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Capital One
Capital One 2023 Auto loan review Published 2023-01-01 00:00:00
Written by Allison Martin Written by
Allison Martin’s career began more than 10 years ago as a digital content strategist. She’s been published in several leading financial publications, 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 editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing clear, well-researched facts that break down otherwise complex subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content, by enabling users to conduct research and compare data for free – so that you can make financial decisions with confidence. Bankrate has agreements 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 website are provided by companies that compensate us. This compensation can affect the way and when products are featured on the site, such as the order in which they may appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. However, this compensation will affect the information we provide, or the reviews you see on this site. We do not contain the universe of companies or financial deals that may be open to you.
About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed nor accepted by any advertiser. The information such as rates and charges that are included in the review is correct at the time of the review. Review the information at the top of this page, and the lender’s site for the most recent information.
At a glance 4.0 Rating 4 stars out of 5
Bankrate Score
Rating of Availability: 4 stars out five
Cost of Affordability: 3.2 stars out of 5
The Customer Service Rating is 4.6 5 stars from 5
Transparency Rating: 4 5 stars.
Compare auto loan rates
About Capital One Loan amount $4,000 to $75,000
Min. credit score Unspecified
APR not specific from
Funds available in As soon as the same day
Pros and cons of Capital One auto loans While there are benefits for Capital One auto loans, there are downsides to consider.
PROS Prequalification Available
Flexible financing options for personalization
Credit score not necessary
CONS Two applications must be submitted
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 procedure is conducted via the internet using the Auto Navigator. You can see the current rates and monthly payments on specific cars available to buy through participating dealers. Refinancing is also an option but your caras well as your current loan — will have to meet certain conditions in order to be eligible.
Do you qualify? If you’re purchasing a second-hand car, the amount you’d like to finance has to be at least $4,000 , and the car must not be older than 10 years or have more than 120,000 miles. To refinance, your current loan sum must amount to at minimum $7,500 and have 12 months remaining. The car you’re driving must not be older than 10 years — though there is no maximum mileage and the current loan servicer can’t have to be Capital One. If you own a vehicle 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 auto loans. We like the fact that you can get prequalified. You can use auto Navigator to get 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 interest rate on 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 more interest. We don’t like that two applicants are necessary. You must complete an application for credit when you visit the dealership, even if you already have been preapproved with Capital One. Only available to vehicles from approved dealerships. You can only finance vehicles from dealerships who work in conjunction with Capital One. Not available in all states. Auto loans are not offered for residents from Alaska as well as Hawaii. How do I contact Capital One Support from Capital One is available by chat or phone. Support is accessible Monday through Friday between 9 a.m. until 9 p.m. ET, and Saturday between 10 a.m. to 7 p.m. ET.
Auto loan types available Capital One offers financing for used and new cars and auto refinance loans.
New and used auto loans
The loan’s quick facts include of $4,000 or more. Terms 24-84 months APR: not specified
Capital One offers financing for new and used car purchases at more than 12,000 participating dealers. You can make a prequalification online and determine the terms you’re eligible to receive before you shop to find the perfect car. In addition, Auto Navigator Auto Navigator lets you adjust terms to build a car loan that works for your budget.If you plan on buying an older vehicle the vehicle must be under 120,000 miles and within the 10 model years. There are some exceptions to this, however, you will need to discuss your vehicle choice in person in conjunction with Capital One. Refinance
The loan’s quick facts are from $4,000 to $75,000. Terms: 24 to 84 months APR: Not specified
Auto loan refinancing from Capital One is ideal if you are looking to reduce the monthly payment or the APR. Both options will help you save money, either monthly or over time, as you work toward paying off your auto loan. Refinancing is also possible through Capital One to reduce the loan time and pay off your auto loan faster. How to apply for an loan through Capital One You can start your application by getting prequalified without having to do a hard 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 an arrangement that is suitable for you. Next, 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 final step is to upload the requested documents and electronically sign your contract to sign the deal.
Documentation required for the application Copy of your current driver’s license Proof of residence Proof of income
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, 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 don’t exist, and it doesn’t advertise 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. There is also an app and customer service is available six days a week.
Transparency
4
While it does provide the option of prequalification Captial One doesn’t offer the full range of APRs prior to you handing over your details.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether fees and rates are accessible and APR range all influence lender scores. These scores are broken up into 4 categories. Accessibility: Loan amounts and repayment options, dealership requirements and state availability all contribute to this category. Affordability: This section contains APR ranges, acceptance criteria, fees and discounts. Customer experience: The length of time you’ll have to wait to buy and the availability of customer service, whether there’s an app and autopay payment options are all accounted for in this section. Transparency: This category is responsible for the accessibility of rates and fees along with whether or not prequalification is offered.
Disclosure of author Reviewers are supervised 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 such as rates and charges provided in the review is accurate up to the date when the review first appeared. Check the data in the upper right hand corner of the page, and the lender’s site 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 been featured in a variety of top financial publications, including 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 the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing precise, well-researched and well-organized information that breaks down complex subjects into digestible pieces.
Auto loans editor
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