Although Capital One has a limited number of loan options, the low rates and variable terms make them competitive. But if you need more flexibility in your spending, you’re likely better off opting for a credit card.
Capital One only has two loan options: business loans and auto loans.
Unfortunately, you won’t be able to finance other loans through Capital One. It doesn’t offer personal loans or student loans, and as of November 2017, Capital One no longer offers home loans.
The fee schedule for a business loan from Capital One depends on the type of loan you choose to borrow and the terms outlined in your loan contract. Term loans typically have APRs from 5.9% to 18.65%. You’ll need to apply and read your personalized offer to estimate how much you’ll end up paying for your business loan.
The cost of an auto loan depends on your APR and the amount you need financed. For example, if you take out an auto loan for $30,000 and have an APR of 8.25% for a term of 60 months, your monthly payment will be $612 and you’ll end up paying $36,713 over the course of your loan. Your prequalification offer should outline this information, but it may change depending on your credit when you submit a complete application.
Although Capital One has an A+ rating and is accredited by the Better Business Bureau (BBB), it has nearly 200 customer reviews that rate it at just over one star and over 5,000 complaints.
The details of the complaints are hidden. The focus of the negative reviews is mainly on Capital One’s credit card options, but many reference a bad experience with customer service.
One person who had borrowed an auto loan complained about issues with payments not being processed correctly and receiving no notification for a failed payment. Another person stated that payments were posted incorrectly, resulting in a negative mark on their credit report — although Capital One acknowledged it was at fault, it wouldn’t remove the negative mark.
The overall negativity of previous borrowers toward customer service is a red flag, but it still pays to look into it yourself. After all, many people only post when they have problems and don’t send in positive reviews. Call or chat with Capital One when you’re thinking of borrowing a loan to see how you fare with its team.
Yes. Capital One has a secure encryption service to protect your information on its website. In addition, there is an entire page on security you can read to learn how Capital One works to protect you. It’s also easy to contact Capital One: Simply click Contact on the website’s top navigation bar, and you can find specific information for each of Capital One’s services.
Because auto loans and business loans serve different purposes, the application processes are quite different for each. If you’re applying for a business loan, visit your nearest Capital One location to discuss your loan options — you won’t be able to apply online.
Eligibility requirements for business loans:
Your business must
Eligibility requirements for auto loans:
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Capital One has a a select number of loan options to cover basic business needs and personal car purchases. While you won’t be able to take out a personal loan, student loan or mortgage through Capital One, the low interest rates and fixed terms available for its other loan options still make it a competitive lender.
To learn more about your loan options for your business or buying a new or used car, check out our guide to business loans or our page on auto loans.
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