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Capital One auto loans review

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Capital One Auto Financing
3.7
★★★★★
Finder score
Min. Loan Amount
$4,000
Max. Loan Amount
$40,000
APR
Starting at 3.24%

Our verdict

Midsize loans for current customers of this national bank.

Capital One offers standard auto loans for borrowers with current accounts. Provided you aren't shopping for anything too expensive — and are willing to work with one of its dealerships — you may be able to find a good loan for your next car.

But Capital One doesn't have the best history of customer service. It also doesn't provide much information about its rates, which could make it hard to compare with other lenders.

Consider more auto loan options to see what you could afford before you shop at a dealerships.

Pros

  • Coapplicants accepted
  • Auto Navigator helps compare rates by car
  • Standard 30-day preapproval
  • Finance as little as $4,000

Cons

  • Not transparent about potential rates
  • Poor customer reviews
  • Must shop at participating dealerships
  • Must have existing Capital One account

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Min. Loan Amount $4,000
Max. Loan Amount $40,000
APR Starting at 3.24%
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

Capital One reviews and complaints

BBB accredited Yes
BBB rating A
BBB customer reviews 1.14 out of 5 stars, based on 493 customer reviews
BBB customer complaints 7,116 customer complaints
Trustpilot Score 1.4 out of 5 stars, based on 410 customer reviews
Customer reviews verified as of 16 October 2020

Because Capital One is mainly known for its credit card offers, there isn’t much online about its car loans. However, users on its Trustpilot and the BBB pages 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 Capital One compares to other lenders

Name Product Filter Values Minimum credit score APR Loan term Requirements
LightStream Auto Loans
Good to excellent credit
Competitive
2 to 7 years
Must have a good to excellent credit profile, be a US citizen or a permanent resident with a valid green card, have a valid Social Security number, credit card verification requested upon loan approval and have a valid US address.
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
CarGurus
CarGurus
Varies
Varies depending on the lender
3 to 6 years
Varies depending on the lender
CarsDirect auto loans
No minimum credit score
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Carvana
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.
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Capital One rates, fees and terms

Capital One rates start at 3.24% 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. It isn’t clear what fees you could be charged or the maximum APR it offers.

But unlike many lenders, it’s upfront about the amount you can borrow. You can finance as little as $4,000 through Capital One, and loan terms last anywhere from 36 to 72 months.

What types of car loans does Capital One offer?

Capital One offers three loan options:

  • 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 2010 model or newer with less than 120,000 miles. However, there are cases where Capital One will finance a 2008 model with less than 150,000 miles.
  • Auto refinancing. Capital One allows you to refinance vehicles that have resale value and are seven years old or newer.

Capital One requirements

Capital One has a few basic requirements for borrowers and the vehicles it finances.

Personal requirements

  • Must finance at least $4,000
  • Minimum monthly income of $1,500 or $1,800, depending on credit score
  • Existing Capital One accounts in good standing
  • At least 18 years old

Vehicle requirements

  • Vehicle intended for personal use
  • 2010 model year
  • Fewer than 120,000 miles
  • Available at a participating dealership

How the application works

Capital One allows you to apply as an individual or with a coapplicant. To get prequalified, you’ll need to submit some information about yourself and your finances, including your income and Social Security number.

If you’re prequalified, you can use your finances to shop at participating dealerships for up to 30 days. The dealership will present you with a final loan contract.

How do repayments work?

Although the dealership you buy from will be the primary lien holder on your vehicle, Capital One will still service your loan. To make a repayment, you can log in to your Capital One account online or through its mobile app. From there, you can schedule a one-time payment or set up recurring payments. If needed, you can also change your due date — but it isn’t clear how many times you can do this.

You can also make payments by mailing a cashier’s check, money order or personal check to Capital One or by sending a payment through Western Union or MoneyGram.

What sets it apart

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.

Not all dealerships work with Capital One — and if you don’t already have an account, you won’t be able to apply. You can compare more car loan options to see what other rates you might qualify for.

Car loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate car loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate car loan providers to get a better picture of what goes into each star rating.

Frequently asked questions

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Kellye Finder

Writer

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Jerry

October 10, 2018

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


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Anndy Finder

October 14, 2018

Hi Jerry,


Thanks for your question.


Capital One does not offer financing for borrowers who are buying from private party sellers. However, we do have a list of car lenders who may be able to lend you money to buy the car you desire.


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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