Capital One Auto Loan

[Tyhood830]

Went into the dealership on Friday looking for a car. Credit in the 500's. Was approved for a capital one auto loan with a $450 monthly payment.

According to the dealership Cap1 didn't require proof of income. They only requested proof of insurance to leave with the car.

Is this unheard of?

I make 2,200 a month, and that's what the dealership put on the loan app. I can prove this with check stubs and W2.

My question is. Cap didn't request pay stubs or anything to prove my employment. But I was still approved for the car. Am I missing something?

Also. I tried to prequalify online through capital one before going to the dealership. I was denied. But when I applied at the dealership, I was approved!!

Am I missing something????

The dealership said I got the deal because I had two paid off car loans on my credit.

[CreditBob]

Either you were lucky or the dealership has a possible program to give those a second chance that have had credit issues, but are employed. It could also possibly be that with the higher interest rates the financial institutions are trying to get creative to finance more consumers with less than perfect credit. And reading your message again, having auto loans with no issues holds a lot of weight in a very positive way. And your FICO score is not the only factor for an approval. Moving forward, make sure you make all payments on time. Have at least one revolving credit card account and your score will eventually recover. 

[Tyhood830]

Thanks for the response. Just hoping it's not a mistake and they call in a couple weeks saying the bank returned the loan 🤣 

Also from a little research online. It seems cap1 has a no POI requirement on some loans it approves. 

But you are also spot on because the F&I guy said the banks love to see paid off auto loans.. 

[Shooting-For-800]

I was approved for 2.49% with no money down for 72 months (2016) from Cap One with nothing but a DL.

MWV with each person.

Congrats!

[dunn2500]

been approved for 6 with nothing more than an ID.....its pretty common with good scores, but yeah car history does matter

[Brian_Earl_Spilner]

Did you actually get proof that cap1 bought your deal? I've had cap1 prequalify me with no income proof required. I've also had them require it. I'd be more concerned about a bait and switch. With scores in the 500s it's highly unlikely a lender does not want proof of income regardless of previous auto loans. I wouldn't be surprised if they shotgunned your app or your loan paperwork shows up from another lender like Credit Acceptance Corp. If they can't get a lender to buy your deal they could require you to put more money down or return the vehicle. 

[Tyhood830]

Deal has been funded!

[pizzadude]

Agree with the comments above, many times lenders don't require POI on secured / auto loans. 

What interest rate / terms / loan amount did they qualify / approve you for ?

[CardDon29]

I was approved in 2021 for refinancing my auto loan. All they wanted was the title and proof of insurance. Capital One is weird sometimes.