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Capital One auto loans review
Last updated:
Borrow up to $40,000 from a limited network of dealers.
finder.com’s rating: 3.2 / 5.0
★★★★★
This national bank offers financing for both new and used cars through its Auto Navigator program. You may be able to qualify for a low interest rate and a loan of up to $40,000. But it’s only available for a limited number of types of vehicles and through its network of dealerships.
$4,000
Min. Loan Amount
$40,000
Max. Loan Amount
3.24% (As low as)
APR
Details
| Product Name | Capital One Auto Financing |
|---|---|
| Min. Loan Amount | $4,000 |
| Max. Loan Amount | $40,000 |
| APR | 3.24% (As low as) |
| Interest Rate Type | Variable |
| Requirements | Valid 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 states are Capital One auto financing available in?
Capital One auto financing is available nationwide. However, some states have restrictions on used cars: In many, your car must be a 2008 model or newer.
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.
How do Capital One auto loan rates work?
Capital One rates start at 3.99% APR for borrowers with excellent credit. However the rate you get can be affected by factors such as your credit score, credit history, debt-to-income ratio — as well as the type of car you choose.
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 3.99% from Capital One.
What are the benefits of Capital One auto financing?
- 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. Capital One’s Auto Navigator guides you through the car-buying process from start to finish.
- Compare rates by type of car. Auto Navigator allows you to find the best deal on financing and sticker price when shopping for a car.
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 accepts Capital One financing and you can’t use this loan to pay for a private party purchase.
- Poor customer reviews. Capital One customers only gave it just over 1 star on the Better Business Bureau website and a 4.3 out of 10 rating on Trustpilot as of June 2019.
- Limited number of vehicles. Auto Navigator will only show the cars available near you. So your selection depends on what’s available.
- Potentially high overall cost. Capital One might offer 72-month terms, but this increases the total cost of your loan. Use our car loans calculator to help you find the shortest term you can afford.
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What do customers about Auto Navigator?
Because Capital One is mainly known for its credit card offers, there isn’t much online about Capital One’s car loans as of June 2019. However, users on TrustPilot and the Better Business Bureau 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.
How do I apply?
Applying for prequalification is a simple 5-step process.
- Select whether you’re submitting an individual or joint application.
- Supply your personal information. This includes your full name, email, phone number, Social Security number and date of birth.
- Enter your address, how long you’ve lived there and whether you rent or own.
- Provide your employment information. State your employment status, employer, job title, time at the company and your annual income before taxes.
- 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
I got prequalified. What’s next?
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. Consider signing up for automatic repayments so you don’t have to worry about each out to customer service at 800-946-0332 if you have any questions or concerns.
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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