A Capital One auto loan might be for you if you have a nonprime (between 601 and 660) or subprime (between 501 and 600) credit score. In these credit categories, borrowers may be rejected by many lenders or offered high interest rates. Capital One works with borrowers with credit scores as low as 500.
What are Capital One auto loan requirements?
Capital One auto loan requirements
Applicant requirements: In order to qualify for a Capital One auto loan, you must be 18 or older and have a valid address within the contiguous 48 states. A minimum monthly income of $1,500 to $1,800 is required, depending on credit qualifications.
Can I get a car loan with a credit score of 600?
A credit score of 600 won’t necessarily keep you from getting an auto loan, but it’s likely to make that loan more expensive. Taking steps to improve your score before you apply for a car loan can put you in the driver’s seat and make it easier to negotiate the best possible loan terms.
Does Capital One require proof of income for auto loan?
To qualify for a Capital One auto loan, you’ll need a minimum credit score of 500. Depending on your credit score, you will also need a minimum monthly income of at least $1,500 to $1,800. … Proof of income, like a copy of a pay stub or three recent bank statements (if you’re self-employed)
Does Capital One auto Finance do a hard pull?
After pre-qualifying online for a Capital One auto purchase loan, car buyers take their saved offer to the dealership, where application paperwork is completed and a hard credit inquiry is done.
What kind of car loan can I get with a 650 credit score?
Fair Credit (650–699)
The average car loan interest rate for people with a fair credit score of 650–699 is 11.69% for a new car and 11.94% for a used car.
Is a Capital One auto loan good?
If you have a consistent monthly income and don’t mind being limited to participating dealers, Capital One may be a good choice for an auto loan. It’s possible to get prequalified with a soft credit check. And the Auto Navigator tool can come in handy if you’re on a tight budget.
Is a 630 credit score good?
Your score falls within the range of scores, from 580 to 669, considered Fair. A 630 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
Is a 650 credit score good?
A FICO score of 650 is considered fair—better than poor, but less than good. It falls below the national average FICO® Score of 710, and solidly within the fair score range of 580 to 669.
Is a 640 credit score good to buy a car?
A credit score of around 640 to 649 is considered fair credit. Your score is below the national average of 710, but it’s not in the “poor” range. You will be eligible for just about any new, used, or refinance automobile loan on the market, but you won’t get the best interest rates.