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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 work started over 10 years ago as a digital content strategist, and she’s since published in numerous prestigious financial media outlets 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 writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-researched and well-edited information that breaks 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 providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and evaluate information for no cost – so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that pay us. This compensation can affect the way and where products are displayed on this site, including the order in which they appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity and other home lending products. But this compensation does have no impact on the content we publish or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offerings that could be open to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. Opinions expressed therein are solely 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 are accurate as of the date of the review. Look over the information in the upper right hand corner of the page as well as the lender’s site for the most recent details.
At a glance 4.0 Rating 4 stars out of 5
Bankrate Score
Rating of Availability: 4 stars out 5
The Affordability Score: 3.2 stars out of 5
Customers Experience Score: 4.6 stars out of 5
Transparency Rating 4 stars out of 5
Find out about auto loan rates
The Capital One loan amount is $4,000 to $75,000
Min. credit score not specified
APR starting from not specified
Funds available as early 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
Financing options that are customized
Credit score not necessary
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 via the internet using the Auto Navigator. You can see the current rates and monthly payment quotes on specific vehicles available to buy through dealers who are participating. Refinancing is also available but your caror your current loan — will have to meet certain conditions in order to qualify.
Do you qualify? If you’re buying a used vehicle, the amount that you’d like to finance should be at least $4,000 and the vehicle cannot be older than 10 years old or exceed 120,000 miles. To refinance, your current loan sum must amount to at minimum $7,500 and be able to last for 12 months. The car you’re driving must be less than 10 years old -however there’s no limit on mileage and the current loan servicer cannot have to be Capital One. If you have a vehicle which is no longer in production or sold, it’s not eligible for refinancing. Our favorite things and what we don’t like here are some advantages and disadvantages that come with Capital One car loans. We like the fact that you can get prequalified. You can utilize auto Navigator to prequalify in minutes with no hard pull on your credit. Flexible financing options for you. The mobile app allows you to see the monthly payments and interest rate on specific vehicles. Perfect credit not required. Capital One may approve you for an auto loan with low credit scores, but you can expect to be charged higher interest rates. We do not like the fact that two application forms are needed. You have to fill out a credit application when you arrive at the dealership, even if you already have been preapproved by Capital One. Limited to cars from approved dealerships. You can only finance vehicles through dealerships that 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. How to contact Capital One Support from Capital One is accessible via telephone or via chat online. Representatives are available from Monday to Friday, from 9 a.m. to 9 p.m. ET on Saturdays between 10 a.m. until 7 p.m. ET.
Auto loan kinds offered Capital One offers financing for used and new cars as well as automobile refinance loans.
New and used auto loans
The loan’s quick facts include greater than $4,000 Terms are 24 to 84 months APR: Not specified
Capital One offers financing for new and used cars in more than 12,000 participating dealerships. You can apply online to prequalify and find out what conditions you’re eligible for prior to you shop to find the perfect car. Furthermore, Auto Navigator Auto Navigator lets you adjust the terms to create an auto loan that is suitable for your budget.If you’re planning on purchasing an older vehicle, it must have at least 120,000 miles, and be within the 10 model years. Certain exceptions apply, but you will need to discuss your vehicle choice direct in conjunction with Capital One. Refinance
Loan quick facts Amounts from $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 want to lower your monthly payments or APR. Both options will help you save money, whether in the long run or monthly, while you work toward paying off your auto loan. You may also refinance with Capital One to shorten your loan time and make payments on your auto loan quicker. How do you apply for an loan through Capital One You can start the process by obtaining prequalified without a hard credit check. If you’re preapproved, you’ll be able view your monthly payment and interest rate on specific cars you’re considering. You also have the luxury of changing the loan duration or down payment to create a deal that works for you. It is the next thing to do: go to the dealership and complete an application for credit. Capital One will pull your credit report and score in order to issue an official approval. The final stage is uploading any requested documents and e-sign your contract to sign the contract.
Required application information Copy of your driver’s license Residence proof Evidence of income
How Bankrate rates Capital One
Overall score
4
The availability
4
Minimum loan amounts offered by Capital One are fairly middle of the road, however it has a number of repayment options and is a wide-ranging state provider.
Affordability
3.2
Captial One’s minimum or maximum APRs aren’t available, and it doesn’t advertise discounts for autopay.
Customer experience
4.6
Prequalification rates are valid for 30 days, as well. Capital One offers an online chat option after you have signed up. It also has an app, and customer support is available seven days a week.
Transparency
4
Although it offers prequalification, Captial One doesn’t offer an APR in full before you hand over your information.
Methodology Bankrate considers 18 data points when evaluating 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 in four different categories. Availability: Loan amounts as well as repayment options, dealer requirements and availability to state contribute to this section. Affordability: This section houses APR ranges as well as acceptance criteria, discounts and fees. Customer experience: How long you have to shop, customer service availability and whether or not there’s an app and autopay availability are accounted within this category. Transparency: This category accounts for the availability of fees and rates and whether prequalification is available.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are only 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 of the review. Look over the information on the right and the lender’s site for the most up-to-date details.
Written by
Allison Martin
Allison Martin’s work started over 10 years prior to that as a digital content strategist. Since then, she’s published in numerous prestigious 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 editing and writing for Bankrate from late 2021. They are passionate about helping readers feel confident to manage their finances through providing clear, well-researched facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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