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Capital One 2023 Auto loan review Published 2023-01-01 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. She’s been published in several leading 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 gain confidence to take control of their finances by providing clear, well-researched information that breaks down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. This allows users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers, including 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 website are provided by companies that pay us. This compensation could affect how and where products are displayed on this site, including, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial deals that may be accessible to you.
About our reviews Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or accepted by any advertising company. The information that is included, including rates and fees, presented in the review is accurate up to the date when the review first appeared. Check the data at the top of this page and the lender’s website to find the most recent details.
At a glance 4.0 Rating: 4 stars out five
Rating of Availability: 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
The Capital One loan amount is of $4,000 to $75,000
Min. credit score not specified
APR from Not specified
Funds are available as soon as possible.
Pros and cons of Capital One auto loans While there are benefits for Capital One auto loans, there are also downsides to keep in mind.
PROS Prequalification Available
Financing options that are customized
Perfect credit not required
CONS Two applications required
Limited to cars from approved dealerships
Not available in all states
Capital One offers auto loans for used and new car purchases. The entire loan process is managed online through the Auto Navigator. You can see the current rates and monthly quotes on specific cars available to purchase through dealers who are participating. Refinancing is also available however your caror your current loan — will have to meet certain requirements in order to be eligible.
Do you qualify? If you’re purchasing a second-hand vehicle, the amount that you’d like to finance should 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 amount must be at minimum $7,500 and you have 12 months left. Your car must also be less than 10 years old — though there is no maximum mileage — and the current loan servicer can’t include Capital One. If you own a vehicle that is no longer manufactured or sold, it’s not eligible for refinancing. Our favorite things and what we don’t like here are some of the benefits and drawbacks that come with Capital One car loans. What we like Get prequalified. You can utilize the Auto Navigator to be prequalified in a matter of minutes without a hard pull to your credit. Flexible financing options for you. The app on mobile allows you to view the monthly payments and interest rate on specific automobiles. Credit score of 0 is not necessary. Capital One may approve you for an auto loan with low credit scores, however, you will pay more interest. We do not like the fact that two applicants are necessary. You must complete an application for credit when you visit the dealership even if you already have been preapproved by Capital One. Limited to cars from approved dealerships. You are only permitted to finance cars from dealers who work in conjunction with Capital One. Not available in all states. The auto loans are not available for residents from Alaska or Hawaii. How do I contact Capital One Support from Capital One is accessible by telephone or via chat online. Representatives are accessible Monday through Friday from 9 a.m. to 9 p.m. ET, and Saturday between 10 a.m. to 7 p.m. ET.
Auto loan kinds offered Capital One offers financing for used and new vehicles and car refinance loans.
New and used auto loans
Quick facts about loans of $4,000 or more. Terms are 24 to 84 months APR: Not stated
Capital One offers financing for new and used car purchases at more than 12,000 participating dealers. You can prequalify online and know what conditions you’re eligible for prior to you begin shopping to find the perfect car. Furthermore there is Auto Navigator Auto Navigator lets you adjust terms to build a car loan that is suitable for your budget.If you plan on buying a used vehicle the vehicle must be less than 120,000 miles and be within the 10 model years. Some exceptions are allowed, however you will need to discuss your choice of vehicle in person with Capital One. Refinance
Quick facts about loans: $4,000 to $75,000 Terms of the loan: 24 to 84 months APR: Not stated
Auto loan refinancing with 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, whether in the long run or monthly, when you are working towards the goal of paying off your car loan. Refinancing is also possible through Capital One to cut down your loan term and pay off your auto loan quicker. How do you apply for a loan through Capital One You can start your application by being prequalified, without a credit pull. If you’re preapproved you’ll be able to view the monthly payment and interest rate on the cars you’re interested in. Additionally, you have the luxury of changing the loan period or down payment in order to come up with the perfect deal for you. The next step is to visit the dealership and complete the credit application. Capital One will pull your credit report and score to give you a final approval. The last stage is uploading the required documents and then e-sign the contract to confirm the contract.
Required application information Copy of your current driver’s license Proof of residence Evidence of income
How Bankrate rate Capital One
Minimum loan amounts provided by Capital One are fairly middle of the road, however Capital One offers many options for repayment terms and is a wide-ranging state provider.
Captial One’s minimum or maximum APRs aren’t available, and it doesn’t advertise discounts for autopay.
Rates for Prequalification last for 30 calendar days, and Capital One offers an online chat option when you sign up. The company also offers an app and customer support is available seven days a week.
Although it offers an initial prequalification process, Captial One doesn’t offer the full range of APRs before you submit your details.
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 into 4 categories. The availability of loans, repayment options, dealership requirements, and availability in the state all contribute to this section. Affordability: This section contains APR ranges as well as acceptance criteria, fees and discounts. Customer experience: How long you’ll have to wait to buy, customer service availability, whether there’s an app and availability of autopay are all taken care for in this section. Transparency: This section accounts for the accessibility of rates and fees and the availability of prequalification.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and are not reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review is correct up to the date when the review first appeared. Review the data at the top of this page, and the lender’s site for the most current details.
Allison Martin’s work started over 10 years ago as a digital media strategist, and she’s since been published in several leading financial 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 passionate about helping readers feel confident to manage their finances through providing clear, well-researched facts that break down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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