![]() ![]() (Image credit: Capital One) Capital One Auto Loan review: Serviceĭespite the unknowns, if you’re happy to commit to the Capital One way of doing things, an impressive and professional auto loan service awaits. This means that there is a chance that your rate and terms could change, and your credit report will have undergone a hard inquiry at this point too. It is only once you’re at the dealer to start the car-buying process and complete a formal loan application that your offer will be finalized. ![]() If you qualify, also be aware that this offer isn’t a loan approval. Beyond knowing that the APR you will pay will depend on your credit application and vehicle, basic rate information is difficult to find too - there certainly isn’t the level of transparency that is available with LightStream, for example.Įssentially, you’ll only get an idea of the APR and payment terms once you’ve pre-qualified and selected a car. What we can’t tell you is much about the rates you might be charged. There is no application fee either, and late fees are also likely if you fall behind with payments. What we can tell you is that loan terms at Capital One range from 24 to 84 months, and the minimum new or used car loan amount is $4,000. Capital One Auto Loan review: Essential details It’s a little frustrating, but eventually you should be able to complete everything online, and customer service is contactable by phone on all days except Sunday if you need help. That said, there are times when the website appears to take you on a bit of a loop, with every click of a ‘learn more’ button taking you to the top of the page you’re already on. Capital One Auto Loan review: Application processĪs you would expect from a company so focused on technology, it’s generally a professionally managed application process that provides information and direction throughout. It is only when you start to finalize the details with the dealership that a hard pull credit inquiry will be made. However, what it does have in its favor is the option to pre-qualify without impacting your credit score, and this is when you’ll find out what you might be eligible for. In terms of the type of credit rating you might need to secure an auto loan with Credit One, there is little upfront detail to be found. Capital One Auto Loan review: Eligibility The mission of Capital One is to “change banking for good”, and with credit cards and checking and savings accounts among its other consumer-facing offerings, it should be a familiar name to anyone looking to secure a top auto loan. What this means is that you can only buy from a dealership that is affiliated with Capital One, but with the company working with over 12,000 participating dealerships, there is terrific choice to be had. Its proposition requires you to use its Auto Navigator tool to search for your new car, with the potential loan options and terms following from there. However, while most auto loan providers are happy for you to take a loan and use the funds to buy whatever car you want, Capital One is rather different. Capital One provides auto loans for new and used car purchases or will refinance your current auto loan. ![]()
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