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Capital One
Capital One 2023 Auto loan review, published 2023-01-01 at 00:00:00.
Written by Allison Martin Written by
Allison Martin's career began more than 10 years prior to that as a digital content strategist. She's been featured in a variety of top financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances through providing concise, well-researched and well-edited information that breaks down complex subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing original and impartial content. We also allow you to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and where products appear on this website, for example, for example, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does not influence the content we publish or the reviews that you read on this site. We do not include the vast array of companies or financial deals that may be available to you.
About our reviews . Editorial disclosure Reviewers are supervised by staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed nor accepted by any advertiser. The information such as rates and charges, presented in the review are accurate at the time that the review was written. Check the data on the right as well as the lender's website for the most up-to-date details.
At a glance 4.0 Rating: 4 stars out of 5
Bankrate Score
Rating of Availability 4 stars out five
Cost of Affordability: 3.2 stars out of 5
The Customer Service Rating is 4.6 5 stars from five
Transparency Rating 4 stars out of 5
Check rates for auto loan rates
The Capital One loan amount is $4,000 to $75,000
Min. credit score not specified
APR not specific from
Funds available in As soon as the next day.
Pros and cons of Capital One auto loans While there are some benefits with Capital One auto loans, there are also downsides to keep in mind.
PROS Prequalification Available
Personalized financing options
Perfect credit not required
CONS Two applications must be submitted
Limited to cars from approved dealerships
Not available in all states
Capital One offers auto loans for used and new car purchases. The entire loan process is handled via the internet using the Auto Navigator. You can see the current rates and monthly payments on specific cars available for sale through participating dealers. Refinancing may also be available, but your vehicle -as well as your current loan must to meet certain requirements in order to qualify.
Do you qualify? If you're buying a used vehicle, the amount you want to finance must be at minimum $4,000 and the vehicle cannot be older than 10 years old or exceed 120,000 miles. To refinance, your outstanding loan sum must amount to at minimum $7,500 and have 12 months remaining. Your vehicle must have less than 10 years of agealthough there's no limit on mileage and your current loan servicer cannot include Capital One. If you have a vehicle that's no longer being manufactured, it's ineligible for refinancing. Our favorite things and what do not like of the benefits and drawbacks that come with Capital One auto loans. We like the fact that you can get prequalified. You can use auto Navigator to get prequalified in a matter of minutes without a hard pull on your credit. Personalized financing options. The mobile app allows you to see the monthly payment as well as the interest rate on specific vehicles. Perfect credit not required. Capital One may approve you for an auto loan with less credit score however, you'll have to pay more interest. We do not like the fact that two application forms are needed. You need to complete an application for credit when you get to the dealership, even if already have been approved by Capital One. Only available to vehicles from approved dealerships. You can only finance vehicles from dealerships who work in conjunction with Capital One. It is not available to all states. In addition, auto loans are not offered for residents from Alaska as well as Hawaii. How to contact Capital One Support from Capital One is accessible by phone or online chat. Support representatives are accessible Monday through Friday from 9 a.m. to 9 p.m. ET and on Saturday from 10 a.m. to 7 p.m. ET.
Auto loan types offered Capital One offers financing for new and used cars and car refinance loans.
Used and new auto loans
The loan's quick facts include: $4,000 or more Terms are 24 to 84 months APR: Not stated
Capital One offers financing for new and used vehicle purchases at over 12,000 participating dealerships. You can make a prequalification online and determine the terms you're eligible to receive before you shop for the perfect ride. In addition, the Auto Navigator lets you adjust the terms to create an auto loan that works for your budget.If you're planning on purchasing a used vehicle that has under 120,000 miles and be within the 10 model years. There are some exceptions to this, however, you must discuss your vehicle choice direct to Capital One. Refinance
Loan quick facts Amounts between $4,000 and $75,000 Terms of the loan: 24 to 84 months APR: not specified
Auto loan refinancing through Capital One is ideal if you want to lower the amount of your monthly payments or your APR. Both options can help you save money, either per month or over time when you are working towards the goal of paying off your car loan. You may also refinance with Capital One to shorten your loan duration and get rid of your auto loan faster. How to apply for a loan through Capital One You can start the process by obtaining prequalified without a hard credit check. If you are preapproved, you can view the monthly payments and the interest rates on the cars you're interested in. Additionally, you be able to alter the loan duration or down payment to make an arrangement that is suitable for you. Next, visit the dealer and fill out an application for credit. Capital One will pull your credit report and score before they issue an official approval. The final stage is uploading all requested documents and e-sign your contract to seal the deal.
Required application information Copy of your current driver's license Residence proof Proof of income
What Bankrate rate Capital One
Overall score
4
The availability
4
The minimum loan amounts offered by Capital One are fairly middle of the road, however it has a number of options for repayment terms and offers a wide range of state-specific options.
Affordability
3.2
Captial One's minimum or maximum APRs aren't available as of yet, and it doesn't offer a discount for autopay.
Customer experience
4.6
The rates for prequalification are good for 30 days, as well. Capital One offers an online chat function when you sign up. There is also an app and customer service is available all hours of the day.
Transparency
4
Although it offers the option of prequalification Captial One doesn't offer an APR in full before you hand over your personal information.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Criteria for acceptance, whether fees and rates are offered and APR range all influence lender scores. These scores are split into 4 categories. Accessibility: Loan amounts, repayment options, dealership requirements and availability to state are a part of this section. Affordability: This section contains APR ranges as well as acceptance criteria, discounts and fees. Customer experience: The length of time you have to shop for, the customer service hours, whether there's an app and autopay payment options are all accounted in this section. Transparency: This category accounts for the availability of fees and rates as well as whether prequalification is available.
Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges provided in the review is correct at the time when the review first appeared. Review the data in the upper right hand corner of the page as well as the lender's website for the most recent details.
Written by
Allison Martin
Allison Martin's career began more than 10 years ago as a digital media strategist. She's been published in several leading financial media outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers to manage their finances through providing precise, well-researched and well-organized facts that break down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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