Capital One auto loans review September 2018 | finder.com

Capital One auto loans review

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

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
Minimum Loan Term3 years
Maximum Loan Term6 years
RequirementsValid street address; existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.
  • Minimum monthly income of $1,500
  • Existing Capital One accounts in good standing
  • Eligible vehicles include: cars, light trucks, minivans and SUVs only
  • Used cars must be 2006 model or newer and have under 120,000 miles
  • Valid street address
  • Age 18 or older

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

Rates last updated September 23rd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
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.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or poor credit
Minimum of 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.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
670
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Capital One Auto Financing
You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
Good to excellent credit
36 to 72 months
Valid street address; existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.
Wells Fargo Auto Loans
Auto loans with high loan amounts to cover your car purchase or refinancing needs.
Good to excellent credit
1 to 6 years
Your income and assets must support your existing debt obligations and the desired loan amount.

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.

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