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Who are Capital One auto loans best for?
Capital One auto loans are best for people interested in prequalifying online and those who live near dealer partners. Prequalified offers provide a personalized interest rate and are specific to the car you want.
You can also adjust details such as the down payment and repayment term, then finalize the offer at the dealership. The option to receive a prequalified offer is convenient for customers who want to be prepared when heading to the dealership.
Who might Capital One car loans not be a fit for?
Capital One car loans are not a fit for people who want to finance ineligible vehicles, including certain makes, such as Daewoo, Saab, Suzuki and Isuzu. RVs, ATVs, boats, recreational vehicles and vehicles with a history of malfunctions are also ineligible.
Capital One doesn’t finance vehicles from private party sellers. It doesn’t offer lease buyouts, either.
Types of auto loans available
Capital One has two categories of auto loans: auto loan refinancing and new and used car financing.
Auto loan refinancing
With an auto loan refinance, you replace your existing loan with a new one, ideally with a lower interest rate or monthly payment. You can prequalify online by signing up for a Capital One account and providing a few details about yourself. The prequalification process uses a soft credit inquiry, which won’t affect your credit score.
After prequalifying, choose an offer and formally apply. After Capital One verifies the information you provide, it runs a hard credit pull, which might cause a small, temporary drop in your credit score.
If Capital One approves your application, you can finalize the loan, which typically involves signing a loan agreement. Once the new loan is finalized, Capital One will pay off your old loan and help transfer the vehicle title. You then start making payments on your new auto loan.
New and used car loans
Capital One offers financing on new and used vehicles. You can prequalify online and customize your prequalified offer before visiting the dealership. Financing is available for most popular makes, such as Ford, Chevrolet, Honda and Toyota.
You can also choose from new, used and certified pre-owned vehicles with Capital One’s Auto Navigator service. Auto Navigator allows you to search available inventory by zip code and specify the makes and models you want to see.
Capital One car loan details
Compare your new and used vehicle financing needs to Capital One’s loan offerings.
- Rates: Starting auto loan rates for 60-month and 72-month terms for new and used vehicle financing are competitive. However, annual percentage rates and monthly payments are not finalized until you visit a dealership.
- Minimum financing amount: Capital One’s minimum financing amount is $4,000. It doesn’t specify a loan maximum.
- Terms: Repayment terms provided online are from 24 to 84 months.
- Mileage: Financed vehicles must have fewer than 120,000 miles and a model year of 2009 or newer. Vehicles with a 2007 and newer model year and fewer than 150,000 miles might also be accepted.
Capital One’s refinance loans are between $7,500 and $75,000. However, your loan amount depends on your credit, income, the vehicle you finance and the amount you owe. Refinanced vehicles can’t be older than 10 years and must have an established resale value. Vehicles must be located within the lower 48 states.
Capital One auto loan requirements
Capital One doesn’t share many requirements online for its auto loans or its refinancing. For example, it doesn’t indicate a minimum credit score or debt-to-income ratio to qualify for a loan. However, you must have a minimum monthly income of $1,500 or $1,800, depending on your creditworthiness.
You need to be at least 18 years old and have a valid address in the lower 48 states to qualify. If you have existing Capital One accounts, they must be in good standing.