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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 prior to that as a digital content strategist. Since then, she’s been published in several leading financial publications 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 editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances through 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 mission is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing original and impartial content. We also allow users to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that pay us. This compensation may impact how and where products are displayed on this website, for example, for example, the order in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our loans, mortgages, and other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offers that may be available to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed nor approved by any advertising company. The information, including rates and fees, presented in the review are accurate at the time that the review was written. Review the information on the right as well as the lender’s site for the most current information.
At a glance 4.0 Rating 4 stars out five
Bankrate Score
Availability Rating 4 stars out 5
Affordability Rating: 3.2 stars out of five
The Customer Service Rating is 4.6 5 stars from 5
Transparency Rating 4 5 stars.
Find out about auto loan rates
About Capital One Loan amount $4,000 to $75,000
Min. credit score Not specified
APR starting from not specified
Funds are available as soon as the next day.
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
Perfect credit not required
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 online through the Auto Navigator. You can view real rates and monthly payments on specific vehicles available to purchase through dealers who are participating. Refinancing may also be available however your caras well as your current loan — will have to meet certain conditions for you to be eligible.
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 car must not be older than 10 years old or exceed 120,000 miles. To refinance, your current loan amount must be at least $7,500 and have 12 months remaining. Your vehicle must have less than 10 years of age- though there is no maximum mileage — and your current loan servicer can’t include Capital One. If you have a vehicle which is no longer in production, it’s ineligible 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 the Auto Navigator to prequalify in minutes with no hard pull on your credit. Flexible financing options for you. The app on mobile lets you view 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 a lower credit score, however, you will pay more interest. We don’t like that two applications are required. You need to complete the credit application once you visit the dealership, even if already have been preapproved with Capital One. The only exception is cars that are approved by Capital One dealerships. You can only finance cars from dealers that work in conjunction with Capital One. Not available in all states. The auto loans are not available only to those who reside in Alaska or Hawaii. How do I contact Capital One Support from Capital One is available by phone or online chat. Support is available Monday through Friday, from 9 a.m. to 9 p.m. ET on Saturdays from 10 a.m. until 7 p.m. ET.
Auto loan kinds offered Capital One offers financing for used and new cars and car refinance loans.
New and used auto loans
Loan quick facts Amounts: $4,000 or more 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. Furthermore 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 a used vehicle that has at least 120,000 miles, and be within 10 model years. Some exceptions are allowed, but you must discuss your choice of vehicle in person to Capital One. Refinance
The loan’s quick facts are: $4,000 to $75,000 Terms: 24 to 84 months APR: not specified
Auto loan refinancing through Capital One is ideal if you are looking to reduce the monthly payment or the APR. Both options will help you save money, either in the long run or monthly, while you work towards paying off your auto loan. Refinancing is also possible through Capital One to shorten your loan term and get rid of your auto loan more quickly. How do you apply for an loan with Capital One You can start your application by getting prequalified without having to do a hard credit pull. If you’re preapproved, you’ll be able view your monthly payment and interest rate on the cars you’re interested in. You will also be able to alter the loan term or down payment to make a deal that works for you. Next, visit the dealer and fill out a credit application. Capital One will pull your credit report and score to issue a final approval. The final procedure is to submit all requested documents and electronically sign your contract to sign the contract.
Documentation required for the application Copy of your current driver’s license Residence proof Income proof
How Bankrate Rates Capital One
Overall score
4
Availability
4
Minimum loan amounts provided 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 maximum APRs aren’t listed as of yet, and it doesn’t offer discounts for autopay.
Customer experience
4.6
The rates for prequalification are good for 30 days in addition, Capital One offers an online chat feature when you sign up. It also has an app and customer support is available six days a week.
Transparency
4
While it does provide the option of prequalification Captial One doesn’t offer an APR in full before you hand over your personal information.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether rates and fees are available and the APR range all affect lender scores. The scores are divided in four different categories. Availability: Loan amounts and repayment options, dealership requirements and state availability all are a part of 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 need to shop for, the customer service hours, whether there’s an app and autopay payment options are all accounted by this segment. Transparency: This category accounts for the availability of fees and rates and whether or not prequalification is offered.
Disclosure of author: 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 advertiser. The information such as rates and charges that are included in the review are accurate at the time when the review first appeared. Review the data on the right and the lender’s website for the most current details.
Written by
Allison Martin
Allison Martin’s work started over 10 years ago as a digital content strategist, and she’s since published in numerous prestigious financial publications 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 editing and writing for Bankrate since late 2021. They are committed to helping readers feel confident to manage their finances through providing clear, well-researched data that breaks otherwise complex topics into manageable bites.
Auto loans editor
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