Capital One Pre-Qualification l- Rates

[finfree]

I did the online pre-qualification with Capital One and they pre-qualified me for up to $75k with no conditions. The problem is I've already put a deposit on a car (being built now). While the dealer is in the Capital One network, the VIN for the car doesn't show as being in their inventory because it's already been sold to me. Unfortunately that means that while Capital One has pre-qualified me they can't tell me the interest rate until the dealer does a hard pull. Does anyone know what rates Capital One is currently offering? I'm not sure if the amount of my pre-qualification is on the higher end, and therefore signals that I'll get their best rate. My credit union offers 3.49% on 48 months but I'd like to beat that rate if possible. 

[hrs1980]

You can try to shop for other similar priced cars on the CO website and put in all of your payment info 60mo etc and it'll show you a rate.

[CreditCuriosity]

Cap1 will be higher than your CU.. rates are nuts right now even with captive lenders being Mercedes, BMW, GMC etc..  even CU with known good rates are creeping up.. a rate in the 3's is very good right now!  might be able to get lucky and get a CU still in the 2's, but cap1 will likely be 5 or more likely in the 7-8% on 760+ fico's.  auto rates are just nuts right now due to inflation/rate increases, etc.. 

Just bought a brand new mercedes other day used MBFS best rate they offered was 6.99 I had a 800+ score as well.  Took it before care was gone off lot and waiting for it to post with loan # and get payoff then will be refinancing with a CU and best I am seeing in mid to high 3%'s.

[finfree]

Credit Curiosity- great information- very helpful!

[TRC_WA]

I got 4.81%/72 months from Cap One in March which matched my prequal... and was the best offer I got from anyone.  Dealer jacked my apps to 4-5 locations and most were 5-6%.

My profile wasn't the greatest though... was 2 weeks out of a Ch 13 discharge but I did have good previous auto loan history.  Ironically my current TU score is under dispute because shortly after I bought my new car my previous auto loan that was being paid under the Ch 13 plan updated my last payment to 2022 and is counting against me as a "late payment" when it shouldn't have updated at all due to being IIB.'

I am now a member of PenFed/NFCU and may look at an auto refi down the road or new loan if I trade in the spring and I'd think I'd get a better rate but who knows in this economy.

[CreditCuriosity]

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@TRC_WA wrote:

I got 4.81%/72 months from Cap One in March which matched my prequal... and was the best offer I got from anyone.  Dealer jacked my apps to 4-5 locations and most were 5-6%.

My profile wasn't the greatest though... was 2 weeks out of a Ch 13 discharge but I did have good previous auto loan history.  Ironically my current TU score is under dispute because shortly after I bought my new car my previous auto loan that was being paid under the Ch 13 plan updated my last payment to 2022 and is counting against me as a "late payment" when it shouldn't have updated at all due to being IIB.'

I am now a member of PenFed/NFCU and may look at an auto refi down the road or new loan if I trade in the spring and I'd think I'd get a better rate but who knows in this economy.

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march is a different beast than today rates though look how many rate increases we have due to inflation since then.. Not a bad rate back then, but I can gurantee you can't get that rate today with them nor can anyone.  I just applied for refi with nfcu at 3.79 their best rate under review with 800+ score.  Scary times out there in auto loans w/rates.  Just like housing rates same thing going way up from their lows

[CreditCuriosity]

Just did cap1 auto navigator for kicks and shocking enough got 4.5% just looking at mercedes i stand corrected their rates are better than captive lenders being mbfs..  Not great, but better than even mercedes benz finance best rates are.. Weird, but good they are competitive

[TRC_WA]

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@CreditCuriosity wrote:

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march is a different beast than today rates though look how many rate increases we have due to inflation since then.. Not a bad rate back then, but I can gurantee you can't get that rate today with them nor can anyone.  I just applied for refi with nfcu at 3.79 their best rate under review with 800+ score.  Scary times out there in auto loans w/rates.  Just like housing rates same thing going way up from their lows

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Good to know so I won't be overly shocked if I go to trade in the coming months.  I'm considering swapping the Challenger for a SRT Jeep Cherokee.  Nothing I'm gonna do this week or even this month... but it's a possibility in the near future.  First waiting on my TU dispute to process... there's an error I just discovered which is tanking my score... an IIB account reporting incorrectly.  Once that is resolved I'll be in a better position to do what I wanna do.