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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 began over 10 years prior to that as a digital content strategist. She’s been published in several leading financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-studied information that breaks 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 choices by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and evaluate information for no cost and 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 Earn money The products 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 sequence in which they appear within the listing categories, except where prohibited by law for our loans, mortgages, and other products for home loans. However, this compensation will not influence the information we publish, or the reviews you read on this site. We do not contain the vast array of companies or financial offerings that could be accessible to you.

About our reviews Editorial disclosure Reviewers are supervised by staff. The opinions expressed in them are only the opinions of the reviewer and are not reviewed or acknowledged by any advertising company. The information such as rates and charges, presented in the review are accurate up to the date 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 current information.

A glance 4.0 Rating: 4 stars out of 5

Bankrate Score

Available Rating 4 stars out 5

Affordability Rating: 3.2 stars out of five

The Customer Service Rating is 4.6 stars out of 5

Transparency Rating: 4 stars out of 5

Find out about rates for auto loan rates

About Capital One Loan amount $4,000 to $75,000

Min. credit score not specified

APR not specific from

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 keep in mind.

PROS Prequalification Available

Flexible financing options for personalization

No credit score is required for perfect credit.

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 via the internet using the Auto Navigator. You can check out the real rates and monthly payment quotes on specific vehicles available to buy through participating dealers. Refinancing is also available but your car- and your current loan — will need to meet certain requirements in order to qualify.

Do you qualify? If you’re buying a pre-owned vehicle, the amount that you’d like to finance has to be at minimum $4,000 and the car must not be older than 10 years or exceed 120,000 miles. To refinance, your current loan sum must amount to in the range of $7,500 or less and be able to last for 12 months. Your car must also have less than 10 years of age -although there’s no limit on mileage and the current loan servicer can’t have to be Capital One. If you own a car that is no longer manufactured, it’s ineligible for refinancing. Our favorite things and what we don’t like Here are some of the benefits and drawbacks associated with Capital One automobile loans. What we like : Get prequalified. You can use auto Navigator to prequalify in a matter of minutes without a hard pull to your credit. Personalized financing options. The app on mobile lets you view the monthly payment as well as the interest rate on specific automobiles. Perfect credit not required. Capital One may approve you for an auto loan with low credit scores, but you can expect to pay higher interest rates. What we don’t like Two application forms are needed. You need to complete an application for credit when you visit the dealership even if you have already been preapproved with Capital One. Limited to cars from approved dealerships. You can only finance cars from dealers that work in conjunction with Capital One. It is not available to all states. The auto loans are not available to residents of Alaska as well as Hawaii. How do I contact Capital One Support from Capital One is available by phone or online chat. Support representatives are available from Monday to Friday, from 9 a.m. to 9 p.m. ET on Saturdays from 10 a.m. until 7 p.m. ET.

Auto loan types available Capital One offers financing for new and used cars in addition to automobile refinance loans.

New and used auto loans

Loan quick facts Amounts of $4,000 or more. Terms: 24 to 84 months APR: not specified

Capital One offers financing for new and used car purchases in more than 12,000 participating dealerships. You can apply online to prequalify and know what conditions you’re eligible for prior to you start shopping to find the perfect car. Additionally there is the Auto Navigator lets you adjust the terms to create an auto loan that is suitable for your budget.If you plan on buying an used car, it must have less than 120,000 miles and within the 10 model years. There are some exceptions, but you’ll need to discuss your car selection directly in conjunction with 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 amount of your monthly payments or your APR. Both options will allow you to save money, whether in the long run or monthly, as you work towards paying off your auto loan. Refinancing is also possible through Capital One to shorten your loan term and pay off your auto loan quicker. How to apply for a loan through Capital One You can start your application by getting prequalified without having to do a hard credit check. If you’re preapproved, you’ll be able view your monthly payment and interest rate on the cars you’re interested in. Additionally, you be able to alter the loan period or down payment in order to come up with the perfect deal for you. Next, visit the dealership and complete an application for credit. Capital One will pull your credit report and score in order to give you an official approval. The last procedure is to submit any requested documents and electronically sign your contract to sign the deal.

Required application information Copy of your current driver’s licence Residence proof Evidence of income

How Bankrate rate Capital One

Overall score

4

Availability

4

Capital One’s minimum loan amounts offered by Capital One are fairly middle of the road, however it offers a variety of choices for repayment terms and has wide state availability.

Affordability

3.2

Captial One’s minimum or maximum APRs don’t exist and the site doesn’t mention discounts for autopay.

Customer experience

4.6

Prequalification rates are valid for 30 days, in addition, Capital One offers an online chat option when you sign up. It also has an app and customer service is available six days a week.

Transparency

4

While it does offer prequalification, Captial One doesn’t offer an APR in full prior to you handing over your information.

Methodology Bankrate considers 18 data points when rating auto loan lenders. Criteria for acceptance, whether fees and rates are offered and APR range all influence lender scores. The scores are divided into four categories. Availability: Loan amounts, repayment options, dealership requirements and state availability all make up this category. Affordability: This section contains APR ranges and acceptance criteria, as well as 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 by this segment. Transparency: This section accounts for the accessibility of rates and fees along with the availability of prequalification.

Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are only those of the reviewer and have not been reviewed or approved by any advertising company. The information that is included, including rates and fees that are included in the review are accurate up to the date that the review was written. Check the data at the top of this page, and the lender’s website for the most up-to-date information.

Written by

Allison Martin

Allison Martin’s career began more than 10 years ago as a digital media strategist, and she’s since published in numerous prestigious financial outlets such as 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 dedicated to helping their readers to manage their finances by providing clear, well-researched data that breaks otherwise complex subjects into digestible pieces.

Auto loans editor

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