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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 prior to that as a digital content strategist. Since then, she’s been published in several leading financial publications, including 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 confidence to control their finances with concise, well-researched and well-edited facts that break down 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 decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted 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 who pay us. This compensation may impact how and where products are displayed on this website, for example the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial deals that may be open to you.
Reviewer’s disclosures Reviewers are supervised by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees that are included in the review are accurate up to the date that the review was written. Review the information on the right, and the lender’s website to find the most current information.
A glance 4.0 Rating 4 stars out of 5
Bankrate Score
Rating of Availability 4 stars out five
Affordability Rating: 3.2 stars out of five
Customers Experience Score: 4.6 5 stars from 5
Transparency Rating 4 stars out of 5
Check auto loan rates
About Capital One Loan amount $4,000 to $75,000
Min. credit score Unspecified
APR from Not specified
Funds available in As soon as the next day.
Pros and pros and Capital One auto loans While there are benefits for Capital One auto loans, there are some disadvantages to keep in mind.
PROS Prequalification Available
Financing options that are customized
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 to finance new and used vehicle purchases. The entire loan process is handled online via the Auto Navigator. You can check out the real rates and monthly payments on specific cars available to purchase through dealers who are participating. Refinancing may also be available however your caras well as your current loan — will need to meet certain requirements for you to be eligible.
Do you qualify? If you’re buying a pre-owned vehicle, the amount that you’d like to finance has to be at minimum $4,000 and the vehicle must not be more 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 vehicle must have less than 10 years of age -although there’s no limit on mileage and the current loan servicer cannot have to be Capital One. If you own a car which is no longer in production, it’s ineligible for refinancing. Our favorite things and 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 an Auto Navigator to prequalify within minutes, with no need to pull on your credit. Flexible financing options for you. The app on mobile lets you view the monthly payment and rate of interest on certain vehicles. Perfect credit not required. Capital One may approve you for an auto loan with less credit score but you can expect to be charged higher interest rates. What we don’t like Two applicants are necessary. You have to fill out the credit application once you visit the dealership, even if already have been approved with Capital One. Only available to vehicles from approved dealerships. You can only finance vehicles through dealerships who work with Capital One. Not available in all states. The auto loans are not available for residents from Alaska and Hawaii. How to contact Capital One Support from Capital One is available by chat or phone. Support representatives are accessible Monday through Friday between 9 a.m. until 9 p.m. ET, and Saturday from 10 a.m. until 7 p.m. ET.
Auto loan kinds offered Capital One offers financing for new and used cars and car refinance loans.
New and used auto loans
Quick facts about loans of $4,000 or more. Terms: 24 to 84 months APR: not specified
Capital One offers financing for new and used car purchases at over 12,000 participating dealerships. You can apply online to prequalify and know what conditions you’re eligible for prior to you begin shopping for the perfect ride. Additionally there is Auto Navigator Auto Navigator lets you adjust terms to build a car loan that is suitable for your budget.If you’re planning on purchasing an used car that has at least 120,000 miles and be within the 10 model years. Certain exceptions apply to this, however, you will need to discuss your choice of vehicle directly with Capital One. Refinance
Loan quick facts Amounts between $4,000 and $75,000 Terms of the loan: 24 to 84 months APR: not specified
Auto loan refinancing from Capital One is ideal if you want to lower the amount of your monthly payments or the APR. Both options will help you save money either per month or over time while you work towards paying off your auto loan. Refinancing is also possible through Capital One to shorten the loan term and get rid of your auto loan more quickly. How to apply for an loan with Capital One You can start your application by being prequalified without a hard credit pull. If you are preapproved, you’ll be able to view the monthly payments and the interest rates on the cars you’re interested in. You also have the option of changing the loan term or down payment to create the perfect deal for you. Next, go to the dealer and fill out the credit application. Capital One will pull your credit report and score before they issue an official approval. The final procedure is to submit any required documents and then e-sign your contract to sign the contract.
The information required for application must be included. Copy of your current driver’s license Residence proof Income proof
How Bankrate rate Capital One
Overall score
4
Accessibility
4
Minimum loan amounts provided by Capital One are fairly middle of the road, but it offers a variety of options for repayment terms and offers a wide range of state-specific options.
Affordability
3.2
Captial One’s minimum and maximum APRs aren’t listed and the site doesn’t mention an autopay discount.
Customer experience
4.6
Prequalification rates are valid for 30 days in addition, Capital One offers an online chat option once you sign up. There is also an app and customer support is available seven days a week.
Transparency
4
Although it offers the option of prequalification Captial One doesn’t offer the full range of APRs prior to you handing over your personal information.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Criteria for acceptance, whether fees and rates are offered and the range of APR all impact lender scores. The scores are divided into four categories. Availability: Loan amounts, repayment options, dealership requirements, and availability in the state all make up this category. Affordability: This section contains 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 autopay payment options are all accounted for by this segment. Transparency: This category is responsible for the accessibility of rates and fees and whether prequalification is available.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor acknowledged by any advertiser. The information, including rates and fees that are included in the review are accurate as of the date that the review was written. Check the data at the top of this page as well as 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 content strategist, and she’s since been published in several leading financial publications 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 writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances by providing concise, well-researched, and clear information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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