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Capital One Auto Pre-qualification?

New Contributor

Re: Capital One Auto Pre-qualification?


MrsCHX wrote:

For those with Cap One financing, were you required to have a downpayment?

 

My car is dying a fast death. I was hoping to get a good few months in of working on my scores before applying for a car loan but I may have to do it sooner rather than later. 

 

I too am hoping for low payments as I have 2 years of slightly elevated living expenses and then things should calm down after that and I can hopefully pay the loan off early.


My pre-approval doesn't stipulate a downpayment. It does cite limitations of age of the car if buying used and minminum/maximun amount allowed financed.

Message 21 of 36
Valued Contributor

Re: Capital One Auto Pre-qualification?

Thanks!

11/2017: EX 704 | TU 720 | EQ 672 -- Starting (2/2016): 630 | 620 | 580 -- INQs: 17 | 26 | 28 (last 6 months: 5 | 2 | 6)
AMEX Delta: $10k, Marvel: $8k, Discover IT: $7.2k, AMEX BCE: $6k, Target MC: $5k, PayPal 2%: $8k, CO QS: $2.6k, Merrick: $1.6k, Barclay's NFL Rewards: $1k, CO BuyPower: $500. And a mix of well-loved store cards.
Message 22 of 36
New Contributor

Re: Capital One Auto Pre-qualification?


MrsCHX wrote:

For those with Cap One financing, were you required to have a downpayment?

 

My car is dying a fast death. I was hoping to get a good few months in of working on my scores before applying for a car loan but I may have to do it sooner rather than later. 

 

I too am hoping for low payments as I have 2 years of slightly elevated living expenses and then things should calm down after that and I can hopefully pay the loan off early.


No downpayment sttipulated but I do plan to put down at least $1.5K. The fine print stipulates no car over 10 years old or more than 120K miles. It also says it will not finance Oldsmobile, Daewoo, Saab, Suzuki or Isuzu vehicles.

Message 23 of 36
Regular Contributor

Re: Capital One Auto Pre-qualification?


tls923 wrote:

I believe it's for legal reasons. Even though you are approved through Capital One, legally you still have to complete the form at the dealership.

 

I'm not 100% sure but from what I had gathered before I went shopping you have to do it. Actually, some people ended up getting a lower rate than what Capital One was giving them so they went with the bank with the lower rate. Of course, some still got the lower rate with Capital One so they stuck with it.

 

Maybe someone knows more but that is what I had gathered.


tls923 is correct.  Legally, the car dealership still has to run your report for financial disclosure reasons, etc.  And like others have said, you may end up getting a better rate through one of the dealerships lenders.  It's just nice to know regardless of what the dealerships lenders can offer you, you're still approved through Cap1.  I just did the preapproval myself.

Message 24 of 36
Established Contributor

Re: Capital One Auto Pre-qualification?

Yes dealership need to run your SSN to verify you are who you are but does not need to run for credit. They do anyways cause dealership get money back for running credit. Capital one doesn't require down payment. They will finance for anything up to what your approved for. So if your approved for 35000 and you wanna buy a 45000 car than you need to put down the 10000 difference. If your approved for 35000 rate saying 2%-12% means interest will vary depending on amount your borrowing and for how long

Message 25 of 36
New Contributor

Re: Capital One Auto Pre-qualification?

On their autonavigator site, you can figure out what your interest is likely to be based on year, milaege and make of the car. I've been playig around with it and it's very helpful in chosing what car you want.

Message 26 of 36
Regular Contributor

Re: Capital One Auto Pre-qualification?

I'm looking to get a car that is a 2011. Depending on the age, price and mileage of the car Cap 1 may require a down payment.  It you get a newer car probably not.  

ch13 D/C 9/15 - Eq695(642)/Tu657(593)/Ex683(613)
Message 27 of 36
New Contributor

Re: Capital One Auto Pre-qualification?

I was initially looking to get something in the 2008 -2011 range but afer the running the numbers with the increased interest rate on older cars, I realized I can get a 2013 for another $20 a month. To me it's worth it to get more car for my money. So I've been playing with the auto navigator. Currently I am looking at 2013 with under 50K miles and my interest rates vary from 2.54 - 4.04% at 60 mths and my pyments woudl be around $200 - $225 a month. If I do 72 mnths I'm bettwween $194 - low 200. Older cars gave me interest rates of  4 -5 % and I was still paying $180 -190 a month.

 

I had planned to put down at least $1.5 anyway so that wasn't an issue for me. 

Message 28 of 36
Regular Contributor

Re: Capital One Auto Pre-qualification?


Netcode wrote:

I was wondering if anyone has used the Capital Auto Navigator to recieve a preapproved offer for a vehicle? I was approved with a decent APR and they simply said to take the offer to any dealer approved by Capital One. Any stories on this? 


I did the on-line Cap1 pre-approval process last week and was instantly approved for up to $40,000 with a 2.49 APR.  I went to my local Chevy dealer two days ago, (2-27-16) and bought my 2016 Chevrolet Impala LTZ to replace my 2007 Impala LTZ that I bought 10 years ago.  It was as easy as that.

Message 29 of 36
Contributor

Re: Capital One Auto Pre-qualification?

I did the pre-qual on Thursday the 25th even though I'm not really ready to buy. I just wanted to see what they'd offer with my current numbers,etc. I haven't heard back yet. "You'll be contacted by phone or email within three business days". They did the same thing when I applied for my Quick Silver card because I have fraud alerts set. "Capital One Security" called me a couple of days later from a blocked phone number just to verify it was me applying. They didn't give a decision during that call. Told me I'd hear in 7-10 days. Nine days later, the card arrived. I got an immediate Experian message when I completed it though.

CH 7 Discharged 6/10/15
T/U - 643
EQ - 588
Ex - 647 as of 6/14/15
Message 30 of 36