Overhaulin' - needing an auto loan from capital one?

needing an auto loan from capital one?

Ok, well ive had my credit card for about 4 months now. Before i used it i planne don making full payments every month, but i did the minimum payments. Last month i missed paying them because i lost my wallet and had to suspend my bank accounts and credit card. I do have enough money to pay off my credit card as it is maxed out at 500. But basically i need to get a car before i graduate in june. So im wondering if i pay off my full amount and start paying it off full every month and i save up for a down payment, what are the chances i will be approved for a 5k auto loan? ten points awarded

Public Comments

If this is your only credit card, your chances of getting an auto loan have been severely hurt by your missed payment. If you had lots of other positive history, one missed payment wouldn't hurt you that much. But if all they have to go on is that one card and you've already maxed it out AND missed a payment, no one is going to see you as a good credit risk, even if you do pay off the card before applying for the auto loan.
Finding a bad credit auto lender take a little bit of work to find the right one. When looking to buy a new or used car, the dealer may offer bad credit financing, or refer you to a lender. Car buyers should consider arranging their own financing. http://www.worldbestloans.com/autoloans.htm Unless you have a 700 or higher credit score, it might be a good idea to look at your credit report and see what you can do to improve your credit score. A 700 score will get you the best rates at the best loan terms.t.
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Capital One doesn't give auto loans for only 5k. When I got mine, you had to finance at least $7500.00. Also, if you have limited credit history, you most likely will not get a loan for a car from them. You will need a cosigner.