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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 began over 10 years ago as a digital media strategist. She’s published in numerous prestigious financial outlets, including 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 the end of 2021. They are passionate about helping readers gain confidence to manage their finances with precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
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 as well as publishing original and impartial content. We also allow you to conduct your own research and evaluate information for no cost and 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 site come from companies that pay us. This compensation could affect how and where products appear on the site, such as, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. But this compensation does have no impact on the information we publish, or the reviews you see on this site. We do not contain the vast array of companies or financial offers that may be accessible to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are solely those of the reviewer and have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees, presented in the review are accurate up to the date of the review. Check the data at the top of this page and the lender’s website for the most up-to-date details.
At a glance 4.0 Rating 4 stars out of 5
Bankrate Score
Availability Rating 4 stars out 5
The Affordability Score: 3.2 stars out of 5
The Customer Service Rating is 4.6 5 stars from 5
Transparency Rating: 4 5 stars.
Check rates for auto loan rates
About Capital One Loan amount $4,000 to $75,000
Min. credit score Unspecified
APR starting from not specified
Funds available as early as possible.
Pros and cons of Capital One auto loans While there are perks with Capital One auto loans, there are downsides to keep in mind.
PROS Prequalification Available
Flexible financing options for personalization
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 process is managed online through the Auto Navigator. You can check out the real rates and monthly payments on specific vehicles that are available to purchase through participating dealers. Refinancing may also be available however your caror your current loan — will have to meet a few requirements for you to be eligible.
Do you qualify? If you’re buying a used car, the amount you’d like to finance should be at minimum $4,000 and the car must not be older than 10 years old or exceed 120,000 miles. If you want to refinance, the outstanding loan sum must amount to at minimum $7,500 and have 12 months remaining. Your vehicle must be less than 10 years old -however there’s no maximum mileage and the current loan servicer must not be Capital One. If you own a car that’s no longer being manufactured, it’s ineligible for refinancing. What we like and what don’t like here are some advantages and disadvantages of Capital One car loans. We like the fact that you can get prequalified. You can use auto Navigator to be prequalified within minutes, with no need to pull to your credit. Flexible financing options for you. The app on mobile allows you to see the monthly payments and rates of interest for specific vehicles. Credit score of 0 is not necessary. Capital One may approve you for an auto loan with low credit scores, but you can expect to pay more interest. What we don’t like Two applications are required. You have to fill out a credit application when you arrive at the dealership, even if already have been approved by Capital One. The only exception is cars that are approved by Capital One dealerships. You can only finance vehicles through dealerships that are affiliated in conjunction with Capital One. It is not available to all states. The auto loans are not available for residents from Alaska as well as Hawaii. Contact information for Capital One Support from Capital One is accessible by telephone or via chat online. Support representatives are accessible Monday through Friday between 9 a.m. to 9 p.m. ET, and Saturday between 10 a.m. to 7 p.m. ET.
Auto loan types offered Capital One offers financing for used and new cars and auto refinance loans.
New and used automobile loans
The loan’s quick facts include greater than $4,000 Terms: 24 to 84 months APR: Not stated
Capital One offers financing for new and used car purchases at over 12,000 participating dealerships. You can prequalify online and find out what conditions you’re eligible for prior to you start shopping for the perfect ride. Additionally you can use Auto Navigator Auto Navigator lets you adjust terms to build an auto loan that is suitable for your budget.If you plan on buying an older vehicle that has less than 120,000 miles and be within 10 model years. There are some exceptions, however you will need to discuss your choice of vehicle in person in conjunction with Capital One. Refinance
Loan quick facts Amounts: $4,000 to $75,000 Terms 24-84 months APR: Not specified
Auto loan refinancing through Capital One is ideal if you want to lower the amount of your monthly payments or your APR. Both options can help you save money, either per month or over time when you are working towards paying off your auto loan. You may also refinance with Capital One to cut down the loan duration and get rid of your auto loan quicker. How to apply for a loan with Capital One You can start your application by getting prequalified without a hard credit pull. If you are preapproved, you can view the monthly payments and the interest rates on the cars you’re interested in. You also be able to alter the loan period or down payment in order to come up with the perfect deal for you. It is the next thing to do: visit the dealer and fill out an application for credit. Capital One will pull your credit report and score in order to give you an approval. The final step is to upload any requested documents and e-sign your contract to seal the deal.
Required application information Copy of your current driver’s licence Proof of residence Proof of income
Which Bankrate Rates Capital One
Overall score
4
The availability
4
Capital One’s minimum loan amounts offered 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 maximal APRs aren’t listed as of yet, and it doesn’t offer an autopay discount.
Customer experience
4.6
Prequalification rates are valid for 30 days in addition, Capital One offers an online chat function once you sign up. The company also offers an app and customer service is available six days a week.
Transparency
4
While it does provide an initial prequalification process, Captial One doesn’t offer a full APR range prior to you handing over your information.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether fees and rates are accessible and the APR range all affect lender scores. These scores are split into four categories. Accessibility: Loan amounts, repayment options, dealership requirements, and availability in the state all make up this section. Affordability: This section contains APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you’ll need to shop for, the customer service hours, whether there’s an app and autopay payment options are all accounted in this section. Transparency: This category accounts for the accessibility of rates and fees along with whether prequalification is available.
Editorial disclosure: All reviews are prepared by Bankrate.com 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 provided in the review is accurate at the time of the review. Look over the information in the upper right hand corner of the page and the lender’s website for the most recent details.
Written by
Allison Martin
Allison Martin’s work began over 10 years prior to that as a digital content strategist, and she’s since published in numerous prestigious 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 since the end of 2021. They are dedicated to helping their readers feel confident to take control of their finances by providing clear, well-researched data that breaks complex subjects into digestible pieces.
Auto loans editor
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