Capital One Auto Loan approved through Carmax for 7.84% APR 3 months post discharge

[Royalbacon]

Bought a $12000 vehicle via Carmax. Had approvals from Capital One, Ally, Santander, and Exter Financial. Capital One had by far the lowest rate. I got my Chapter 7 discharged early December 2020. Also got an unsecured card from Capital One in December 2020 as well with a $3000 credit limit.

Best of all, no stipulations whatsoever. No proof of income or anything. All I needed was drivers license and proof of auto insurance.

[AllZero]

Congratulations on your approval! Single digit APR beats nose bleed double digit APR.

[Royalbacon]

Yeah it is insane! Capital One Auto Navigator prequalification gave me an 11.xx% on the specific vehicle I chose out at Carmax. When I filled an online credit app at Carmax out on the website I was immediately "preapproved" and a salesperson called me and I told him I had a vehicle chosen out from the website I was already interested in, he did the hardpull and ran my credit for that specific vehicle and it came back at a 7.84, 3-4 percentage points lower then the Cap One Auto navigator prequalification. I was insanely shocked. On top of that no proof of income or any stipulations required with any of the 4 lenders that approved me through Carmax (Cap One, Santander, Ally and Exeter) besides my drivers license and proof of insurance.

So many horror stories and misconceptions that it's borderling impossible to get an auto loan after bankruptcy and that you'll be stuck at a skyhigh max APR that they can legally charge you in your state, and that you'll need a massive downpayment, etc.

[Anonymous]

Congratulations! Keep up the great work!

[angelofmusic86]

Congrats!!! 

I was surprised how high of an amount and how low the APR was from the CapOne Auto Navigator pre-approval were.  I am not looking to buy for another 6-18 (what a nice, broad time frame lol) months, but it is good to see where I am.

[kittycreditmeow]