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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 ago as a digital media strategist. Since then, she's been published in several leading financial publications including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: 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 control their finances through providing precise, well-studied facts that break down otherwise complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and where products appear on this site, including the order in which they appear within the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does affect the information we publish, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offerings that could be open to you.
Reviewer's disclosures: All reviews are prepared by our staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed nor acknowledged by any advertiser. The information that is included, including rates and fees that are included in the review is accurate as of the date of the review. Check the data on the right, and the lender's website for the most recent information.
A glance 4.0 Rating 4 stars out of 5
Bankrate Score
Rating of Availability 4 stars out of 5
Cost of Affordability: 3.2 stars out of 5
Customers Experience Score: 4.6 five stars of five
Transparency Rating 4 5 stars.
Find out about rates for auto loan rates
Concerning Capital One's Loan amounts $4,000 to $75,000
Min. credit score not specified
APR not specific from
Funds available as early as possible.
Pros and cons of Capital One auto loans While there are benefits with Capital One auto loans, there are some disadvantages to be aware of.
PROS Prequalification Available
Personalized financing options
No credit score is required for perfect credit.
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 procedure is conducted online via the Auto Navigator. You can see the current rates and monthly quotes on specific cars available to purchase through participating dealers. Refinancing may also be available, but your vehicle -as well as your current loan -- will have to meet certain conditions in order to be eligible.
Do you qualify? If you're buying a used vehicle, the amount that you'd like to finance has to be at least $4,000 , and the car must not be older than 10 years or exceed 120,000 miles. To refinance, your outstanding loan amount must be in the range of $7,500 or less and you have 12 months left. Your vehicle must not be older than 10 years- though there is no maximum mileage and the current loan servicer can't be Capital One. If you own a vehicle which is no longer in production or sold, it's not eligible for refinancing. We like it and what we don't like here are some of the benefits and drawbacks associated with Capital One auto loans. What we like : Get prequalified. You can utilize an Auto Navigator to prequalify within minutes, with no need to pull to your credit. Personalized financing options. The mobile app allows you to see the monthly payment and interest rate on specific automobiles. No credit score is required. Capital One may approve you for an auto loan with a lower credit score, however, you'll have to pay more interest. We do not like the fact that two applicants are necessary. You must complete the credit application once you arrive at the dealership, even if you already have been preapproved by Capital One. The only exception is cars that are approved by Capital One dealerships. You can only finance vehicles from dealerships who work together with Capital One. Not available in all states. Auto loans are not offered for residents from Alaska and Hawaii. How to contact Capital One Support from Capital One is accessible via telephone or via chat online. Representatives are available Monday through Friday from 9 a.m. to 9 p.m. ET, and Saturday between 10 a.m. until 7 p.m. ET.
Auto loan types available Capital One offers financing for used and new cars and car refinance loans.
Used and new auto loans
Quick facts about loans: $4,000 or more Terms are 24 to 84 months APR: Not stated
Capital One offers financing for new and used cars at more than 12,000 participating dealers. You can prequalify online and find out what terms you're eligible to receive before you shop to find the perfect car. In addition you can use the Auto Navigator lets you adjust the terms to create an auto loan that works for your budget.If you are planning to purchase a used vehicle that has under 120,000 miles and be within 10 model years. There are some exceptions to this, however, you'll need to discuss your car selection in person in conjunction with Capital One. Refinance
The loan's quick facts are: $4,000 to $75,000 Terms of the loan: 24 to 84 months APR: Not stated
Auto loan refinancing through Capital One is ideal if you're looking to lower your monthly payments or the APR. Both options will help you save money, whether monthly or over time, while you work toward paying off your auto loan. You may also refinance with Capital One to shorten the loan duration and get rid of your auto loan faster. How do you apply for a loan with Capital One You can start your application by getting prequalified without having to do a hard credit pull. If you're preapproved, you can view the monthly payment and interest rate on the cars you're interested in. Additionally, you have the luxury of changing the loan term or down payment in order to come up with an arrangement that is suitable for you. The next step is to go to the dealership and complete a credit application. Capital One will pull your credit report and score to give you an approval. The last procedure is to submit any requested documents and electronically sign the contract to confirm the deal.
Documentation required for the application Copy of your driver's license Proof of residence Evidence of income
Which Bankrate Rates Capital One
Overall score
4
The availability
4
Minimum loan amounts offered by Capital One are fairly middle of the road, however Capital One offers many choices for repayment terms and has wide state availability.
Affordability
3.2
Captial One's minimum and maximal APRs don't exist as of yet, and it doesn't offer a discount for autopay.
Customer experience
4.6
Prequalification rates are valid for 30 days as well. Capital One offers an online chat option once you sign up. The company also offers an app, and customer service is available seven days a week.
Transparency
4
While it does offer prequalification, Captial One doesn't offer a full APR range before you hand over your personal information.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, fees and rates are offered and the range of APR all impact lender scores. The scores are divided into 4 categories. The availability of loans as well as repayment options, dealer requirements and availability to state make up this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: How long you'll need to shop and the availability of customer service, whether there's an app and availability of autopay are all taken care for in this section. Transparency: This category accounts for the accessibility of rates and fees and the availability of prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor accepted by any advertiser. The information that is included, including rates and fees that are included in the review is accurate up to the date of the review. Review the data at the top of this page, and the lender's website for the most up-to-date details.
Written by
Allison Martin
Allison Martin's career began more than 10 years ago as a digital content strategist, and she's since published in numerous prestigious 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 writing and editing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to control their finances by providing clear, well-researched data that breaks otherwise complex subjects into digestible pieces.
Auto loans editor
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