@Anonymous wrote:
Hi,
I have twice now tried to do the auto loan pre approval online and they've stated I would get a letter in the mail. Well, the letter states they cannot verify my income. I don;t understand why this is happening? I have a Venture card with them, perfect history and scores of TU 627, Eq 647 and Ex 611. Should I call them? I didnt want the hard pull yet, just to see where i would stand on a preapproval. Anyone encounter this?
Thanks!
Call them and ask. My guess is if you send them a paystub they will be able to verify your income. Your credit card history helps but doesn't answer the question of having enough income to make a car payment for 5-6 years which is what they are concerned about. I have to say capital one is good for car loans but credit unions are much better. I would apply through DCU or Penfed if I were you. There are many cases where capital one's rate is substantially beat by a credit union. In my case before my rebuild I financed with Capital One for 8.5% a few days later I joined NFCU and they preapproved me for an auto refinance and I refinanced for the same term at 4.29%, saves me thousands of dollars over the life of the loan.
