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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 ago as a digital media strategist, and she’s since been featured in a variety of top financial publications 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-researched and well-edited information that breaks down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive tools and financial calculators as well as publishing original and impartial content. We also allow users to conduct research and compare data for free to help you 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 Make money The products that appear on this site are from companies who pay us. This compensation can affect the way and where products appear on this website, for example, for example, the order in which they may be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other products for home loans. But this compensation does not influence the content we publish or the reviews you read on this site. We do not include the entire universe of businesses or financial offers that may be open to you.
Reviewer’s disclosures Reviewers are supervised by our staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed or accepted by any advertising company. The information such as rates and charges provided in the review is correct at the time of the review. Check the data in the upper right hand corner of the page and the lender’s site for the most up-to-date information.
At a glance 4.0 Rating 4 stars out of 5
Rating of Availability 4 stars out five
The Affordability Score: 3.2 stars out of five
Customers Experience Score: 4.6 5 stars from 5
Transparency Rating: 4 5 stars.
Compare rates for auto loan rates
The Capital One loan amount is $4,000 to $75,000
Min. credit score not specified
APR starting from not specified
Funds are available as soon as possible.
Pros and cons of Capital One auto loans While there are benefits with Capital One auto loans, there are some disadvantages to keep in mind.
PROS Prequalification Available
Personalized financing options
Credit score not necessary
CONS Two applications are 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 procedure is conducted online through the Auto Navigator. You can see the current rates and monthly quotes on specific cars available to purchase through participating dealers. Refinancing is also an option, but your vehicle -as well as your current loan — will need to meet certain requirements for you to be eligible.
Do you qualify? If you’re buying a pre-owned vehicle, the amount that you’d like to finance has to be at least $4,000 , and the vehicle must not be more than 10 years, or have more than 120,000 miles. To refinance, your current loan sum must amount to at least $7,500 and have 12 months remaining. Your vehicle must have less than 10 years of age -however there’s no limit on mileage and your current loan servicer cannot be Capital One. If you own a vehicle that’s no longer being manufactured and is not eligible for refinancing, it’s not eligible. What we like and what do not like advantages and disadvantages associated with Capital One auto loans. What we like : Get prequalified. You can use an Auto Navigator to be prequalified in minutes with no hard pull to your credit. Personalized financing options. The mobile app allows you to see the monthly payment as well as the rate of interest on certain vehicles. Perfect credit not required. Capital One may approve you for an auto loan with less credit score however, you’ll have to pay higher interest rates. We don’t like that two applications are required. You need to complete the credit application once you visit the dealership, even if you already have been preapproved through Capital One. Limited to cars from approved dealerships. Only permitted to finance vehicles from dealerships that work together with Capital One. It is not available to all states. The auto loans are not available only to those who reside in Alaska as well as Hawaii. How do I contact Capital One Support from Capital One is available by phone or online chat. Representatives are accessible Monday through Friday from 9 a.m. until 9 p.m. ET on Saturdays from 10 a.m. to 7 p.m. ET.
Auto loan types offered Capital One offers financing for used and new vehicles and automobile refinance loans.
New and used automobile 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 over 12,000 participating dealerships. You can prequalify online and find out what terms you’re eligible for before you begin shopping for the ideal car. Furthermore, Auto Navigator Auto Navigator lets you adjust the terms to create an auto loan that is suitable for your budget.If you plan on buying an older vehicle the vehicle must be at least 120,000 miles and within the 10 model years. There are some exceptions, however you must discuss your choice of vehicle direct in conjunction with Capital One. Refinance
Quick facts about loans: $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 APR. Both options can help you save money either per month or over time while you work towards paying off your auto loan. Refinancing is also possible through Capital One to reduce your loan term and pay off your auto loan faster. How do you apply for a loan with Capital One You can start the process by obtaining prequalified without a hard credit pull. If you’re preapproved, you’ll be able to view the monthly payments and the interest rates 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 an arrangement that is suitable for you. Next, go to the dealer and fill out an application for credit. Capital One will pull your credit report and score before they give you an approval. The last stage is uploading any requested documents and e-sign the contract to confirm the deal.
The information required for application must be included. Copy of your current driver’s license Proof of residence Evidence of income
How Bankrate rates Capital One
Minimum loan amounts provided by Capital One are fairly middle of the road, but Capital One offers many repayment options and is a wide-ranging state provider.
Captial One’s minimum and 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 feature after you have signed up. The company also offers an app and customer support is available seven days a week.
While it does provide prequalification, Captial One doesn’t offer an APR in full prior to you handing over your personal information.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, whether fees and rates are accessible and the range of APR all impact lender scores. The scores are divided into 4 categories. Accessibility: Loan amounts as well as repayment options, dealer requirements and availability to state contribute to this category. Accessibility: This section includes APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you’ll have to wait to buy, customer service availability as well as whether an app is available and availability of autopay are all taken care within this category. Transparency: This section accounts for the availability of fees and rates along with whether prequalification is available.
Disclaimer Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or approved by any advertising company. The information, including rates and fees, presented in the review is accurate at the time of the review. Check the data in the upper right hand corner of the page and the lender’s site for the most current details.
Allison Martin’s work started over 10 years ago as a digital content strategist. Since then, she’s been featured in a variety of top financial media 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 writing and editing for Bankrate since the end of 2021. They are committed to helping readers to manage their finances with clear, well-researched data that breaks complex topics into manageable bites.
Auto loans editor
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