At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About Capital One
-
Loan amount
From $4,000
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Min. credit score
Not specified
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APR from
Not specified
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Funds available in
As soon as the same day
Capital One auto loans: 2024 review
Published 2024-09-09 14:00:00
Written by
Edited by
Capital One is best for borrowers with low income who want to prequalify
You don't have to have perfect credit to apply for an auto loan with Capital One. While the best rates go to borrowers with the highest credit scores, you're not out of luck if you have fair credit or a low income — it only requires a minimum monthly income of $1,500.
Capital One also allows you to prequalify ahead of submitting a full application, meaning you'll know the potential rates and terms you qualify for without dinging your credit. This makes it useful for shopping around and finding the best auto rates available before you apply.
Types of car loans that Capital One offers
| New/used car loans | Refinancing | |
|---|---|---|
| APR | Not specified | Not specified |
| Loan amounts | From $4,000 | $7,500-$75,000 |
| Loan terms | 24-84 months | 24-84 months |
New and used auto loans
Capital One offers financing for new and used car purchases at nearly 12,000 participating dealerships nationwide. Prequalification takes just a few minutes online, and you're not obligated to use Capital One's financing if you get a better offer elsewhere — even if you find the car you buy using its Auto Navigator service.
In most cases, used cars will need to be within 10 model years and have fewer than 120,000 miles. There are some exceptions, but you'll need to contact Capital One directly.
Refinance auto loans
Capital One provides a fairly standard auto loan refinancing option. With terms of 24 to 84 months, you can either shorten your term and potentially pay less interest overall or lengthen it and reduce your monthly payment.
Because Capital One doesn't advertise its APR ranges, you'll want to prequalify to see if refinancing with a loan from it would actually save you money. Get your potential rates and terms and use a refinance calculator to be sure you're saving.
Where Capital One stands out
- Prequalification offered: Capital One allows you to check your potential rates and terms with a brief form without hurting your credit.
- Mobile app: You can browse cars at thousands of dealerships, prequalify for financing and view potential monthly payments all on your smartphone.
- Low income requirement: Capital One’s minimum monthly income requirement of $1,500 is exceptionally low.
Where Capital One falls short
- Qualification requirements not provided: Capital One doesn't publish its minimum credit score or income details on its site — you must contact customer service or prequalify.
- Limited to approved dealerships: You are only permitted to finance vehicles from dealerships within Capital One's network.
- Not available in all states: Auto loans are not offered to residents of Alaska and Hawaii.
Capital One customer resources
Customer support
Capital One has a number of customer support options to choose from. While you can go into one of its many branch or cafe locations to talk to someone in person, you can also contact Capital One Auto Navigator customer service by phone or chat. Phone support hours are 9 a.m. to 9 p.m. ET on weekdays and 10 a.m. to 7 p.m. ET on Saturdays.
Digital experience
Overall Capital One provides a solid digital experience for its auto loan customers. There is a mobile app for using the Auto Navigator specifically that allows you to shop, prequalify and check potential monthly payments. As of August 16, 2024 the app has an App Store rating of 4.8 with over 22,300 reviews, and a Google Play rating of 4.4 with almost 2,500 votes.
How this lender compares
Two lenders that you might also consider for auto loans alongside Capital One are PNC and U.S. Bank. Both are larger financial institutions similar to Capital One and have comparable offerings.
Capital One vs. PNC
You'll find more information about PNC Bank's auto loans online before prequalifying. You can view rate ranges on its website by entering your ZIP code and the loan amount you want. Another big benefit it offers is its lack of dealership requirement — you aren't confined to only using a set network of dealerships.
While neither bank lists its credit score requirements online, Capital One at least provides a necessary minimum income. If you have a lower monthly income, Capital One may be the better bet between the two.
Capital One vs. U.S. Bank
Like PNC, U.S. Bank auto loans lack Capital One’s dealership restrictions — making it much easier to shop around for the best car. Unlike Capital One, U.S. Bank also offers lease buyout loans, allowing you to finance the purchase of your leased vehicle.
Despite its flexibility when it comes to shopping, U.S. Bank has a strict credit requirement around who gets its best rates — you’ll need a credit score of 800 or higher. For those with more average scores, Capital One might be a better choice. Both offer prequalification, so check your rates before submitting a full application.
Do you qualify for a Capital One auto loan?
Capital One only publishes part of its auto loan requirements online. You will need to:
- Make at least $1,500 per month.
- Be at least 18 years old.
- Have an address in an eligible state.
All loans must meet the minimum requirements outlined, including amount ranges and loan terms. There are additional restrictions if you're refinancing. If you own a vehicle that’s no longer being manufactured, it’s ineligible for refinancing. Commercial vehicles are also ineligible.
How to get a Capital One auto loan
It's important to get prequalified ahead of applying to check your rates, terms and potential payments. Your prequalification lasts for 30 days before expiring, giving you plenty of time to shop for the ideal car.
- Find a car using Auto Navigator: Since Capital One auto loans can only be used with qualifying dealerships, you'll need to use Auto Navigator to find your new ride.
- Visit the dealership: The next step is to visit the dealership and take a test drive. If you're sold on the car, complete a credit application. Capital One will pull your credit report and score to issue a final approval.
- Finalize documents: The last step is to upload any requested documents and e-sign your contract to seal the deal.
How Bankrate rates this lender
| Overall score | 4.1 | |
|---|---|---|
| Availability | 4.2 | The minimum loan amounts offered by Capital One are fairly middle of the road, but it has a number of options for repayment terms and has wide state availability. |
| Affordability | 3.5 | Capital One's minimum and maximum APRs aren't available, and it doesn't offer a discount for autopay. |
| Customer experience | 4.8 | Prequalification rates are valid for 30 days, and Capital One offers an online chat function once you sign up. It also has an app, and customer service is available six days a week. |
| Transparency | 4.0 | While it does offer prequalification, Capital One doesn't offer a full APR range before you hand over your information. |
Methodology
Bankrate's trusted auto loans industry expertise
48
years in business
37
lenders reviewed
18
loan features weighed
666
data points collected
The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
What customers think
What people are saying across the web about Capital One
Reviews for Capital One online skew negative when it comes to some third-party aggregate sites, like Trustpilot and Better Business Bureau. It earns less than 2 out of 5 stars with both, though the majority of reviewers cite dissatisfaction with products other than its auto loans. Though not specific to auto loans, there is a theme of reviewers having a difficult time with customer service.
Comparatively, the over 11,300 reviews on the Capital One site, managed by Bazaarvoice, average out to 4.8 stars. Customers praise the speed of the process and ease of using Auto Navigator.
Community Capital One scores
AUTO LOAN
Capital One
Dive into community reviews below and see what others think about Capital One.
4.1
22
ratings
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are unedited and have not been reviewed or approved by the associated lender.
Score breakdown
5 stars
41%
4 stars
32%
3 stars
27%
2 stars
0%
1 star
0%
Score by category
Overall rating
4.1
/ 5
Fees & closing costs
3.6
/ 5
Funding time
3.9
/ 5
Customer service
4
/ 5
Application process
4.2
/ 5
Online portal or mobile app
3.6
/ 5
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.
Community Reviews
See what users like you are saying about Capital One.
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
It has shown good signs in loaning money
Loan purpose
New car loan
Score by category
Fees & closing costs
4
/ 5
Funding time
4
/ 5
Online portal or mobile app
5
/ 5
Customer service
5
/ 5
Application process
5
/ 5
Key Questions
Would you recommend this lender to a friend or family?
Yes
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Anonymous Borrower
August 20, 2024
Describe your experience with the application process
It was comparable with other loans I've applied for.
Loan purpose
New car loan
Score by category
Fees & closing costs
3
/ 5
Funding time
3
/ 5
Online portal or mobile app
3
/ 5
Customer service
3
/ 5
Application process
3
/ 5
Key Questions
Would you recommend this lender to a friend or family?
No
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Loan purpose
Score by category
Key Questions
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Written by
Rhys Subitch
Editor, Personal Loans, Auto Loans, and Debt
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about personal loans products for every part of life.
