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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 career began more than 10 years prior to that as a digital content strategist, and she’s since been featured in a variety of top financial 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 since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing concise, well-researched and well-edited data that breaks complex subjects into digestible 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 tools and financial calculators as well as publishing original and impartial content. We also allow you to conduct your own research and compare data for free – so that you can make informed financial decisions. Bankrate has agreements 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 come from companies who pay us. This compensation may impact how and where products are displayed on this website, for example the order in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage, home equity, and other home loan products. However, this compensation will affect the information we provide, or the reviews that appear on this website. We do not cover the universe of companies or financial offers that may be available to you.
Reviewer’s disclosures Reviewers are supervised by staff. The opinions expressed are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review are accurate at the time when the review first appeared. Review the information in the upper right hand corner of the page and the lender’s site for the most up-to-date information.
A glance 4.0 Rating 4 stars out of 5
Bankrate Score
Available Rating 4 stars out five
Cost of Affordability: 3.2 stars out of five
Customer Experience Rating: 4.6 five stars of five
Transparency Rating: 4 stars out of 5
Check auto loan rates
The Capital One loan amount is $4,000 to $75,000
Min. credit score Unspecified
APR starting from not specified
Funds available in As soon as the same day
Pros and pros and Capital One auto loans While there are some benefits for Capital One auto loans, there are also downsides to consider.
PROS Prequalification Available
Personalized financing options
Perfect credit not required
CONS Two applications are required
Cars are only permitted from authorized dealerships
Not available in all states.
Capital One offers auto loans for new and used car purchases. The entire loan process is managed online through the Auto Navigator. You can see the current rates and monthly payments on specific vehicles that are available to buy through participating dealers. Refinancing is also available however your caras well as your current loan — will need to meet certain requirements in order to be eligible.
Do you qualify? If you’re buying a used car, the amount you want to finance must be at least $4,000 and the car must not be older than 10 years, or have more than 120,000 miles. To refinance, your current loan sum must amount to at minimum $7,500 and be able to last for 12 months. Your car must also be less than 10 years old -however there’s no maximum mileage — and your current loan servicer can’t be Capital One. If you have a vehicle that’s no longer being manufactured or sold, it’s not eligible for refinancing. What we like and don’t like Here are some of the advantages and drawbacks of Capital One car loans. We like the fact that you can get prequalified. You can utilize the Auto Navigator to get prequalified within minutes, with no need to pull to your credit. Personalized financing options. The mobile app allows you to see the monthly payment as well as the rates of interest for specific vehicles. No credit score is required. Capital One may approve you for an auto loan with less credit score however, you will pay higher interest rates. We do not like the fact that two applications are required. You need to complete an application for credit when you visit the dealership, even if have already been preapproved by Capital One. Limited to cars from approved dealerships. You can only finance vehicles through dealerships that are affiliated in conjunction with Capital One. It is not available to all states. In addition, auto loans are not offered for residents from Alaska or Hawaii. How do I contact Capital One Support from Capital One is available by telephone or via chat online. Support is available from Monday to Friday, from 9 a.m. to 9 p.m. ET and on Saturday between 10 a.m. to 7 p.m. ET.
Auto loan kinds offered Capital One offers financing for used and new vehicles and automobile refinance loans.
New and used automobile loans
Quick facts about loans: $4,000 or more Terms 24-84 months APR: Not specified
Capital One offers financing for new and used car purchases at over 12,000 participating dealerships. You can prequalify online and know what conditions you’re eligible for prior to you start shopping to find the perfect car. Additionally there is Auto Navigator 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 the vehicle must be at least 120,000 miles and be within the 10 model years. Some exceptions are allowed to this, however, you will need to discuss your car selection directly with Capital One. Refinance
The loan’s quick facts are: $4,000 to $75,000 Terms 24-84 months APR: not specified
Auto loan refinancing from Capital One is ideal if you are looking to reduce the amount of your monthly payments or your APR. Both options will help you save money either per month or over time as you work towards paying off your auto loan. You may also refinance with Capital One to reduce your loan term and get rid of your auto loan faster. How do you apply for an loan with Capital One You can start the process by obtaining prequalified without a hard credit pull. If you are preapproved, you can view the monthly installment and interest rate on the cars you’re interested in. You will also be able to alter 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 an application for credit. Capital One will pull your credit report and score to issue an approval. The last step is to upload any requested documents and e-sign your contract to sign the deal.
The information required for application must be included. Copy of your current driver’s licence Evidence of residency Proof of income
Which Bankrate rates Capital One
Overall score
4
Accessibility
4
Capital One’s minimum loan amounts that Capital One offers Capital One are fairly middle of the road, however it has a number of choices 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, and it doesn’t advertise a discount for autopay.
Customer experience
4.6
The rates for prequalification are good for 30 days, in addition, Capital One offers an online chat option after you have signed 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 the full range of APRs prior to you handing over your personal information.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether fees and rates are offered and the range of APR all impact lender scores. The scores are divided into four categories. Accessibility: Loan amounts and repayment options, dealership requirements, and availability in the state all are a part of this section. Affordability: This section contains APR ranges, acceptance criteria, discounts and fees. Customer experience: The length of time you’ll need to shop, customer service availability as well as whether an app is available and availability of autopay are all taken care within this category. Transparency: This category accounts for the availability of fees and rates and whether prequalification is available.
Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed are only the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information such as rates and charges, presented in the review are accurate at the time that the review was written. Review the data at the top of this page as well as the lender’s site for the most up-to-date information.
Written by
Allison Martin
Allison Martin’s career began more than 10 years prior to that as a digital content strategist. Since then, she’s published in numerous prestigious financial media outlets 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 from late 2021. They are dedicated to helping their readers gain the confidence to control their finances through providing precise, well-researched and well-organized information that breaks down complex subjects into digestible pieces.
Auto loans editor
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