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Capital One
Capital One: 2023 Automatic loan review Published 2023-01-01 00:00:00
Written by Allison Martin Written by
Allison Martin's work started over 10 years ago as a digital content strategist. She's published in numerous prestigious financial media outlets including 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 passionate about helping readers gain confidence to manage their finances with clear, well-researched facts that break down complex subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist 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 data for free - so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies who pay us. This compensation can affect the way and where products are displayed on this website, for example, for example, the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity, and other products for home loans. But this compensation does affect the information we provide, or the reviews you read on this site. We do not cover the vast array of companies or financial offerings that could be accessible to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor acknowledged by any advertising company. 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 in the upper right hand corner of the page and the lender's site for the most recent details.
A glance 4.0 Rating 4 stars out five
Bankrate Score
Availability Rating 4 stars out of 5
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
Find out about rates for auto loan rates
About Capital One Loan amount of $4,000 to $75,000
Min. credit score Unspecified
APR from Not specified
Funds are available as soon as the same day
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
Perfect credit not required
CONS Two applications are required
Only available to vehicles 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 via the internet using the Auto Navigator. You can view real rates and monthly payment quotes on specific cars available to purchase through dealers who are participating. Refinancing is also available however your car- and your current loan must to meet certain conditions in order to qualify.
Do you qualify? If you're buying a used car, the amount 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. If you want to refinance, the outstanding loan sum must amount to at minimum $7,500 and be able to last for 12 months. Your vehicle must be less than 10 years oldalthough there's no maximum mileage and the current loan servicer can't be Capital One. If you own a vehicle that's no longer being manufactured, it's ineligible for refinancing. We like it and what we don't like here are some of the advantages and drawbacks associated with Capital One car loans. What we like Get prequalified. You can use an Auto Navigator to prequalify in a matter of minutes without a hard pull on your credit. Personalized financing options. The app on mobile allows you to see the monthly payment and 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. What we don't like Two applicants are necessary. You need to complete a credit application when you visit the dealership, even if already have been approved through Capital One. Limited to cars from approved dealerships. Only permitted to finance vehicles from dealerships who work in conjunction with Capital One. Not available in all states. In addition, auto loans are not offered only to those who reside in Alaska as well as Hawaii. How to contact Capital One Support from Capital One is accessible by phone or online chat. Support representatives are available from Monday to Friday, from 9 a.m. until 9 p.m. ET on Saturdays from 10 a.m. to 7 p.m. ET.
Auto loan types available Capital One offers financing for used and new cars and auto refinance loans.
Used and new auto loans
The loan's quick facts include: $4,000 or more Terms 24-84 months APR: not specified
Capital One offers financing for new and used cars at more than 12,000 participating dealers. You can apply online to prequalify and know what terms you're eligible to receive before you start shopping for the ideal car. Furthermore there is you can use the Auto Navigator lets you adjust the terms to create an auto loan that fits your budget.If you are planning to purchase an older vehicle, it must have less than 120,000 miles and within the 10 model years. There are some exceptions, but you must discuss your vehicle choice direct to Capital One. Refinance
Loan quick facts Amounts from $4,000 to $75,000. Terms of the loan: 24 to 84 months APR: Not specified
Auto loan refinancing from Capital One is ideal if you are looking to reduce the monthly payment or the APR. Both options can help you save money either in the long run or monthly, while you work towards the goal of paying off your car loan. You may also refinance with Capital One to cut down the loan time and make payments on your auto loan quicker. How to apply for an loan with Capital One You can start your application by getting prequalified without a hard credit check. If you are preapproved, you'll be able view your monthly payment and interest rate on the cars you're interested in. You will also have the luxury of changing the loan period or down payment in order to come up with an arrangement that is suitable for you. It is the next thing to do: visit the dealer and fill out a credit application. Capital One will pull your credit report and score to give you a final approval. The last procedure is to submit any required documents and then e-sign the contract to confirm the deal.
Documentation required for the application Copy of your current driver's license Evidence of residency Evidence of income
What Bankrate rate Capital One
Overall score
4
The availability
4
The minimum loan amounts provided by Capital One are fairly middle of the road, however it has a number of choices for repayment terms and is a wide-ranging state provider.
Affordability
3.2
Captial One's minimum and maximal APRs aren't available and the site doesn't mention an autopay discount.
Customer experience
4.6
Prequalification rates are valid for 30 days, and Capital One offers an online chat feature after you have signed up. The company also offers an app, and customer support is available all hours of the day.
Transparency
4
Although it offers the option of prequalification Captial One doesn't offer the full range of APRs before you submit your personal information.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether fees and rates are accessible and APR range all influence lender scores. These scores are split in four different categories. The availability of loans and repayment options, dealership requirements and state availability all are a part of this section. Affordability: This section houses APR ranges as well as acceptance criteria, discounts and fees. Customer experience: How long you'll need to shop and the availability of customer service, whether there's an app and autopay payment options are all accounted for by this segment. Transparency: This category accounts for the availability of fees and rates and whether prequalification is available.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are only those of the reviewer and are not reviewed or acknowledged by any advertiser. The information, including rates and fees, presented in the review are accurate as of the date that the review was written. Look over the information on the right and the lender's website for the most up-to-date details.
Written by
Allison Martin
Allison Martin's work began over 10 years ago as a digital content strategist, and she's since published in numerous prestigious financial publications including 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 from late 2021. They are committed to helping readers feel confident to manage their finances by providing clear, well-researched facts that break down otherwise complex subjects into digestible pieces.
Auto loans editor
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