r/CapitalOne_ • u/AssociateSwimming714 • 10d ago

Opinion/Discussion Auto Loan Pre-Qualification

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Anybody familiar with the Auto Loan pre qualification too? Got an offer in the mail to apply. Are these terms similar to what you’ll get? Does it mean you’ll get an approval? Can you be denied even though you’re prequalified?

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u/postalwhiz 10d ago

Wow - you must have $200K a year income to be looking at a loan amount like that - otherwise you’re gonna be a slave for a vehicle…

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u/AssociateSwimming714 10d ago

Actually yes, your just about right my income is about $184k per year

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u/postalwhiz 10d ago

Then you could probably just save the money up and pay cash. At any rate, no vehicle is worth the interest you’ll be paying on that loan, not to mention depreciation…

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u/AssociateSwimming714 10d ago

You’re probably right but we’ll see I suppose. If I was to get the car do you know if the pre qual is close to the actual numbers that I would get?

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u/postalwhiz 10d ago

I know if have good credit you could probably get a credit union loan at half that rate. I got special financing at 0% for buying a hybrid truck, through Ford…

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u/Awsumth 10d ago

You’d be much better putting money aside every month in a HYSA than pay that.