Founded in 1994, Capital One has since acquired over $360 billion in total assets. It is one of the largest banks in America and is currently the second largest auto finance company in the country. Capital One is based in Virginia, but offers a wide range of financial products across the United States.
Loan types and restrictions
With its nationwide network of car dealerships, Capital One is one of the best banks for car loans. Whether you want to buy a new or used vehicle, Capital One will help you find the most appropriate option. You can also choose between individual and joint loans, the latter being an ideal choice if you are buying a car with your spouse. With joint loans, you can get a better loan rate and borrow more money.
As for the Capital One refinance, the bank only refinances standard car loans with a single lien holder on the car title. You must refinance the full amount of your auto loan, and there is no repayment offer or lease buyout option.
Despite this, Capital One remains one of the leading auto loan refinance banks. If you decide to refinance your credit with Capital One, it won’t affect your credit score and you can save an average of $75 per month.
Of course, you can also get new and used car financing. These loans can be used to purchase cars, trucks, sport utility vehicles for personal use, and minivans. The vehicle must not be more than seven years old. There are also restrictions on certain car models and brands, including motorhomes and motorhomes, Oldsmobile, Daewoo, Saab, Suzuki and Isuzu vehicles.
Finally, the car must be from Capital One’s network, but with over 12,000 eligible dealerships, that shouldn’t be a problem.
Loan requirements and conditions
When you apply to the bank for a car loan, you must meet their unique set of requirements. Capital One’s requirements are in line with industry standards, which means applicants must be US residents who are at least 18 years old and have a stable income.
Income requirements range from $1,500 to $1,800, depending on the company’s investigation of your creditworthiness.
The APR range is from 2.99% to 24.99%, depending on several factors, including loan amount and loan term, loan-to-value ratio, down payment, and vehicle features. As for the loan amount, the minimum you can apply for is $4,000, while the maximum is up to $75,000.
After completing a prequalification process, you will be notified of the APR, monthly payments, and term length.
Capital One may not be the best place for affordable auto financing, but that doesn’t mean people with lower credit scores can’t get a good deal.
One of the reasons Capital One is among the most popular places for auto loans is its simple and effective online prequalification tool. Auto Navigator helps you find a vehicle and a dealer in a few easy steps without impacting your credit score.
Its intuitive interface gets top marks for browsing efficiency, letting you perform quick and comprehensive online searches on any device you use. During prequalification, you can customize your purchase and compare your monthly rates from different dealers.
It will allow you to scroll through several auto loan rate options and help you choose an option that fits your budget.
According to numerous online reviews, Capital One has excellent customer service. There’s no live chat or email support, but you can reach agents by phone Monday through Friday from 9 a.m. to 9 p.m. and Saturday from 10 a.m. to 7 p.m. ET.
- Quick online application
- Reasonable requirements
- Save on refinancing your car