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Posted in Auto Loans
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Question By
sammy1229

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Pre approval through Capital One
My wife and I tried to get financed for a used car at a dealership but was denied because they said as a first time buyer no one would finance us because the car had over 75,000 miles. She has very little credit and mine inst so great. We went home to try & find our own financing. We were pre approved through Capital One. The mileage on the car is under what their limit is at. How does Cap One usually look at first time buyers? Is it worth it to go back to the dealership and have them try to get us approved through Cap One? Has any one been pre approved but then denied at dealership? Is it possible that the dealership tried to get us approved through Cap One the first time we went in there when we had them find us financing?

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Capital One only works with certain dealerships, go to the website for Capital One and read all that you can about the auto loans that they issue. You may also look around your area for a dealership that advertises to work with bad credit or no credit. The best thing that you could do, is to work on getting your credit in shape before applying for any large purchases. It all starts with reading all that you can about credit.

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If you can get pre approved by capital one, then I would also try a local credit union also.  They make it easier to get the paperwork done and also many times the APR will be a lot lower.

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