Follow this link https://www.capitalone.com/cars/prequalify and fill out the info and see what they prequalify you for. It is a softpull so no ding to your credit. I used CapOne Auto Nav last year to purchase a brand new car but I refinaced a month later for a much better APR with my local credit union.
This will help give you a baseline of where you might stand for free. If your score is close to the 700 range you should get a pretty good APR and the 60 day late payment shouldn't stop you for getting an auto loan. So start there and see what they toss back at ya.
I would consult the local credit unions that are in you're area BEFORE you sign the line on you're new dream car. Consult with the delearship before they actually pull ANYTHING to see if you can get 0% APR. This is the ideal as you will only be paying for you're car, and saving money in the long run. Ask to see if they have any credit unions that they work with that provide pretty good deals. I have bought many cars by dealing only with my credit union. Credit Unions typically will help you determine if they will work with you, and if not provide
Another thing. DO NOT think you have to buy the same day. You can deffinitly look for cheaper interest rates. Cars do not move this time of year as many people are recovering from Christmas, and dealing with horrific weather.
More than likely you will get approved as you stated you have not have any issues thus far, and make pretty significant income.
I don’t care about APR. just getting approved.
You should care about APR! It determines the cost of your loan. A high APR means that you'll pay hundreds of dollars more interest over the life of the loan.
You can probably do better than the APR you were quoted by CapitalOne. A dealership might be able to do better. Good luck!
For an update. I did that capital one prequalify. Got approved at 8.49% APR. I was expecting to get denied. But from research I don’t know how I feel about the capital one prequalify. I’ve seen a lot of people say they got approved them went to the dealership and got denied. I’m not worried if my apr goes up a little after a hard pull. Just really worried about getting everything together and showing up to just deal with problems
Great, use that as a "ceiling" the highest APR you'll pay and see what the dealer can do for you or a credit union. I bought a new car last year and as I recall Cap One offered me around 5.99% and I'm good with Cap One, a couple high limit CCs I've had for years. But I went with a credit union for 2.99%. And you do care about the APR, with the typical car loan of 60 months a single 1% difference in the APR will be hundreds of dollars in interest. With your low debt to income you should be able to get 5% or better.
APR is the most important part about borrowing money anywhere! You do not want to pay a bank thousands of dollars if you do not have too right?
Auto Rates have gone up but not enough to justify that with you're going circumstance.