What happens if i dont use my Capital one blank check???

[mauleg0615]

Okay so I have been checking and improving my credit score since I was discharged in April of this year. I started at a 522 credit score and now at 636. A week ago I decided to apply for the capital one blank check and was approved for a $30000 used car loan at 7.45 Apr. I only plan.on using around $20000. However, because of some personal family matters I have to put the car buying on hold for about 2 months. What happens if I decide to apply with them again in 2 months ? Will cancelling affect my chances with them to give me a good interest rate loan for $30000 again? Will it matter? Thanks in advance to all input.

[Freddy03]

You can call them and they might hold the offer for a little longer. We recently got approved for Cap One auto check but I used it as leverage with the dealership and they were able to get me approved with another finance company at a lower interest rate. I kind of lied a little. I told them my pre approval Cap One was for a lower interest rate than it actually was. So they fought a little harder to get me a little bit lower rate.

[nceguyfromne]

I'm pretty sure you won't have an issue getting a new blank check if your existing one expires, provided there are no major changes to your credit and circumstances during that time. The one potential drawback could be an extra inquiry on your credit report, but I'm sure that will have minimal impact and, well, if you need a car then you need a car. I got a blank check about a year ago and ended up not using it because the dealership competed and got me a slightly better rate through the manufacturer's credit program. I did, however, just apply for a new blank check, less than a year later, and this time they approved me for double the amount and about half the interest rate! This will be a great bargaining chip or I may just end up using it this time.

I definitely wish I had used Freddy's approach, though, because I was honest about my blank check's interest rate when I bought my new car last year and the dealership quite obviously tailored their rate to be just barely less than my check.

[IBroke]

I did that once in the past. I called them and had the check cancelled because I had the opportunity to improve my score over the next couple of weeks. After doing so, I applied again and my monthly payment was about $100 lower than the initial offer.

So yes, cancelling and re-applying shouldn't be an issue.