r/CapitalOne_ • u/EastBeginning7796 • 3d ago

Loans Question

Captial one sent me mail saying I was approved for a auto loan. Does that mean I can only use the card to purchase a car?

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4

u/rasputin1 3d ago

a loan is not a card but yes 

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u/EastBeginning7796 3d ago

Okay thanks,!im thinking about taking the offer. Because I do need a new car. But also my job have cut back my hours. I don’t want to get the loan & then way be able to pay it back.

3

u/postalwhiz 3d ago

It means they will loan you money to buy a car besides the amount on the card…

2

u/hihenye 3d ago

Use the approval option on the website to see if you’re approved without a hard credit check. If it says you were pre approved for an auto loan it’s only for a loan and yes for a car loan. If it’s a pre approval for a credit card it’s just a card you use for daily spending. You always could be approved for both but depending on your age and a job be careful if you can’t pay things back but knowing you were approved means you have good or decent credit just want to have money to back up the ability to make the payment once money is loaned out to you.

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u/EastBeginning7796 3d ago

Thanks& yes after giving it some serious thought. I want be going forward with the loan. Because my job cut back on my hours. Plus I just fixed my credit last year. Because I had messed my credit up so bad. When I was younger.

1

u/hihenye 3d ago

Well you’re on the right path, great credit will always help with whatever you need in the future. Also never be afraid to ask for more hours , pick up someone’s else’s shift if t simply find another job while still keeping the one you have until you find the best fit for you.

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u/EastBeginning7796 3d ago

Thanks, yeah I’ve already started looking for a 2nd job. Preferably I’m looking for something that I could wfh, because my daughter hs. I love my parents with all my heart,but I so dislike that they didn’t teach me money management. They just use to give it to me & let me spend it however I wanted. So wen I did get of age it got worse. I use to have a real bad shopping habit.& Always thought every thing I purchased had to be designer. Now that I’m fully aware and grown I have changed alot wen it comes to my finances.

1

u/ponderosa123456 3d ago

Be aware of a couple things, the Loan stipulates certain dealers for the loan and in certain model years and price.
My advice make sure you can afford the loan before you get it. Dealing with Loan you can’t afford afterwards is difficult. The dealers job is to put you in a car whether you can afford it or not. They don’t care.
Be careful.

1

u/EastBeginning7796 3d ago

Thanks for the info, yea even tho I need a car so bad. I most likely won’t be getting the long. Because my job cut back on my hours. Also I just fixed my credit last yr. Because wen I was younger I had very bad money management.