Capital One Auto Finance Review

Capital One, is a bank that started in 1994 with the vision of revolutionized growth in information and technology, is now the fifth-largest consumer bank and eighth-largest bank overall. Capital One is based in McLean, United States, and has branches in the UK and Canada as well.

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    Capital One Financing Offers 

    Capital One provide loans for the purchase of new and used vehicles, and also refinance existing auto loans at a premium rate.

    Capital One Overview

    Min Purchase APR
    3.39%
    Min Purchase Loan
    $4,000
    Purchase Min Credit Score
    500
    Refinance APR
    4.07%-24.99%
    Refinance Loan
    $7,500-$50,000
    Refinance Min Credit Score
    540
    Min monthly income
    $1,500-$1,800
    Hard Credit Check
    No
    Availability
    48 States

    How Much Can You Borrow?

    • The minimum loan is $4000, and the Maximum is $40,000 for both new and used vehicles.
    • APR is 3.24%.
    • Loan tenure varies from 24 to 84 months.

    Refinance Loans

    • the amount ranges between $7500 to $50,000 at a starting APR of 4.15%.
    • Monthly payments and APR are finalized only at the participating dealer.
    • APR is calculated based on an individual’s credit and financing characteristics like total amount, the term of payment, down payment, etc.

    What Type of Vehicles Is Eligible for Financing Loan?

    Capital One offers a financing solution to both new and used vehicles. Vehicles can be car, truck, SUV, or van. If you are planning to buy a used vehicle, then they must be a 2009 model or later with less than 120,000 miles covered.

    How Do I Qualify?

    Our Auto Navigator tool allows us to check if you pre-qualify for financing without impacting the credit score.

    How Does Auto Navigator Help Me?

    Auto Navigator helps in finding a perfect car for you. Our program helps you to search and save your choices according to your budget.

    It allows us to determine if you are pre-qualified for financing without affecting your credit score. Once you are clear with the numbers, you can head straight away to the dealer without wasting time.

    Capital One pre-qualification offer expires 30 days after submitting the request if it expires, you can re-apply, but the terms of the offer might change.

    What Does Auto Navigator Show?

    Auto Navigator clearly shows various specifications of vehicles like the model, mileage, kilometers covered, etc. from its inventory. It also indicates payment options so that you can plan your expenses and savings accordingly before deciding to buy your dream car. It shows monthly payment amount, APR, and other personal terms so that there is transparency in the selected offer.

    Loan Criteria

    • Citizenship or possessing a residence permit
    • Monthly income of $1500
    • 18+ years of age
    • Valid street or residential address
    • Driver’s license
    • Good payment history and standing with existing Capital One account
    • A credit score of at least 550

    What Documents Should I Provide?

    Proof of Residence and Income are essential documents to be submitted. It can be uploaded securely in the Auto Navigator tool or faxed.

    Supporting documents for residence proof includes utility bills, bank statements, etc. Whereas for Income proof, recent pay stubs can be requested while applying for a loan.

    Capital One Fees

    1. Origination Fee: Yes. Charged with a nominal fee.
    2. Late Fee: Yes. On-time payment helps in keeping your contract and monthly payments limit safely.
    3. Prepayment Fee: No. Prepayment fees can maximize savings by bringing down either a monthly payment or/and loan tenure.
    4. Other Fees: May include but not limited to, document fees, license fees, dealer preparation fees.

    What Is the Estimated Time for Pre-qualification and Loan Sanction?

    For new loans, pre-qualification results are known within a few minutes, but for refinancing, results can be obtained within a day.

    Loan applications are approved in an hour, and Capital One sanctions loan within seven business days from the date of application approval.

    How to Apply for a Loan?

    1. Click “Get Pre-Qualified” in Capital One auto
    2. Indicate if you are applying on your own or with a joint applicant. Fill up necessary personal and income details
    3. Carefully review agreements terms and conditions and click “Submit Information.”
    4. Once pre-qualified, visit the participating dealer with the offer and hard negotiate.
    5. After reaching an agreement with the dealer, fill the Credit Application provided by him and wait till the loan is sanctioned.

    What Payment Methods Are Supported?

    We provide online banking options to set one-time or recurring payments. Third-party payment channels are also supported like MoneyGram and Western Union.

    You can call 1-800-946-0332 to set up a payment plan over the phone or mail a cashier’s check or money order to Capital One Auto Finance, P.O Box 60511, City of Industry, CA 91716.

    Can I View Loans Online?

    You can enroll in online banking and see the loan’s timeline and also make payments. Our highly-rated app is robust with features like making a payment, changing due dates or view statements, etc.

    Pros and Cons

    Pros

    • The fast and easy application process
    • Provides options for a wide range of credit profiles
    • Handy tools and resources available

    Cons

    • Vehicle restrictions for private-party loans
    • Location-based restrictions- Not available in Hawaii or Alaska.
    • $8,000 minimum loan amount

    Is Capital One Right for You?

    Our Auto Navigator tool does a soft credit check for pre-qualification. The tool allows you to check even on minor finance details if you are buying on a tight budget. Remember, we provide loans to those who want to build their credit score. We offer a handy loan calculator if you're going to check numbers before applying for pre-qualification. Our network of dealers is from all states except Alaska and Hawaii, with millions of cars in our inventory.

    Get Financed by Capital One!

    Being in the banking and financial sector for years, we have mastered how to make the auto loan process smooth and fast. Our Auto Navigator tool and online calculators help you to select your dream car/vehicle and is transparent with terms and conditions.

    With a strong network of 12,000 dealers, we are sure of finding a dream car for you with a click. We value customers who are eager to build their credit scores and provide an opportunity to do a soft credit check online.

    Pre-qualify, submit the application, and finalize to drive home your car.