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Capital One
Capital One 2023 Auto loan review, published 2023-01-01 at 00:00:00.
Written by Allison Martin Written by
Allison Martin’s work started over 10 years ago as a digital media strategist. Since then, she’s 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 editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched data that breaks otherwise complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. We also allow you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has partnerships 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 that compensate us. This compensation could affect how and when products are featured on this website, for example the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does not influence the information we provide, or the reviews you read on this site. We do not cover the universe of companies or financial deals that may be open to you.
About our reviews Editorial disclosure Reviewers are supervised by our staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or approved by any advertising company. The information that is included, including rates and fees, presented in the review is accurate at the time when the review first appeared. Look over the information on the right as well as the lender’s website to find the most up-to-date details.
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 five
Customers Experience Score: 4.6 5 stars from five
Transparency Rating 4 stars out of 5
Compare auto loan rates
About Capital One Loan amount of $4,000 to $75,000
Min. credit score not specified
APR not specific from
Funds available in As soon as possible.
Pros and pros and Capital One auto loans While there are some benefits with Capital One auto loans, there are some disadvantages to keep in mind.
PROS Prequalification Available
Personalized financing options
No credit score is required for perfect credit.
CONS Two applications required
Only available to vehicles from approved dealerships
Not available in all states.
Capital One offers auto loans to finance new and used vehicle purchases. The entire loan process is managed online via the Auto Navigator. You can view real rates and monthly payments on specific vehicles available for sale through dealers who are participating. 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 you want to finance must be at least $4,000 and the vehicle cannot be older than 10 years, or exceed 120,000 miles. If you want to refinance, the outstanding loan sum must amount to at least $7,500 and be able to last for 12 months. Your car must also have less than 10 years of age -although there’s no maximum mileage — and your current loan servicer can’t have to be Capital One. If you have a vehicle which is no longer in production or sold, it’s not eligible for refinancing. What we like and what don’t like here are some advantages and disadvantages associated with Capital One car loans. We like the fact that you can get prequalified. You can utilize auto Navigator to be prequalified in a matter of minutes without a hard pull to your credit. Personalized financing options. The mobile app lets you view the monthly payment and rates of interest for specific automobiles. Perfect credit not required. Capital One may approve you for an auto loan with less credit score but you can expect to pay higher interest rates. What we don’t like Two applications are required. You have to fill out an application for credit when you arrive at the dealership even if you already have been preapproved by Capital One. Only available to vehicles from approved dealerships. You can only finance vehicles from dealerships who work together with Capital One. It is not available to all states. The auto loans are not offered to residents of Alaska as well as Hawaii. How do I contact Capital One Support from Capital One is accessible via phone or online chat. Support representatives are available Monday through Friday from 9 a.m. to 9 p.m. ET on Saturdays between 10 a.m. until 7 p.m. ET.
Auto loan types available Capital One offers financing for new and used cars and auto refinance loans.
Used and new auto loans
The loan’s quick facts include greater than $4,000 Terms: 24 to 84 months APR: Not specified
Capital One offers financing for new and used cars in more than 12,000 participating dealerships. You can prequalify online and determine the conditions you’re eligible for prior to you shop for the ideal car. Additionally there is Auto Navigator Auto Navigator lets you adjust terms to build an auto loan that is suitable for your budget.If you’re planning on purchasing an used car, it must have less than 120,000 miles, and be within 10 model years. Certain exceptions apply, however you will need to discuss your car selection in person in conjunction with Capital One. Refinance
The loan’s quick facts are from $4,000 to $75,000. Terms of the loan: 24 to 84 months APR: Not specified
Auto loan refinancing through Capital One is ideal if you’re looking to lower the amount of your monthly payments or the APR. Both options will help you save money either per month or over time while you work toward paying off your auto loan. Refinancing is also possible through Capital One to shorten the loan term and get rid of your auto loan faster. How to apply for a loan with Capital One You can start your application by being prequalified, without a credit pull. If you’re preapproved you can view the monthly payment and interest rate for the specific car you’re thinking of buying. You will also be able to alter the loan duration or down payment to create the perfect deal for you. It is the next thing to do: visit the dealer and fill out the credit application. Capital One will pull your credit report and score to give you a final approval. The final procedure is to submit all requested documents and electronically sign your contract to seal the deal.
Required application information Copy of your driver’s license Proof of residence Income proof
What Bankrate rates Capital One
Overall score
4
The availability
4
Capital One’s minimum loan amounts offered by Capital One are fairly middle of the road, but it offers a variety of repayment options and has wide state availability.
Affordability
3.2
Captial One’s minimum and maximal APRs aren’t listed and the site doesn’t mention discounts for autopay.
Customer experience
4.6
The rates for prequalification are good for 30 days, and Capital One offers an online chat option when you sign up. It also has an app, and customer support is available all hours of the day.
Transparency
4
While it does offer the option of prequalification Captial One doesn’t offer a full APR range before you submit your information.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, fees and rates are offered and the range of APR all impact lender scores. These scores are split in four different categories. Accessibility: Loan amounts, repayment options, dealership requirements and state availability all contribute to this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you’ll have to wait to buy for, the customer service hours as well as whether an app is available and autopay payment options are all accounted for by this segment. Transparency: This section accounts for the accessibility of rates and fees along with whether or not prequalification is offered.
Editorial disclosure The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed or accepted by any advertising company. The information, including rates and fees that are included 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 website to find the most up-to-date details.
Written by
Allison Martin
Allison Martin’s work started over 10 years ago as a digital content strategist. Since then, she’s been published in several leading financial media outlets such as 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 late 2021. They are committed to helping readers to take control of their finances with concise, well-researched, and clear data that breaks complicated topics into bite-sized pieces.
Auto loans editor
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