, the site shows me pre-qualified through this dealership even though the OTD finance amount less down payment is greater than the $55K I was pre-approved for. Does anyone know why it shows that? Do certain dealers have a better relationship with Cap1? 

Can I expect dealers to find another lender that can finance a similar amount? Scores as follows:

FICO 8:

EQ: 633, TU: 634, EXP: 647

FICO AUTO 8:

EQ: 589, TU: 604, EXP: 617

FICO AUTO 9:

EQ: 631, TU: 633, EXP: 659

Income: $128K

DTI: 7%

[pizzadude]

I'm sure there's always some "wiggle room" factored into these online pre-qualifications / pre-approvals.  

I would expect the dealer to shotgun your credit to their network of lenders, even if you have a Cap1 pre-approval.  

If you don't want to go this route then I'd recommend checking with local CUs for their rates / offers to see if you can get approved for something close to what you're targeting.

[gorgon]

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@pizzadude wrote:

I would expect the dealer to shotgun your credit to their network of lenders, even if you have a Cap1 pre-approval.  

^^^THIS

When I got pre-approved on Cap1 Navigator, and took the paperwork to the dealership, they were very persistent that they could do better and wanted to run my credit through multiple banks. I had to explicitly tell them not to multiple times.

[trader92]

Thanks! I will definitely make sure and only authorize them to run it through Capital One. 

[BIGSTARXXX]

Good luck with that - I've gone through Cap1 Auto Nav a few times, and even though I told the dealers not to run it through other banks they did it anyway - all 3 times. I was so pissed - the last car loan I just did it through my Credit Union,  and they cut me a check which I took to the auto dealer. Much less stress.

[pizzadude]

Yeah, the Cap1 Auto Navigator is really only a prequalification, from their website:  https://www.capitalone.com/cars/about-prequalify

Will I still need a credit application?

Yes. You’ll have to complete a final credit application at the dealership where you are getting your vehicle. This will result in a hard inquiry on your credit report and will impact your credit score.