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How likely to qualify for Capital 1 car loan after I burned them?

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  • How likely to qualify for Capital 1 car loan after I burned them?

    I saw a lot of threads stating that many people get qualified for Capital One pre-approved auto loan for $40K after discharge. I'll have my last appointment with my attorney to sign the documents before they begin to file later this week. So I'm looking to attend a 341 meeting about a month from now and discharge about 3 months from now.

    I had four Capital One credit cards with the sum debts of just over $5K. So I'll be burning them pretty good.

    Additionally, I already have a pretty good car ('13 Honda Civic 43K miles) with good condition that I'm current on payments. However, my parent is mostly using it to commute to work since I work from home and don't really need a car; I really want another car so I can go see my friends, go to the gym, taking hip hop dancing classes, et cetera instead of taking Uber. Being stuck at home can be very frustrating for me, and I need to get out more.

    Alternatively, I could probably get a used car off Craigslist for about $6K, more or less or get a motorcycle for $2K; I used to ride a motorcycle in college but rather not use one to commute in Las Vegas. I can save between $1,500-$2,000 monthly for a car.

    I'm not too rush into getting another car, and I probably won't be getting one until at least three months after my discharge (6 months from now, around end of 2017). I know that Capital One is a very aggressive lender; they didn't close my accounts some time after 6 months of missed payments, whereas AMEX closed my accounts after 3 months. Since I'll be burning them pretty good, how likely would Capital One approve my application for a car loan? My dream car in this situation is a 2015 Honda Accord ($20K) but a 2013+ Civic ($15K) would be nice too; I would settle for a Honda Fit, Nissan Versa or similar entry-level cars if I see a good deal. My net monthly income varies between $1,800 and $3,800 since I get paid on production, and I'm on track to make about $32K net (about $40K gross) for this entire year.
    Last edited by VegasBK7; 06-06-2017, 09:33 PM. Reason: Add tags

  • #2
    Are you living with your "parent", or do you have to pay rent, utilities, etc. to live somewhere else? If the answer to this question is that you have your own living expenses, then it's time to ask for YOUR car back--which you are still making payments on, or if that's not feasible, to buy a "beater" for cash. You simply don't have the income to support two car loans, especially if you have to pay other bills.

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    • #3
      I still live with my parent, and I pay $300 monthly rent. I pay $290 monthly for the car, but they pay for insurance. So basically I'm paying $590 monthly rent, which is fair for my area. My student loan payment is $200, food is $300, and that's pretty much all of my expenses. That totals to be about $1,100 monthly expenses. My average take home for the past 12 months is $2,800, so that would leave me with $1,700, more or less, monthly disposable income after I got discharge. I think that's more than enough to afford another car loan, which I anticipate to be $350 monthly + $200 insurance = $550; that'd still leave me with $1,100+ disposable income.

      I really want a newer car rather than a beat up because I like road trips, and I anticipate to take semi-monthly road trips over the weekends. I could also use the car to take a second job o or tutor math to high school/college students to make extra income. Like I mentioned, I'd like to go to the gym, take dance lessons and meet friends. I haven't seen my friends and wirkout like in at least a year. I think having these things in life would make me feel great about living again and would make me more productive.

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