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swallman

How realistic is Capital One's pre-approvals?

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I've been researching used and new vehicles over the past few months while also waiting for some credit cleanup to fall off reports (going good so far).  To get some sort of ideas as to what we'd qualify for I've been using the Cap One pre-qualification website.  I just re-did it again (since our last approval had expired), and now I'm finally seeing rates in the mid 7's on a new vehicle.

 

For us that's a pretty decent rate, considering our last financed vehicle was over 11% (on a used vehicle) 3 1/2 years ago.  I know it's still high but I don't think we're quite breaking 600 yet (haven't checked true FICO scores recently).

 

We plan to purchase in the next 60 days so if anything scores should possibly go a bit higher...just wondering how accurate the Cap One pre-quals are?  When we go to purchase I'll apply at a local CU and then also let the dealer finance us (just see who can get us the best rate).  Just wondering if I can rely on the Cap One rate as a high water mark?  If so it makes the vehicles we're looking at more affordable.

 

Thanks!

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16 minutes ago, MarvBear said:

I have never seen one that did not work.

Thanks Marv...we're looking at Jeep products and they seem to have some good incentives which will help too.  Haven't purchased a NEW vehicle in years so hoping it goes well lol.

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Just don't shop for a car on a weekend.  I went into a dealership with a Capital One pre-qualification at a certain percent (I don't recall exactly...around 4).  They ran my credit through 8 lenders (including Cap One) and I ended up with Citizens at a higher rate...they said they couldn't get anyone at Cap One on the weekends.

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15 minutes ago, GreenDragonLady said:

Just don't shop for a car on a weekend.  I went into a dealership with a Capital One pre-qualification at a certain percent (I don't recall exactly...around 4).  They ran my credit through 8 lenders (including Cap One) and I ended up with Citizens at a higher rate...they said they couldn't get anyone at Cap One on the weekends.

In that type of scenario I would walk and say I'll come back Monday morning when you can get Cap One on the phone (I also expect it's BS).  I don't have a problem with them running multiple lenders over a few days - think I read anything in the 14 day window is normally considered a single hard inquiry...

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22 minutes ago, swallman said:

In that type of scenario I would walk and say I'll come back Monday morning when you can get Cap One on the phone (I also expect it's BS).  I don't have a problem with them running multiple lenders over a few days - think I read anything in the 14 day window is normally considered a single hard inquiry...

I didn't want anyone to buy the car from under me (it was a 2017, not brand new).  I probably should have walked, I wasn't happy with the financial officer at all.  He was very short with us.  He made a mistake on our paperwork and got p-o'd that he had to ditch it and reprint it.  I'm not very aggressive, though.  I need to change that.  2019, here I come!

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For everyone's information, Capital One is never "not available'.  Thru the dealer's lender interface if they have an affiliation with Capital One, their decision is always instantaneous.

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16 minutes ago, MarvBear said:

For everyone's information, Capital One is never "not available'.  Thru the dealer's lender interface if they have an affiliation with Capital One, their decision is always instantaneous.

Thanks.  I thought it was weird.  I definitely will not be going back to that dealer.

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7 hours ago, GreenDragonLady said:

Thanks.  I thought it was weird.  I definitely will not be going back to that dealer.

They don't care if you do or don't. They have their money. You're out of circulation at the other dealers for at least the next couple of years.

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Posted (edited)

If you were in the auto loan business, would you be closed on weekends when most people do their car shopping?

 


 

Edited by cv91915

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On 12/31/2018 at 7:07 PM, IndyPoolPlayer said:

They don't care if you do or don't. They have their money. You're out of circulation at the other dealers for at least the next couple of years.

What do you mean our of circulation?

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Once you buy a car, typically you are not in the market for another car for the next couple of years, thus out of circulation. 

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3 hours ago, Glacier said:

Once you buy a car, typically you are not in the market for another car for the next couple of years, thus out of circulation. 

Our other car has 278,000 on it, so we might be in the market sooner rather than later.  Too bad for them.

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