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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 ago as a digital content strategist. Since then, she’s published in numerous prestigious 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 since the end of 2021. They are committed to helping readers gain confidence to control their finances by providing clear, well-researched information that breaks 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 smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and evaluate information for no cost and help you 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 are from companies who pay us. This compensation could affect how and when products are featured on this website, for example the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity, and other home lending products. This compensation, however, does not influence the information we publish, or the reviews you see on this site. We do not contain the vast array of companies or financial deals that may be open to you.
About our reviews . Editorial disclosure: All reviews are prepared by staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review is correct as of the date of the review. Review the information at the top of this page and the lender’s site for the most current information.
At a glance 4.0 Rating: 4 stars out of 5
Bankrate Score
Rating of Availability: 4 stars out of 5
Cost of Affordability: 3.2 stars out of five
The Customer Service Rating is 4.6 5 stars from five
Transparency Rating 4 5 stars.
Compare rates for auto loan rates
About Capital One Loan amount of $4,000 to $75,000
Min. credit score not specified
APR not specific from
Funds are available as soon as the same day
Pros and pros and Capital One auto loans While there are perks to Capital One auto loans, there are some disadvantages to keep in mind.
PROS Prequalification Available
Personalized financing options
Perfect credit not required
CONS Two applications required
Cars are only permitted from authorized dealerships
Not available in all states
Capital One offers auto loans for new and used car purchases. The entire loan process is handled online via the Auto Navigator. You can view real rates and monthly quotes on specific vehicles available for sale through dealers who are participating. 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 buying a pre-owned vehicle, the amount 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 at least $7,500 and be able to last for 12 months. The car you’re driving must have less than 10 years of age — though there is no maximum mileage and the current loan servicer cannot include Capital One. If you own a vehicle that’s no longer being manufactured or sold, it’s not eligible for refinancing. What we like and what we do not like of the advantages and drawbacks that come with Capital One car loans. We like the fact that you can get prequalified. You can utilize the Auto Navigator to prequalify in minutes with no hard pull on your credit. Flexible financing options for you. The app on mobile allows you to view the monthly payments 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 pay higher interest rates. We do not like the fact that two applications are required. You have to fill out a credit application when you visit the dealership even if you have already been preapproved by Capital One. Only available to vehicles from approved dealerships. You can only finance vehicles through dealerships that are affiliated with Capital One. Not available in all states. Auto loans are not offered for residents from Alaska and Hawaii. How to contact Capital One Support from Capital One is accessible by chat or phone. Support representatives are available Monday through Friday between 9 a.m. until 9 p.m. ET on Saturdays from 10 a.m. until 7 p.m. ET.
Auto loan kinds offered Capital One offers financing for used and new vehicles in addition to car refinance loans.
New and used automobile loans
Quick facts about loans: $4,000 or more Terms: 24 to 84 months APR: not specified
Capital One offers financing for new and used cars at more than 12,000 participating dealers. You can apply online to prequalify and know what conditions you’re eligible for prior to you shop for the perfect ride. Additionally you can use you can use the Auto Navigator lets you adjust conditions to make an auto loan that works for your budget.If you are planning to purchase a used vehicle, it must have under 120,000 miles and be within the 10 model years. Certain exceptions apply, but you must discuss your car selection directly with Capital One. Refinance
The loan’s quick facts are between $4,000 and $75,000 Terms of the loan: 24 to 84 months APR: Not stated
Auto loan refinancing through Capital One is ideal if you’re looking to lower the amount of your monthly payments or your APR. Both options will allow you to save money, either monthly or over time, while you work towards the goal of paying off your car loan. You can also refinance through Capital One to cut down your loan time and make payments on 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 check. If you are preapproved, you’ll be able view your monthly payment and interest rate for the specific car you’re thinking of buying. You will also have the luxury of changing the loan period or down payment to create the perfect deal for you. The next step is to go to the dealer and fill out an application for credit. Capital One will pull your credit report and score before they give you a final approval. The final stage is uploading any requested documents and electronically sign your contract to seal the contract.
The information required for application must be included. Copy of your driver’s license Proof of residence Proof of income
Which Bankrate rate Capital One
Overall score
4
Accessibility
4
Minimum loan amounts that Capital One offers Capital One are fairly middle of the road, however it has a number of options for repayment terms and has wide state availability.
Affordability
3.2
Captial One’s minimum and maximal APRs aren’t listed and the site doesn’t mention an autopay discount.
Customer experience
4.6
Rates for Prequalification last for 30 calendar days and Capital One offers an online chat feature when you sign up. There is also an app and customer service is available six days a week.
Transparency
4
While it does provide prequalification, Captial One doesn’t offer a full APR range before you submit your personal information.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether fees and rates are offered and the range of APR all impact lender scores. These scores are split into four categories. The availability of loans, repayment options, dealership requirements and state availability all are a part of this section. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you’ll have to wait to buy for, the customer service hours and whether or not there’s an app and autopay payment options are all accounted within this category. Transparency: This category accounts for the accessibility of rates and fees as well as whether or not prequalification is offered.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are only those of the reviewer and have not been reviewed nor approved by any advertiser. The information such as rates and charges that are included in the review is accurate at the time of the review. Review the data in the upper right hand corner of the page as well as the lender’s site for the most up-to-date information.
Written by
Allison Martin
Allison Martin’s work began over 10 years ago as a digital media strategist. She’s published in numerous prestigious financial media 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 from late 2021. They are dedicated to helping their readers feel confident to control their finances by providing precise, well-researched and well-organized information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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