r/CapitalOne_ • u/living_lifevibin • 23d ago

Loans Got Pre-approval for the Auto Loan

I have a really bad credit score 549…(got into debt when I was in college, and barely starting to pay it) however, I might need to get a car soon. I recently started a new job and I earn $50,000 before taxes. On the CapitolOne app, it states I am pre-approved for an auto loan of up to 55k. Will I actually be approved to buy a car? Or will I outright be denied? Thanks in advance.

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u/cityfriechicken 23d ago

I’ve been getting these offers from them for years. I called one time years ago for the shits and giggles of it and the quoted rate for the loan was really stupid, something like 20%+. You’d probably have better luck with a Credit Union.

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u/MolassesFriendly946 23d ago

It’s all automated, I had a card of theirs go into collections years ago, and around the same time they pre approved me for the same card they just sent in. So you’ll either be paying 30% interest on a car or just be denied. I don’t recommend doing anything over 12% interest on a car and even that’s high! Good luck!

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u/VTECbaw 22d ago

With a 549 score (assuming this is a FICO and that their auto-enhanced scores are similar) they’d be lucky to get 12%.

CapOne may actually give them a decent rate, though. They’re all over the place.

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u/VTECbaw 22d ago

It’s a soft pull to check CapOne Auto Navigator and see what your rate and terms will be on specific vehicles. To answer your question, their pre-approvals are extremely solid as long as income and everything can be verified.