Capital One auto loans review May 2019 | finder.com

Capital One auto loans review

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Capital One Auto Financing

You could qualify for a loan of up to $40,000, but not all dealers accept this bank’s financing.

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★★★★★

Buying a car comes with its own hassles. Capital One provides an answer to the question of financing. With loans for both new and used cars, you may be able to qualify for a low interest rate and a loan of up to $40,000.

Capital One financing is available for four types of vehicles: cars, light trucks, minivans and SUVs. If you’d like to finance another type of vehicle, you’ll have to find a different provider. We break down the perks and drawbacks of Capital One car loans below.

Product NameCapital One Auto Financing
Min. Loan Amount$4,000
Max. Loan Amount$40,000
APR3.24% (As low as)
Interest Rate TypeVariable
RequirementsValid street address, existing Capital One account in good standing, buying 2009 model or newer with less than 120,000 miles

First, do I qualify?

Before you get started on a car loan from Capital One, to be eligible you’re required to:

  • Have a minimum monthly income of $1,500 or $1,800, depending on credit score.
  • Have your existing Capital One accounts in good standing.
  • Be at least 18 years old.
  • Have a valid street address.

What makes Capital One different?

Capital One is known for its credit card options, but the company also offers tools to help you find and finance your next vehicle. Not only can you filter your search by dealer and car, but loan terms could include the price of the car as well as the tax, title and other relevant fees, lowering your total out-of-pocket cost.

What types of auto loans can I get through Capital One?

With Capital One, you can apply for a single or joint loan to cover the purchase of a new or used personal vehicle from a participating dealer.

  • New car loan. Provided your chosen vehicle costs between $4,000 and $40,000, you can use a Capital One car loan to finance your purchase.
  • Used car loan. Your vehicle must be a 2006 model or newer with less than 120,000 miles. However, in some states Capital One may require the vehicle be 2008 or newer.
  • Auto refinancing loan. If you already have a loan but are looking to refinance, you may qualify for an APR as low as 3.39% from Capital One.

What are the benefits of Capital One car loans?

  • Prequalify without impacting your credit. Capital One allows you to fill out a brief application to see if you might qualify for a loan, and since they conduct a soft credit inquiry, it won’t impact your credit.
  • Quick financing calculator. Don’t want to fill out an application? Capital One has a financing calculator that allows you to see the potential terms of a car loan before you apply.
  • Browse available cars and rates. Since your loan terms vary by the type of car, Capital One allows you to save the cars you’re interested in to compare the potential terms for various makes and models.

Are there any potential drawbacks?

  • Prequalification doesn’t mean approval. A prequalification offer from Capital One doesn’t guarantee you’ll be approved. You’ll still have to negotiate with the dealer and investigate your other loan options.
  • Available at select dealers only. Not every dealer will accept Capital One financing. If you’re not sure which ones will in your area, you can find one through Capital One’s participating dealer search.
  • Limited number of vehicles. Capital One’s Auto Navigator will only show the cars available near you. So your selection depends on what’s available.

Compare more car loan providers

Updated May 24th, 2019
Name Product Filter Values Minimum Credit Score Loan Term Requirements
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
SuperMoney Auto Purchase Loans Marketplace
SuperMoney Auto Purchase Loans Marketplace
600
1 to 7 years
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
300
Varies by lender
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

How do online reviews rate car loans from Capital One?

Because Capital One is mainly known for its credit card offers, you won’t find much information from previous customers regarding the company’s car loans. However, users on TrustPilot and other forums have noted that the customer service department is slow to respond to claims.

Other borrowers have had more positive experiences, especially those who have filed for bankruptcy in the past or have faced bad financial situations. They state the application is easy to fill out and the car finder available on the website has helped them pick out the right car with a low interest rate.

When it comes to online reviews, attempt to balance the positive with the negative so that you can make an informed decision.

How do I apply?

Applying for prequalification is a simple 5-step process.

  1. Select whether you’re submitting an individual or joint application.
  2. Supply your personal information. This includes your full name, email, phone number, Social Security number and date of birth.
  3. Enter your address, how long you’ve lived there and whether you rent or own.
  4. Provide your employment information. State your employment status, employer, job title, time at the company and your annual income before taxes.
  5. Review your application before agreeing to the terms and conditions.

You will also need to provide proof of residence and monthly income to Capital One in order to receive a prequalification offer.

Step-by-step application with screenshots

In which states does Capital One require a used vehicle to be a 2008 model or newer?

A used vehicle must be a 2008 model or newer in the following states, territories and military states:

  • Connecticut
  • Delaware
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Massachusetts
  • Michigan
  • Maine
  • Maryland
  • Minnesota
  • North Carolina
  • New Hampshire
  • New Jersey
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Virginia
  • Vermont
  • Washington
  • Wyoming
  • Washington DC
  • Armed Forces Africa, Canada, Middle East and Europe (AE)
  • Armed Forces Americas (AA)
  • Armed Forces Pacific (AP)

What happens after I am prequalified for the loan?

You’ll need to take your prequalification offer to a qualified dealer. The dealer submits your credit application to Capital One so your information can be verified. If you decide to finance your purchase through Capital One, you’ll need to sign a contract with the dealer, which will be listed as the original creditor, and the dealer assigns Capital One the loan.

After this process is complete, you’ll begin making payments on your loan based on the terms of your contract.

Bottom line

Capital One provides useful tools to help you see if you qualify for financing. If you don’t feel like filling out its application, you can even just use its financing calculator to see the potential terms of a car loan before you apply.

But not all dealers accept Capital One financing, so you’ll need to confirm this before moving forward. As always, compare your car loan options before going with a particular provider to make sure you’re getting the best deal for your needs.

Frequently asked questions

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2 Responses

  1. Default Gravatar
    JerryOctober 11, 2018

    Can I get a auto loan if you are buying the car privately

    • Avatarfinder Customer Care
      AnndyOctober 15, 2018Staff

      Hi Jerry,

      Thanks for your question.

      Capital One does not offer financing for borrowers who are buying from private party sellers. However, you may be able to borrow from some of the lenders on this page.

      In our comparison table, please enter your credit score range and your state so you’ll be able to check the lenders that meet your criteria. Before you make a decision, kindly review the relevant product disclosure statement and eligibility criteria of the loan. Most of these lenders do not directly advertise their availability if you are buying from a private seller so it would be best if you contact them directly to confirm.

      I hope this helps Jerry.

      Cheers,
      Anndy

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