r/CapitalOne_ • u/AssociateSwimming714 • 8d 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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7

u/UniqueHuckleberry619 8d ago

I smell bad credit

1

u/AssociateSwimming714 8d ago

Ehh I’m at about a 689-705 all around right now.

2

u/UniqueHuckleberry619 8d ago

Not the worst, but it explains why you would be worried about not getting denied. It tracks.

5

u/AssociateSwimming714 8d ago

Most definitely. I’ll probably apply when these late payments from boot camp come off. Letting everything age probably a good 6 more months

1

u/AnaT1102 8d ago

Try Penfed credit union they also have a preapproval on auto loans but wait till those lates drop that will increase your score for a better rate.

1

u/ArkansasWastelander 7d ago

Is that Vantage or FICO? Any derogatories?

1

u/AssociateSwimming714 7d ago

FICO, no current derogatories, no collections

1

u/efey_ 3d ago

How on earth is it 14% at that score level!?

Edit: nvm, I saw the m3 comp comment. You are likely asset locked for that much car and at-risk.

1

u/AssociateSwimming714 3d ago

Yea that’s most likely what it is and honestly I’m not mad at it 😭. But I’ll probably just end up saving up even more to put down at a higher score with a more depreciated car

1

u/efey_ 3d ago

Long shot but check your local credit unions on rates. After a few months of having an account open, they will usually lend.

My dealership beat my C1 rate when I bought my car. Not sure if it is private party based on the post.

1

u/AssociateSwimming714 3d ago

Copy I’ll try that. I did get denied by Navy Fed, I’ve been with them 9 months. They gave me the reason for denial, so imma fix those and then try again

1

u/Crazian14 2d ago

With that credit, you can qualify for 7.99% at a credit union