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Capital One
Capital One: 2023 Automatic loan review, published 2023-01-01 at 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, and she's since been published in several leading 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 writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-studied facts that break down otherwise complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and evaluate information for no cost to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited 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 may impact how and where products are displayed on this site, including the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity and other home lending products. But this compensation does have no impact on the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial offerings that could be accessible to you.
About our reviews . Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed or acknowledged by any advertising company. The information that is included, including rates and fees that are included in the review is correct as of the date when the review first appeared. Review the information in the upper right hand corner of the page and the lender's website to find the most recent details.
A glance 4.0 Rating 4 stars out five
Bankrate Score
Available Rating: 4 stars out 5
Affordability Rating: 3.2 stars out of five
Customer Experience Rating: 4.6 stars out of five
Transparency Rating 4 5 stars.
Check rates for auto loan rates
Concerning Capital One's Loan amounts $4,000 to $75,000
Min. credit score not specified
APR starting from not specified
Funds are available as soon as the same day
Pros and cons of Capital One auto loans While there are some benefits for Capital One auto loans, there are downsides to be aware of.
PROS Prequalification Available
Flexible financing options for personalization
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 procedure is conducted online through the Auto Navigator. You can see the current rates and monthly payments on specific vehicles available to purchase through participating dealers. Refinancing is also available, but your vehicle -- and your current loan must to meet certain requirements for you to be eligible.
Do you qualify? If you're buying a used car, the amount you'd like to finance has to be at minimum $4,000 and the vehicle cannot be older than 10 years, or have more than 120,000 miles. If you want to refinance, the outstanding loan total must have in the range of $7,500 or less and you have 12 months left. The car you're driving must not be older than 10 yearsalthough there's no limit on mileage and the current loan servicer cannot include Capital One. If you have a vehicle that's no longer being manufactured, it's ineligible for refinancing. We like it and don't like Here are some advantages and disadvantages of Capital One automobile loans. What we like Get prequalified. You can use the Auto Navigator to be prequalified within minutes, with no need to pull to your credit. Flexible financing options for you. The mobile app allows you to view the monthly payment and rates of interest for specific automobiles. No credit score is required. Capital One may approve you for an auto loan with low credit scores, however, you will be charged higher interest rates. We do not like the fact that two applicants are necessary. You have to fill out a credit application when you arrive at the dealership even if you already have been preapproved with Capital One. The only exception is cars that are approved by Capital One dealerships. You are only permitted to finance cars from dealers who work with Capital One. Not available in all states. The auto loans are not available to residents of Alaska and Hawaii. How do I contact Capital One Support from Capital One is available by telephone or via chat online. Support representatives are available Monday through Friday between 9 a.m. to 9 p.m. ET and on Saturday from 10 a.m. to 7 p.m. ET.
Auto loan kinds offered Capital One offers financing for new and used cars as well as automobile refinance loans.
Used and new auto loans
Loan quick facts Amounts of $4,000 or more. Terms 24-84 months APR: Not specified
Capital One offers financing for new and used car purchases in more than 12,000 participating dealerships. You can make a prequalification online and determine the terms you're eligible for before you shop for the ideal car. Furthermore there is the Auto Navigator lets you adjust the terms to create an auto loan that is suitable for your budget.If you are planning to purchase an used car the vehicle must be at least 120,000 miles and within the 10 model years. There are some exceptions to this, however, you must discuss your choice of vehicle in person in conjunction with Capital One. Refinance
Loan quick facts Amounts from $4,000 to $75,000. Terms: 24 to 84 months APR: Not stated
Auto loan refinancing through Capital One is ideal if you are looking to reduce the amount of your monthly payments or the APR. Both options will allow you to save money, either per month or over time while you work towards the goal of paying off your car loan. You may also refinance with Capital One to cut down your loan time and get rid of your auto loan more quickly. How do you apply for an loan through Capital One You can start your application by being prequalified without a hard credit check. If you're preapproved you can view the monthly payments and the interest rates for the specific car you're thinking of buying. You also have the option of changing the loan duration or down payment in order to come up with a deal that works for you. It is the next thing to do: visit the dealer and fill out the credit application. Capital One will pull your credit report and score to issue an approval. The final stage is uploading the required documents and then e-sign your contract to sign the deal.
The information required for application must be included. Copy of your driver's license Evidence of residency Proof of income
Which Bankrate rates Capital One
Overall score
4
Accessibility
4
Minimum loan amounts provided by Capital One are fairly middle in comparison, however, it has a number of repayment options and offers a wide range of state-specific options.
Affordability
3.2
Captial One's minimum and maximum APRs don't exist and the site doesn't mention an autopay discount.
Customer experience
4.6
The rates for prequalification are good for 30 days in addition, Capital One offers an online chat function when you sign up. It also has an app, and customer service is accessible seven days a week.
Transparency
4
Although it offers prequalification, Captial One doesn't offer an APR in full before you submit your personal information.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Criteria for acceptance, whether fees and rates are accessible and APR range all influence lender scores. The scores are divided into 4 categories. Availability: Loan amounts and repayment options, dealership requirements, and availability in the state all are a part of this category. Accessibility: This section includes APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you have to shop and the availability of customer service as well as whether an app is available and autopay payment options are all accounted within this category. Transparency: This section accounts for the accessibility of rates and fees as well as the availability of prequalification.
Editorial disclosure The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor acknowledged by any advertiser. The information that is included, including rates and fees provided in the review are accurate as of the date when the review first appeared. Review the data on the right, and the lender's website for the most current information.
Written by
Allison Martin
Allison Martin's work started over 10 years ago as a digital media strategist, and she's since 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 writing and editing for Bankrate since late 2021. They are committed to helping readers to take control of their finances by providing concise, well-researched, and clear data that breaks complex topics into manageable bites.
Auto loans editor
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