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Capital One
Capital One 2023 Auto loan review Published 2023-01-01 00:00:00
Written by Allison Martin Written by
Allison Martin's work started over 10 years prior to that as a digital content strategist. She's been featured in a variety of top 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 since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances through providing precise, well-studied data that breaks 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 providing you with interactive financial calculators and tools as well as publishing original and impartial content, by enabling you to conduct research and compare information for free to 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 that pay us. This compensation may impact how and where products appear on this site, including the order in which they appear within the listing categories in the event that they are not permitted by law for our loans, mortgages, and other home loan products. This compensation, however, does not influence the information we publish, or the reviews appear on this website. We do not contain the universe of companies or financial deals that may be available to you.
About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed in them are only those of the reviewer and are not reviewed or accepted by any advertising company. The information, including rates and fees provided in the review is accurate at the time of the review. Check the data in the upper right hand corner of the page as well as the lender's site for the most recent details.
At a glance 4.0 Rating: 4 stars out five
Bankrate Score
Available Rating: 4 stars out five
Affordability Rating: 3.2 stars out of 5
Customers Experience Score: 4.6 five stars of five
Transparency Rating: 4 stars out of 5
Check rates for auto loan rates
About Capital One Loan amount $4,000 to $75,000
Min. credit score Unspecified
APR not specific from
Funds are available as soon as possible.
Pros and cons of Capital One auto loans While there are perks to Capital One auto loans, there are downsides to be aware of.
PROS Prequalification Available
Financing options that are customized
No credit score is required for perfect credit.
CONS Two applications are required
Limited to cars from approved dealerships
Not available in all states
Capital One offers auto loans to finance new and used vehicle purchases. The entire loan process is managed via the internet using the Auto Navigator. You can see the current rates and monthly quotes on specific cars available to buy through participating dealers. Refinancing may also be available however your car- and your current loan -- will have to meet certain requirements for you to be eligible.
Do you qualify? If you're buying a used vehicle, the amount you'd like to finance should be at least $4,000 , and the vehicle must not be more than 10 years old or exceed 120,000 miles. If you want to refinance, the outstanding loan amount must be in the range of $7,500 or less and be able to last for 12 months. Your vehicle must be less than 10 years old -although there's no maximum mileage and your current loan servicer can't include Capital One. If you have a vehicle that is no longer manufactured, it's ineligible for refinancing. What we like and do not like of the benefits and drawbacks associated with Capital One car loans. What we like Get prequalified. You can use the Auto Navigator to be prequalified in a matter of minutes without a hard pull on your credit. Flexible financing options for you. The mobile app allows you to see the monthly payment as well as the rates of interest for specific vehicles. Perfect credit not required. Capital One may approve you for an auto loan with a lower credit score, however, you will pay higher interest rates. We don't like that two application forms are needed. You have to fill out an application for credit when you arrive at the dealership, even if have already been preapproved with Capital One. Only available to vehicles from approved dealerships. You can only finance cars from dealers that are affiliated with Capital One. Not available in all states. Auto loans are not available for residents from Alaska and Hawaii. How to contact Capital One Support from Capital One is accessible by phone or online chat. Representatives are available Monday through Friday, from 9 a.m. to 9 p.m. ET and on Saturday from 10 a.m. until 7 p.m. ET.
Auto loan types offered Capital One offers financing for used and new cars as well as auto refinance loans.
Used and new auto loans
Loan quick facts Amounts: $4,000 or more Terms 24-84 months APR: not specified
Capital One offers financing for new and used vehicle purchases at more than 12,000 participating dealers. You can make a prequalification online and find out what conditions you're eligible for prior to you begin shopping to find the perfect car. In addition, the Auto Navigator lets you adjust the terms to create a car loan that is suitable for your budget.If you're planning on purchasing an older vehicle the vehicle must be under 120,000 miles, and be within 10 model years. Certain exceptions apply to this, however, you'll need to discuss your vehicle choice in person in conjunction with Capital One. Refinance
Loan quick facts Amounts: $4,000 to $75,000 Terms: 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 will allow you to save money either per month 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 to apply for a loan through Capital One You can start your application by getting prequalified, without a credit pull. If you are preapproved, you can view the monthly payment and interest rate on specific cars you're considering. You also have the option of changing the loan period or down payment to create a deal that works for you. The next step is to go to the dealership and complete the credit application. Capital One will pull your credit report and score to give you an official approval. The last stage is uploading the required documents and then e-sign your contract to sign the contract.
The information required for application must be included. Copy of your driver's license Evidence of residency Evidence of income
What Bankrate Rates Capital One
Overall score
4
Accessibility
4
Minimum loan amounts provided by Capital One are fairly middle of the road, however it has a number of repayment options and has wide state availability.
Affordability
3.2
Captial One's minimum and maximum APRs don't exist, and it doesn't advertise a discount for autopay.
Customer experience
4.6
Rates for Prequalification last for 30 calendar days, in addition, Capital One offers an online chat option when you sign up. There is also an app and customer service is accessible seven days a week.
Transparency
4
While it does offer the option of prequalification Captial One doesn't offer the full range of APRs before you hand over your personal information.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, fees and rates are accessible and APR range all influence lender scores. The scores are divided into 4 categories. Availability: Loan amounts, repayment options, dealership requirements and availability to state contribute to this category. Affordability: This section contains APR ranges, acceptance criteria, discounts and fees. Customer experience: The length of time you'll need to shop for, the customer service hours as well as whether an app is available and autopay payment options are all accounted for within this category. Transparency: This category accounts for the availability of fees and rates along with whether or not prequalification is offered.
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, presented in the review is correct up to the date that the review was written. Look over the information in the upper right hand corner of the page and the lender's website for the most recent information.
Written by
Allison Martin
Allison Martin's career began more than 10 years ago as a digital media strategist. Since then, she's published in numerous prestigious 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 late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-researched and well-organized data that breaks otherwise complex topics into manageable bites.
Auto loans editor
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