Question about prequal Capital One process.

Anonymous · ‎12-28-2015

I did the Capital One prequal process and plugged in the VIn and info for the vehicle I like. The APR shows 3.35% and the amount to borrow is 25K with 2K down. I applied for PenFed to see if they can beat this, but still waiting to hear on their decision.

I am confused about the process for the Cap One though: so I take the certificate to the dealer and I finish the application there? It sounds like if I do this then the dealer will run my credit multiple times, something I do not want.

So what happens if I go with Cap One? What should I expect?

Anonymous · ‎12-28-2015

It was a HP the prequal??? And is it neccesary to put a vehicle info???

ta1jr · ‎12-28-2015

I did the CapOne Auto prequal process this last summer, July '15. The CapOne requirement, at least for me, is that you fill out an app at the dealership. I believe this is tied to fraud issues. The dealership we bought our daughters car from asked if they could try to beat my rate and I said yes, but only pull up to three banks becasue I didn't want multiple inquiries on my report, they followed through. Walked out of the dealership with a used car for my daughter inside of 90 minutes, the whole process, test drive to ownership. Simplest experience I have had buying a car.

Anonymous · ‎12-29-2015

I did the Cap1 online prequalification app where they do a soft pull. It showed preapproved up to $40k with an interest rate between 1.99% and 7.99% depending on the car purchased and the loan term. It didn't ask me for a VIN#. Then you print out the form and take it to a participating dealer and get the car you want.

It seemed way too easy, especially since we just ended a Chapter 13 two weeks before. I thought I would go in, hand them the form, they do the hard pull and Cap1 would come back with a revised approval for way less with much a higher interest rate. I was wrong. They ran it through, came out and said it was good to go and the rate was 1.99%! I couldn't believe it and neither could they. I am still in shock to be honest.

All in all it was a super easy process. They didn't require any additional paperwork from me other than a copy of my license and insurance card. Good luck!

Anonymous · ‎12-29-2015

@Anonymous wrote:
I did the Cap1 online prequalification app where they do a soft pull. It showed preapproved up to $40k with an interest rate between 1.99% and 7.99% depending on the car purchased and the loan term. It didn't ask me for a VIN#. Then you print out the form and take it to a participating dealer and get the car you want.

It seemed way too easy, especially since we just ended a Chapter 13 two weeks before. I thought I would go in, hand them the form, they do the hard pull and Cap1 would come back with a revised approval for way less with much a higher interest rate. I was wrong. They ran it through, came out and said it was good to go and the rate was 1.99%! I couldn't believe it and neither could they. I am still in shock to be honest.

All in all it was a super easy process. They didn't require any additional paperwork from me other than a copy of my license and insurance card. Good luck!

Seems like capital doesn't mind about BK and all. As long as you haven't burn them. Even if u burn them heard they forgiving after 12 months. Congrats on such low interest right out of BK