I am pre-qualified through Lendingtree for auto loan. Does that mean I will get the loan for sure?

[Anonymous]

I was declined by Nissan Motor Acceptance Corp after having one or more derogs on my report. So last night I applied for an auto loan through Lending Tree. I received an email saying I was pre-qualified for loans through RoadLoans and Capitalone. The APR through CapitalOne is 11.95%. I also received an email saying they need to ask me a few questions. Does this mean I will most likely get the loan? Here is what I got: Capital One Auto Finance Contact: Capital One Auto Finance Customer Service (800) 689-1789 1 $30,000.00 $585.73 11.95% 0% 72-Month

[iltph]

Unfortunately, I'm not sure of the answer to your question, but I was wondering what your FICO scores were when you had applied?

[Anonymous]

Exp: 630

TU: 570

(not auto enhanced)

[iltph]

Sorry to bug you again with another question, but which CRA did they use to pull your CR?

[Anonymous]

No problem.  They pulled TU.  I live in Chicago and it seems like all auto lenders are pulling TU, unfortunately.

I would LOVE to find a bank that would pull EX for me.

[Saffyreblue]

This doesn't really answer your question, but I am currently a Roadloans customer and I LOVE them! My credit was horrible, especially for a recovered repo in 2002 and over 8 30 to 60 day lates, but they took a chance on me. They sent me a check, and the next day, I was at the car dealer buying my convertible. They were very easy to deal with. Originally it was about 14% financing, but after a year of NO LATE PAYS, they reduced it to 11%, after another year of NO LATE PAYS, they reduced it again, and I am now paying around 8%. WHich isn't that bad considering my credit scores were on the "poor" side at the time, but moving up a little every month!

[Anonymous]

That is no different then receiving a credit card offer in the mail.  They did a preliminary check on you and decided to offer you a loan.  You still have to actually apply, have a hard pull done on your credit and see if you are really approved.  If they offer a specific interest rate there is no guarantee that you will get it after they check your credit.

[Anonymous]

I applied last year online for a car loan through Capital One. I also got an email saying I was approved for a loan, giving me the interest rate and maximum amount I could spend and saying they needed to call to verify a few things.

When I called them, it was just a matter of verifying my identity and going over the terms. A couple of days later I received a "blank check" in the mail to purchase the car of my choosing. It was a very easy process which I would do again in a heartbeat when I go to purchase another car.

[Anonymous]

That looks like a prescreened offer and they usually hold true to their offers, except their interest rate usually changes.  I learned that TransUnion is an East coast based credit reporting agency.  Almost ALL East coast companies report to them, and West coast companies usually don't.  I live in Az and my credit report looks funny, I have 2x's the accounts than I do with TU.  BUT, it's because the companies I have credit through are on the West coast so they don't report to TU...If you live in Chicago, and most of your "accounts" are home based in the East coast, good luck finding someone to use a different credit agency.  My TU score is 710, but I can't find anyone here to use it...LOL!