![]() They'll even approve customers (again varies) with prior Cap One collections and charge offs. They will approve deals (will vary from customer to customer) with prior collection accounts, chargeoffs, bankruptcies, etc. Sometimes just credit cards and a decent pay history will do it, but often times it seems they like to see installment loan credit, like previous auto loan or home loan, especially if you do not have a seven year history. It appears now that a longer credit history is important to Cap One and a seven year history is preferred. Typically, to get an approval, a customer would have to have five prior or current lines of credit that were fairly well paid. It's actually kind of funny, I can talk to one of their credit analysts and oftentimes they won't even know why a deal was declined or approved. that determines what tier they will fit into. They have a computer scoring system that rates each customers credit file, residence stability, work history, etc. ![]() One minute they are there and the next minute they're not.Now you see it now you don't!Ĭapital One auto loans are a little tricky.Ĭustomers that fit within one of those credit tiers will need a minimum credit score of 520.Ĭapital One Auto Finance as eight credit tier levels:Īs I mentioned (multiple times) before, their auto loan program is a bit confusing and hard to narrow down. That being said, I just recently learned that Cap One is no longer offering their prime program to dealers and only financing for lower level B tier to upper level D tier credit is applicable to car dealership financing. To compare auto lenders rates visit: Current Auto Loan RatesĬapital One Auto Finance has a great full spectrum lending program and, once again, now loan to A+, A, B, C and upper level D tier credit customers. Please contact them directly for specific details. I assume no responsibility for the accuracy of the information on this page and it should be used for general informational purposes only. I also do not hold a grudge against Capital One and did not build this page to discourage anyone from using their services. I am not affiliated with Capital One and do not get paid to refer customers to their site. ****Disclaimer**** The following sections are based on my dealership experience securing Capital One auto loans for customers and may not accurately reflect what you as a direct consumer may experience. They're Back!!! But only at participating dealerships. On the other hand, if you do meet their minimum requirements, they could very well be your best approval.Ĭapital One Auto Finance had recently gotten out of the prime lending business and were not loaning money for auto loans to A+, A, and B tier credit customers.Īpparently their losses far exceeded their gains for these credit tiers and they backed off for nearly 6 months. If you don't meet certain requirements, then it may be best to save yourself the credit inquiry. Their computer scoring system either likes what it sees or it doesn't. Capital One auto loans are, quite frankly, some of the most difficult loans to figure.
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