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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 published in numerous prestigious 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 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 mission is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing original and impartial content, by enabling you to conduct research and compare information for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation may impact how and where products are displayed on the site, such as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our loans, mortgages,, and other products for home loans. This compensation, however, does have no impact on the content we publish or the reviews that you see on this site. We do not contain the universe of companies or financial deals that may be available to you.
Reviewer’s disclosures Reviewers are supervised by our staff. The opinions expressed in them are only those of the reviewer and are not reviewed or approved by any advertising company. The information such as rates and charges provided in the review is accurate at the time when the review first appeared. Review the information at the top of this page, and the lender’s site for the most current details.
At a glance 4.0 Rating: 4 stars out of 5
Bankrate Score
Rating of Availability 4 stars out five
The Affordability Score: 3.2 stars out of five
Customers Experience Score: 4.6 5 stars from 5
Transparency Rating 4 5 stars.
Check auto loan rates
The Capital One loan amount is $4,000 to $75,000
Min. credit score Not specified
APR not specific from
Funds available as early as the same day
Pros and cons of Capital One auto loans While there are perks to Capital One auto loans, there are downsides to consider.
PROS Prequalification Available
Financing options that are customized
Credit score not necessary
CONS Two applications required
Limited to cars from approved dealerships
Not available in all states.
Capital One offers auto loans for used and new car purchases. The entire loan process is handled online via the Auto Navigator. You can view real rates and monthly payment quotes on specific vehicles that are available to purchase through dealers who are participating. Refinancing may also be available, but your vehicle -or your current loan must to meet certain requirements in order to qualify.
Do you qualify? If you’re buying a used vehicle, the amount that you’d like to finance has to be at minimum $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 in the range of $7,500 or less and be able to last for 12 months. Your car must also be less than 10 years old -however there’s no limit on mileage and your current loan servicer cannot be Capital One. If you own a vehicle that’s no longer being manufactured or sold, it’s not eligible for refinancing. Our favorite things and do not like of the benefits and drawbacks associated with Capital One automobile loans. We like the fact that you can get prequalified. You can use an Auto Navigator to get prequalified in minutes with no hard pull to your credit. Flexible financing options for you. The app on mobile lets you view the monthly payment as well as the rate of interest on certain vehicles. Perfect credit not 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 an application for credit when you arrive at the dealership, even if already have been approved through Capital One. Limited to cars from approved dealerships. Only permitted to finance vehicles through dealerships who work together with Capital One. Not available in all states. In addition, auto loans are not available only to those who reside in Alaska or Hawaii. Contact information for Capital One Support from Capital One is accessible via phone or online chat. Representatives are available Monday through Friday between 9 a.m. to 9 p.m. ET on Saturdays between 10 a.m. until 7 p.m. ET.
Auto loan types offered Capital One offers financing for new and used cars in addition to auto refinance loans.
New and used auto loans
Loan quick facts Amounts: $4,000 or more Terms: 24 to 84 months APR: not specified
Capital One offers financing for new and used cars at over 12,000 participating dealerships. You can apply online to prequalify and determine the conditions you’re eligible for prior to you begin shopping to find the perfect car. Additionally, the Auto Navigator lets you adjust the terms to create an auto loan that works for your budget.If you plan on buying an older vehicle that has at least 120,000 miles and within the 10 model years. There are some exceptions, however you will need to discuss your choice of vehicle in person with Capital One. Refinance
Quick facts about loans: $4,000 to $75,000 Terms: 24 to 84 months APR: not specified
Auto loan refinancing from Capital One is ideal if you’re looking to lower the amount of your monthly payments or your APR. Both options can help you save money either monthly or over time, as you work towards paying off your auto loan. You may also refinance with Capital One to reduce the loan term and get rid of your auto loan more quickly. How do you apply for a loan with Capital One You can start the process by obtaining prequalified without a hard credit check. If you are preapproved, you can view the monthly payments and the interest rates for the specific car you’re thinking of buying. You will also have the luxury of changing the loan duration or down payment in order to come up with an arrangement that is suitable for you. The next step is to visit the dealer and fill out the credit application. Capital One will pull your credit report and score before they issue an official approval. The last step is to upload all required documents and then e-sign your contract to sign the deal.
Required application information Copy of your current driver’s licence Proof of residence Income proof
How Bankrate rates Capital One
Overall score
4
The availability
4
The minimum loan amounts that Capital One offers Capital One are fairly middle in comparison, however, Capital One offers many repayment options and is a wide-ranging state provider.
Affordability
3.2
Captial One’s minimum and maximal APRs aren’t available as of yet, and it doesn’t offer a discount for autopay.
Customer experience
4.6
The rates for prequalification are good for 30 days, in addition, Capital One offers an online chat feature once you sign up. It also has an app, and customer support is available six days a week.
Transparency
4
While it does provide an initial prequalification process, Captial One doesn’t offer the full range of APRs before you submit your details.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, rates and fees are available and APR range all influence lender scores. These scores are split into 4 categories. Availability: Loan amounts, 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 have to shop for, the customer service hours as well as whether an app is available and autopay payment options are all accounted by this segment. Transparency: This category accounts for the availability of fees and rates and whether prequalification is available.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and are not reviewed or acknowledged by any advertiser. The information, including rates and fees that are included in the review is correct up to the date that the review was written. Review 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 began over 10 years ago as a digital media strategist. She’s been published in several leading 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 writing and editing for Bankrate since late 2021. They are dedicated to helping their readers to control their finances with concise, well-researched, and clear data that breaks complex subjects into digestible pieces.
Auto loans editor
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