Capital One review: Compare auto and business loan offers | finder.com

Capital One loans

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Bank loan options if you’re interested in buying a new vehicle or expanding your business.

Although Capital One has a limited number of loan options, the low rates and variable terms make them competitive. Our guide discusses why an auto loan or business loan from Capital One might be good for you and what you’ll need to know before you apply.

Capital One logo

What types of loans does Capital One offer?

Capital One has a few loan options for business owners and excellent rates for people looking to finance their next vehicle purchase.

  • Business loans. You can build your business by taking out a line of credit or opting for an equipment, vehicle, real estate or installment loan from Capital One. Borrowing amounts typically start at $10,000
  • Auto loans. Capital One funds auto loans between $4,000 and $40,000. You can use an auto loan to purchase a new or used car, or you can refinance a previous auto loan for a possibly lower interest rate.

What about other loan types?

As of November 2017, Capital One no longer offers home loans. This bank doesn’t offer personal loans or student loans either.

If you’re interested in an unsecured personal loan, check out our list of best Capital One personal loan alternatives to find another provider. Borrowing for school? Consider these three Capital One alternatives.

Why should I consider taking out a loan with Capital One?

Not only is Capital One a trusted bank, but it gives borrowers multiple options when it comes to checking on their loan status or paying down their debt.

  • Simple interest on car loans. As you pay down the principal on your auto loan, the interest you’re charged each month is lower because of Capital One’s use of simple interest.
  • Mobile app. Capital One has a mobile app to set up recurring payments and manage your accounts.
  • Multiple payment methods. You can choose to make payments to your loan account online, through MoneyGram or Western Union, through the Capital One mobile app, over the phone or by mailing a cashier’s check, personal check or money order to Capital One.
  • No prepayment penalties. Capital One doesn’t charge a fee when you choose to make additional payments. However, how your payment is applied will depend on when you send it in. To pay your next monthly payment, you must send in your payment within 30 days of the due date. Otherwise the additional payment will simply reduce your principal.

How much will it cost me to borrow from Capital One?

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%–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.

Are Capital One loans safe?

Yes. Capital One has a secure encryption service to protect your information on the Capital One 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.

How to apply for a loan from Capital One

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, as you won’t be able to apply online. If you’re applying for an auto loan, our review can walk you through the steps for prequalification.

Eligibility requirements for business loans:

  • Be in business for at least two years
  • Have a business checking account or open a Capital One business checking account
  • Be a for-profit business
  • Have no current tax liens on your business
  • Live in an eligible state

Eligibility requirements for auto loans:

  • Have a minimum monthly income of $1,500 to $1,800
  • Your existing Capital One accounts are in good standing
  • Be at least 18 years old
  • Be a US citizen or permanent resident

Pros and cons

Pros

  • Simple daily interest. There are a few ways interest can be calculated for auto loans, but Capital One chooses to use simple interest — meaning you’ll be paying less in interest as you pay off the loan principal.
  • Variety of business loans. From financing equipment to buying real estate, Capital One has a variety of loan options for business owners looking to expand their operations.
  • SBA options available. Looking for a longer loan term and lower interest rates? You can apply for an SBA 504 to finance equipment or real estate or an SBA 7(a) to increase capital for whatever your business needs.
  • Find a car through Capital One. Capital One has over 12,000 dealers in its network to help you find a car and view its actual monthly payment and APR based on your prequalification offer.

Cons

  • No personal loan options. Like many other banks, Capital One doesn’t lend personal loans. If you’re interested in funding a big event like a wedding or consolidating your debt, we have a list of loan alternatives.
  • Home loans no longer offered. Although Capital One previously financed buying your home or drawing from its equity, this service isn’t available as of November 2017.
  • More credit card options. Capital One is known for its credit cards. Unless you need an auto loan or have a specific business loan in mind, you’ll likely be better off applying for a credit card from Capital One or browsing your loan options elsewhere.

Compare more auto and business loan providers

Rates last updated November 14th, 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 Min. 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.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better 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.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

Rates last updated November 14th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Lending Express Business Loan Marketplace
$5,000
$500,000
3+ months in business and $10,000+ monthly revenue or 6+ months in business and $2,000+ monthly revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

Bottom line

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 or home loan through your Capital One account, the low interest rates and fixed terms available for its other loan options makes Capital One a competitive lender in the markets it chooses to work in.

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 car loans.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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