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Posted in Auto Loans
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jdetroit

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Cap One Auto PreQualification Experiences?
So my car died the other day. Was able to fix it for relatively cheap but took about a week. Got me thinking it might be time for a trade in for something soon. I did the pre-approval with cap one. I found a car from one of their dealers and entered it into the autnav system. A $10000-11000 loan ($17000 car $6000 down between cash and trade in) is being quoted at 3.05% interest for two years. Just wondering how much that changes when I actually apply for the loan. That rate seems too good to be true for my credit history. My credit score is 644 across the board (up from 580 a year ago). I have a couple charged off student loans and one in collections. A perfectly paid Cap One credit card. One paid off student loan, one I'm still paying but have never missed a payment. Also, one paid off off autoloan. Rent and car payments have always been on time. Just had trouble with student loans as I couldn't find a decent job for close to 4 years after college. Just wondering what experiences people have going from pre-approval to actually applying for the loan. Should I expect a huge jump in APR or to be denied all together? Thanks.

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Top Contributor
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Never rely on any prequals.  We can't tell you how or if it will change.  That all depends on your current credit versus the shape it was in when the soft pull was performed for the prequal.  We don't have access to such info for your credit profile.

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