Wondering if anyone has been in a similar situation and might have some insight.
In October, my husband and I jointly financed a new to him truck using capital one - it was an absolute breeze. Both of us have mediocre credit but have working to repair so we were thrilled to get the loan and interest rate we did (38k with 4%). Fast forward to this month - transmission on my vehicle is shot and this has now become my second used car with a major mechanical failure. I'm beyond frustrated and would like to purchase a brand new car to hopefully avoid the woes of something used. Checked capital one - we prequalify again and within the limits to purchase new (because frankly at this point dealers want just as much for a used car as new and I'm over the used car drama). We would be financing this jointly as well.
My questions are - is it likely that this prequalify is legitimate considering we just purchased using capital one in October? My anxiety has me convicned we will be denied and I'll look like an idiot. Secondly, my prequal letter is good until the first week of January and the new vehicle I have my eye on isn't at the dealer yet. If that offer expires what's the likely time frame until I can submit again?
The pre-qualify is pretty much a done deal. Just submit any paperwork they ask for to solidify it. If it expires, you can do it again immediately after, but if something changes negatively in your reports by then, they could deny you.
That being said, 4% is a good rate. If your credit was good enough for that, you should be able to finance just about anywhere so I would look at captive financing for any rebates and/or specials. What vehicle did your husband get and what are you looking at?
We purchased him a 2018 F-150. I'm actually looking to purchase a new Bronco - I read a few forums about the Ford Motor Credit and was wondering if I give that a shot. We really only entertained Capital One since it was so easy to work with in October. I got nervous when I read a line in their disclosure about recently financing a vehicle with tbem could impact approval.
It's too bad you went with cap1 for the truck. FMC is definitely relationship orientated and new apps tend to get easier approvals and rate bumps. Personally, I'd drop an app with them to see what they're offering. It might be better than cap1. Worse case scenario is you have back up financing.