Is it hard to get approved by Capital One Auto Loans and do most dealers accept their blank checks?

[rose821]

My fico score (Eq) is 702 but my DTI ratio is pretty high - I'm just wondering how hard it is to get approved by Capital One Auto Finance and also do most dealers accept their blank checks?  Has anyone had trouble with dealerships in that regard?

Also, is it true that you have 14 days to shop around for an auto loan before it will cause a drop in your FICO score for inquiries?

Thanks for any help you can give me.

R

Message Edited by rose821 on 01-02-2008 01:29 PM

Message Edited by rose821 on 01-02-2008 01:29 PM

[sunrise]

Rose,  call Cap 1 Auto...ask them about your  DTI ...also call the dealerships ahead of time before you go to see if they take the checks. 

We used a Cap 1 Blank  Check at a local dealer with no problems....as a matter of fact, all the dealerships we went to accept them...but, these were actual dealerships...not the mom & pop car places on every corner.  We purchased a Toyota Sequoia.....Cap 1 gave us a better deal than the Toyota dealership!

I don't remember DTI being an issue...or even brought up for that matter, but maybe that was because it wasn't an issue...we didn't want to leave ourselves strapped and had very little debt at the time, so our DTI was probably pretty decent.  But, Cap 1 Auto is very friendly to deal with and they should be able to answer your concerns over the phone.

Good luck

Message Edited by sunrise on 01-02-2008 01:50 PM

[rose821]

Thanks for all the good info.  R

[Anonymous]

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rose821 wrote:

Also, is it true that you have 14 days to shop around for an auto loan before it will cause a drop in your FICO score for inquiries?

Thanks for any help you can give me.

R

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Rose,

Inquiries for car loans posted within a 14-day period count as a single inquiry for your FICO score, although they may all appear on your report.  It depends on the rest of your credit profile whether an inquiry or two will hurt your score.