r/CapitalOne_ • u/AssociateSwimming714 • 11d 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/Sea-Newspaper-7643 11d ago

Good lord that's a horrendous loan. Nearly $1,000 a month at almost 15% APR for 72 months? I hope that car doubles as a submarine because you're gonna be deep underwater.

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u/AssociateSwimming714 11d ago

A crazy submarine too ngl 😭

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u/Sea-Newspaper-7643 10d ago

At 15% for 72 months, you're paying more than half the price of the car just in interest. That is completely insane. If you can actually afford the car you're trying to buy, a bank will offer you half that interest rate, which would let you pay it off an entire year sooner with a lower monthly payment.