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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 career began more than 10 years ago as a digital content strategist, and she’s since been featured in a variety of top financial outlets 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 from late 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched data that breaks complex subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted 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 who pay us. This compensation could affect how 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 for our loan products, such as mortgages and home equity and other products for home loans. But this compensation does not influence the content we publish or the reviews that you see on this site. We do not contain the vast array of companies or financial offerings that could be available to you.
Reviewer’s disclosures: All reviews are prepared by staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor accepted by any advertiser. The information such as rates and charges, presented in the review are accurate at the time that the review was written. Look over the information on the right as well as the lender’s site for the most up-to-date details.
A glance 4.0 Rating 4 stars out five
Bankrate Score
Rating of Availability 4 stars out 5
The Affordability Score: 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
The Capital One loan amount is $4,000 to $75,000
Min. credit score Not specified
APR from Not specified
Funds available in As soon as the next day.
Pros and cons of Capital One auto loans While there are some benefits to Capital One auto loans, there are also downsides to be aware of.
PROS Prequalification Available
Financing options that are customized
No credit score is required for perfect credit.
CONS Two applications are required
Only available to vehicles 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 via the internet using the Auto Navigator. You can see the current rates and monthly payment quotes on specific vehicles that are available to buy through dealers who are participating. Refinancing is also an option, but your vehicle -or your current loan — will have to meet certain requirements for you to be eligible.
Do you qualify? If you’re purchasing a second-hand vehicle, the amount you’d like to finance should be at least $4,000 , and the car must not be older than 10 years, or exceed 120,000 miles. If you want to refinance, the outstanding loan total must have in the range of $7,500 or less and have 12 months remaining. The car you’re driving must be less than 10 years old — though there is no maximum mileage and your current loan servicer cannot have to be Capital One. If you have a vehicle that’s no longer being manufactured and is not eligible for refinancing, it’s not eligible. We like it and what we do not like of the advantages and drawbacks of Capital One car loans. We like the fact that you can get prequalified. You can use an Auto Navigator to get prequalified in a matter of minutes without a hard pull on your credit. Flexible financing options for you. The mobile app allows you to view the monthly payment as well as the interest rate on specific automobiles. No credit score is required. Capital One may approve you for an auto loan with less credit score however, you will pay more interest. What we don’t like Two applications are required. You must complete the credit application once you visit the dealership even if you already have been approved through Capital One. Only available to vehicles from approved dealerships. You can only finance cars from dealers that work with Capital One. Not available in all states. Auto loans are not available to residents of Alaska or Hawaii. Contact information for Capital One Support from Capital One is accessible by chat or phone. Representatives are available from Monday to Friday, from 9 a.m. until 9 p.m. ET on Saturdays from 10 a.m. until 7 p.m. ET.
Auto loan types available Capital One offers financing for new and used cars in addition to car 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 car purchases in more than 12,000 participating dealerships. You can prequalify online and know what terms you’re eligible for before you shop for the ideal car. In addition there is you can use the Auto Navigator lets you adjust the terms to create an auto loan that fits your budget.If you’re planning on purchasing an older vehicle that has under 120,000 miles and be within the 10 model years. Certain exceptions apply, but you will need to discuss your car selection directly to 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 stated
Auto loan refinancing through Capital One is ideal if you’re looking to lower your monthly payments or the APR. Both options will allow you to save money, whether in the long run or monthly, as you work towards paying off your auto loan. You can also refinance through Capital One to reduce your loan time and get rid of your auto loan more quickly. How do you apply for a loan through Capital One You can start your application by being prequalified, without a credit pull. If you are preapproved, you’ll be able to view the monthly payments and the interest rates on specific cars you’re considering. You will also be able to alter the loan term or down payment in order to come up with the perfect deal for you. It is the next thing to do: go to the dealership and complete the credit application. Capital One will pull your credit report and score in order to issue an approval. The last procedure is to submit any requested documents and electronically sign your contract to sign the deal.
Required application information Copy of your current driver’s license Evidence of residency Income proof
Which Bankrate rates Capital One
Overall score
4
The availability
4
Capital One’s minimum loan amounts provided by Capital One are fairly middle of the road, however it offers a variety of choices for repayment terms and has wide state availability.
Affordability
3.2
Captial One’s minimum or maximum APRs aren’t available, and it doesn’t advertise an autopay discount.
Customer experience
4.6
Prequalification rates are valid for 30 days, and Capital One offers an online chat feature once you sign up. It also has an app and customer service is accessible all hours of the day.
Transparency
4
While it does provide an initial prequalification process, Captial One doesn’t offer the full range of APRs before you submit 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. The availability of loans, repayment options, dealership requirements, and availability in the state all contribute to this section. Affordability: This section houses APR ranges, acceptance criteria, discounts and fees. Customer experience: The length of time you’ll have to wait to buy and the availability of customer service as well as whether an app is available and autopay payment options are all accounted for in this section. Transparency: This category is responsible for the accessibility of rates and fees and whether prequalification is available.
Editorial disclosure The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or acknowledged by any advertiser. The information such as rates and charges, presented in the review is correct as of the date when the review first appeared. Check the data at the top of this page, and the lender’s website for the most recent information.
Written by
Allison Martin
Allison Martin’s work started over 10 years ago as a digital media strategist, and she’s since published in numerous prestigious 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 editing and writing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to control their finances by providing concise, well-researched, and clear information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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