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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 began 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.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched information that breaks down complex subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing original and impartial content. We also allow users to conduct research and evaluate information for no cost and help you make sound 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 website are provided by companies that compensate us. This compensation may impact how and where products appear on this site, including the order in which they may appear in the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other home loan products. But this compensation does have no impact on the information we publish, or the reviews that 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 The reviews are written by staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed nor accepted by any advertising company. The information that is included, including rates and fees, presented in the review is correct at the time that the review was written. Check the data in the upper right hand corner of the 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
Cost of Affordability: 3.2 stars out of five
Customers Experience Score: 4.6 five stars of 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 Unspecified
APR from Not specified
Funds are available as soon as possible.
Pros and cons of Capital One auto loans While there are some benefits for Capital One auto loans, there are some disadvantages to be aware of.
PROS Prequalification Available
Personalized financing options
Perfect credit not required
CONS Two applications must be submitted
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 procedure is conducted online through the Auto Navigator. You can view real rates and monthly payments on specific vehicles that are available to purchase through dealers who are participating. Refinancing may also be available but your caror your current loan must 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 minimum $4,000 and the vehicle cannot be older than 10 years, or exceed 120,000 miles. To refinance, your outstanding loan amount must be in the range of $7,500 or less and you have 12 months left. Your car must also not be older than 10 years — though there is no maximum mileage and your current loan servicer cannot be Capital One. If you own a car that’s no longer being manufactured, it’s ineligible for refinancing. We like it 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 an Auto Navigator to be prequalified in a matter of minutes without a hard pull to your credit. Personalized financing options. The app on mobile 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 a lower credit score, however, you will pay higher interest rates. What we don’t like Two applications are required. You need to complete a credit application when you get to the dealership, even if you already have been approved with Capital One. Limited to cars from approved dealerships. You can only finance cars from dealers that work with Capital One. It is not available to all states. The auto loans are not offered only to those who reside in Alaska as well as Hawaii. How do I contact Capital One Support from Capital One is accessible via telephone or via chat online. Representatives are accessible Monday through Friday from 9 a.m. until 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 vehicles and car refinance loans.
New and used automobile 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 vehicle purchases at over 12,000 participating dealerships. You can apply online to prequalify and determine the terms you’re eligible for before you start shopping to find the perfect 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 are planning to purchase a used vehicle that has at least 120,000 miles and within 10 model years. There are some exceptions, however you must discuss your vehicle choice direct with Capital One. Refinance
Quick facts about loans from $4,000 to $75,000. Terms of the loan: 24 to 84 months APR: not specified
Auto loan refinancing from Capital One is ideal if you’re looking to lower the monthly payment or your APR. Both options can help you save money, whether per month or over time while you work towards paying off your auto loan. You can also refinance through Capital One to shorten the loan time and make payments on your auto loan faster. How to apply for a loan with Capital One You can start the process by obtaining prequalified, without a credit check. If you’re preapproved, you’ll be able to view the monthly installment and interest rate on the cars you’re interested in. You also have the luxury of changing the loan duration or down payment in order to come up with an arrangement that is suitable for you. It is the next thing to do: go to the dealership and complete a credit application. Capital One will pull your credit report and score before they issue an official approval. The last procedure is to submit all requested documents and e-sign your contract to seal the contract.
Required application information Copy of your current driver’s license Proof of residence Evidence of income
How Bankrate rate Capital One
Overall score
4
Accessibility
4
Minimum loan amounts provided by Capital One are fairly middle of the road, however Capital One offers many choices for repayment terms and offers a wide range of state-specific options.
Affordability
3.2
Captial One’s minimum and maximal APRs aren’t available as of yet, and it doesn’t offer an autopay discount.
Customer experience
4.6
Rates for Prequalification last for 30 calendar days in addition, Capital One offers an online chat feature after you have signed up. It also has an app, and customer service is accessible seven days a week.
Transparency
4
While it does provide prequalification, Captial One doesn’t offer a full APR range prior to you handing over your details.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, fees and rates are offered and the APR range all affect lender scores. These scores are split in four different categories. The availability of loans and repayment options, dealership requirements and availability to state are a part of this category. Affordability: This section houses 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 within this category. Transparency: This category is responsible for the accessibility of rates and fees and whether or not prequalification is offered.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed nor accepted by any advertising company. The information, including rates and fees provided in the review are accurate as of the date when the review first appeared. Check the data at the top of this page, and the lender’s site for the most recent information.
Written by
Allison Martin
Allison Martin’s career began more than 10 years ago as a digital content strategist. She’s been featured in a variety of top financial media 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 since late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing concise, well-researched, and clear data that breaks complicated topics into bite-sized pieces.
Auto loans editor
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