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Capital One
Capital One 2023 Automatic 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 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.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing original and impartial content. This allows users to conduct research and evaluate information for no cost – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies who pay us. This compensation can affect the way and where products are displayed on this site, including, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our loans, mortgages, and other home lending products. However, this compensation will have no impact on the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be accessible 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 advertising company. The information, including rates and fees provided in the review is correct up to the date when the review first appeared. Look over the information in the upper right hand corner of the page, and the lender’s website for the most recent details.
A glance 4.0 Rating: 4 stars out five
Bankrate Score
Available Rating: 4 stars out 5
The Affordability Score: 3.2 stars out of 5
Customer Experience Rating: 4.6 stars out of 5
Transparency Rating 4 stars out of 5
Find out about 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 pros and Capital One auto loans While there are some benefits for Capital One auto loans, there are downsides to keep in mind.
PROS Prequalification Available
Financing options that are customized
Perfect credit not required
CONS Two applications are required
Limited to cars from approved 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 payment quotes on specific vehicles available to buy through participating dealers. Refinancing is also an option however your caror your current loan — will have to meet certain conditions in order to be eligible.
Do you qualify? If you’re purchasing a second-hand vehicle, the amount you’d like to finance has to be at least $4,000 , and the vehicle must not be more than 10 years or have more than 120,000 miles. To refinance, your outstanding loan sum must amount to at least $7,500 and you have 12 months left. Your car must also be less than 10 years old -however there’s no maximum mileage — and the current loan servicer cannot have to be Capital One. If you have a vehicle that’s no longer being manufactured, it’s ineligible for refinancing. We like it and what we do not like of the benefits and drawbacks of Capital One car loans. What we like Get prequalified. You can utilize auto Navigator to prequalify in a matter of minutes without a hard pull on your credit. Personalized financing options. The app on mobile allows you to see the monthly payments and rates of interest for specific automobiles. Perfect credit not required. Capital One may approve you for an auto loan with low credit scores, however, you’ll have to pay higher interest rates. We don’t like that two application forms are needed. You need to complete an application for credit when you visit the dealership even if you have already been preapproved by Capital One. The only exception is cars that are approved by Capital One dealerships. You are only permitted to finance vehicles through dealerships who work together with Capital One. It is not available to all states. In addition, auto loans are not available for residents from Alaska and Hawaii. Contact information for Capital One Support from Capital One is available by chat or phone. Support representatives are available Monday through Friday between 9 a.m. to 9 p.m. ET, and Saturday from 10 a.m. until 7 p.m. ET.
Auto loan types available Capital One offers financing for used and new cars in addition to car refinance loans.
New and used automobile loans
Quick facts about loans: $4,000 or more Terms 24-84 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 find out what terms you’re eligible for before you start shopping to find the perfect car. In addition you can use Auto Navigator Auto Navigator lets you adjust conditions to make a car loan that fits 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 will need to discuss your choice of vehicle direct with Capital One. Refinance
Loan quick facts Amounts: $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 are looking to reduce the monthly payment or your APR. Both options will allow you to save money, whether per month or over time when you are working towards paying off your auto loan. You can also refinance through Capital One to reduce the loan term 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 pull. If you’re preapproved you’ll be able to view the monthly payments and the interest rates for the specific car you’re thinking of buying. You also have the luxury of changing the loan duration or down payment in order to come up with the perfect deal for you. Next, go to the dealership and complete a credit application. Capital One will pull your credit report and score before they issue a final approval. The final stage is uploading the requested documents and electronically sign your contract to seal the deal.
Required application information Copy of your driver’s license Proof of residence Proof of income
Which Bankrate rate Capital One
Overall score
4
Availability
4
Capital One’s minimum loan amounts offered by Capital One are fairly middle in comparison, however, it has a number of choices for repayment terms and has wide state availability.
Affordability
3.2
Captial One’s minimum and maximal APRs don’t exist as of yet, and it doesn’t offer discounts for autopay.
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. The company also offers an app and customer service is available seven days a week.
Transparency
4
Although it offers an initial prequalification process, Captial One doesn’t offer an APR in full before you submit your information.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, fees and rates are offered and APR range all influence lender scores. The scores are divided in four different categories. Availability: Loan amounts, repayment options, dealership requirements, and availability in the state all contribute to this category. Accessibility: This section includes APR ranges as well as acceptance criteria, discounts and fees. Customer experience: The length of time you’ll need to shop and the availability of customer service and whether or not there’s an app and autopay availability are accounted for by this segment. Transparency: This section accounts for the availability of fees and rates and whether prequalification is available.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are only the opinions of the reviewer and are not reviewed or acknowledged by any advertising company. The information such as rates and charges, presented in the review is correct at the time when the review first appeared. Look over the information at the top of this page as well as the lender’s site for the most recent information.
Written by
Allison Martin
Allison Martin’s work began over 10 years ago as a digital media strategist, and she’s since been published in several leading financial 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 from late 2021. They are dedicated to helping their readers gain the confidence to manage their finances with concise, well-researched, and clear information that breaks down complex topics into manageable bites.
Auto loans editor
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