I received a letter from Capital One saying I'm preapproved for an auto loan from a local dealer. The timing is great, my old car is on her last wheel and I really do need a new one. But I've never taken out an auto loan before, and don't know what I'll be up against. Are Capital One preapproved loans good, or are there any pitfalls? I'm assuming I received the offer because my credit isn't the best in the world.
Today's FICO:
Experion 683
Equifax 666
TransUnion 668
I have a student loan with an outstanding debt of about 10k, and around 2k in revolving credit debt. According to MyFico, I would qualify for a 9.48 interest rate on a new car.
Should I go for the Cap One preapproved, or would my FICO possibly qualify me for another loan? Btw, I'm self employed and have been for 7 years. I can produce tax returns, though I do my own taxes, they are not prepared by an accountant. Will that matter? Thanks, I appreciate any advice
Message Edited by GingerSue on
08-28-2007 02:18 PM