Capital One Auto Navigator

[Anonymous]

Hi all!

I'm just curious if anyone has any experience with the Capital One Auto Navigator.

I was purely interested in if I'd get approved so I put in for their pre-approval and I was for a little over $18k! This is huge for me because less than a year ago nobody would touch me.

I found the perfect car, in my monthly range if I can haggle well enough at 5.43%. The car is priced at $15,900, I'd probably offer $12,900 and settle for $13,900 with a down payment of $1000. The problem is the car is out of town by a about 150 miles so I would need to travel to test drive it.

Now my concern comes in here: I can prove my main source of income (about 24k) but I won't have proof of my second source of income (about 2.4k) until after the 10th. However at the price of the car, it won't last long.

Has anyone ever had a pre-approval through Capital One and then been denied? I do meet their monthly minimum of $1800 with just my one income, however I'd just hate to drive that far just to get turned down. I would be financing $4-7k less than they pre-approved me for.

[Anonymous]

I should add:

Equifax 685 Trans union 695 Experian 697
Average age of accounts is 21 months
Current DTI is 24% (would be 34% with a monthly payment of $250)

[Shooting-For-800]

My Cap One preapproval and transaction could not have been easier.

No documents, no money down required, 2.49% for 72 months.

All I needed was my DL.

BTW - the better the car deal really is, the better your interest rate will be ( to a point).

Mine varied from 2.49 to maybe 7.49 depending on the car.

i got $7000 off new car so I got best APR for longest time.

[Anonymous]

With those scores I doubt Cap One will ask for income, and even if they do you should be fine because you meet the minimum income requirements, and your PTI should be fine with the income you can prove. At ~2000 a mo you should qualify for a ~300 payment and at those figures you should be fine.

[800goal800]

I got approve with a range of 6.5 - 21.5.  Low scores but high income.  Do they ever negotiate a lower rate ?

[Shooting-For-800]

The rate is based on credit AND how good of a deal you get on price of car.

[800goal800]

Thanks.  Every calculation comes out to approx 16%.   May be related to rolling in a lot of neg equity.