Capital One Auto Finance offers customers who have met the necessary requirements various choices for financing and refinancing their automobile purchases. Borrowers have the option of conducting preliminary research and comparison shopping online before physically visiting a participating dealer to complete the purchase of their vehicle.
Your credit score will not be impacted in any way by the prequalification process, which is offered for both lending and refinancing. The year 1994 marks the beginning of its existence.
Best Features
Purchasing a vehicle is now a breeze thanks to Capital One’s Auto Navigator.
You can check if you are pre-qualified for a loan or refinance with Capital One without it having any impact on your credit score.
The maximum amount that Capital One will refinance for an existing auto loan is $50,000.
Drawbacks
Only autos that have been purchased from a Capital One participating dealer are eligible for financing through the company.
Your existing lender must meet a set of requirements in order for you to even be evaluated for a refinance.
What Varieties of Automobile Lending Do You Have Available, Capital One?
Personal loans for new or used automobiles, trucks, minivans, or sport utility vehicles can be obtained through Capital One Auto Financing; however, the vehicle must be purchased through one of the company’s participating dealers. To qualify for financing, you’ll need to have a down payment of at least $4,000, and the vehicle can’t be more than ten model years old or have more than 120,000 miles on it.
Refinancing of auto loans is another service provided by Capital One. Eligible vehicles must be less than ten years old and have a payoff amount ranging from $7,500 to $50,000. At least one applicant or co-applicant must be listed as a registered owner on the vehicle title. Additionally, you must be up to date on payments for both your existing loan and, if applicable, your mortgage loan. If you meet all of these requirements, then you may be eligible for a loan.
How Does the Loan Process Work for Capital One Auto Loans?
To get started on the process of buying an automobile, start by filling out a prequalification application online. This will only involve a soft credit check, which does not have any bearing on your credit score, and the decision regarding your application could come in as little as a few minutes.
In the event that your application is successful, you will be sent a customized offer that details the paperwork that you will need to bring with you to the dealership in order to complete the transaction. This paperwork may include evidence of your identity, income, and place of residence.
After that, look for a car using Capital One’s Auto Navigator and do some comparison shopping. It’s a good idea to give the dealership you’re interested in a call before you go there to make sure the vehicle you want is still in stock and to get answers to any questions you might have.
Upon arriving at the dealership, you will need to introduce yourself as a prequalified Auto Navigator customer and present your customized offer along with any necessary documentation.
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You are going to be asked to fill out a credit application that is specific to the vehicle that you are interested in purchasing, which may result in one or more hard inquiries being posted to your credit report. You will be required to sign a retail installment contract in order to complete the purchase. This contract will detail the terms of both the purchase and the financing.
You will need to go through the prequalification process again if you want to refinance a vehicle through Capital One, and you should receive a decision on your application within twenty-four hours, on average. If your application is accepted, the next steps are to fill out a credit application, have your credit checked thoroughly, and choose the offer that best suits your needs.
In order to put the finishing touches on your refinance, you will need to e-sign the contract, provide the details of your existing lender, and send in any documentation that is required. You will also be required to provide any documents that are necessary for the transfer of the title, which can vary from state to state.
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What Do the Terms, Fees, and Conditions Look Like for Capital One?
Capital One does not require applicants to pay an application fee in order to inquire about financing or refinancing, and the company also does not charge prepayment fees. Your state’s transfer fee will be paid on your behalf by Capital One, and the cost will be added to the total amount you borrow.
In order to obtain financing for a vehicle, the vehicle will need to:
- at a minimum of $4,000
- a personal automobile, such as a car, truck, minivan, or SUV, either brand new or used.
- a model year that is less than ten years old and has fewer than one hundred twenty thousand miles on it.
- To be eligible for the refinancing program offered by Capital One, you must first satisfy a number of requirements, including the following:
The automobile, light truck, minivan, or sport utility vehicle must be for personal use and be no more than ten years old, regardless of whether it is brand new or used.
Your current loan must have a payoff amount that falls between $7,500 and $50,000 in order to be considered paid off.
You can’t have a loan with Capital One Auto Finance at the same time as another loan.
Your current lender must meet one of the following requirements: they must report your loan to a major credit bureau; they must be federally insured; they must be both accredited by the Better Business Bureau and either state registered as a lender or state registered as an auto dealer.
On the title of the vehicle, the name of at least one of the applicants or co-applicants must appear as a registered owner.
You are required to be current on the payments for both the loan you currently have and, if applicable, the mortgage loan you have.
What types of rebates and discounts does Capital One provide?
On their website, Capital One Auto Financing does not provide any information about the various discounts that may be available.
How Can You Meet the Requirements?
Capital One does not disclose a minimum credit score or required debt-to-income ratio. Capital One does not list a maximum loan amount for the purchase of an automobile; however, there is a minimum purchase price requirement of at least $4,000.
If you want to refinance an existing auto loan, the payoff amount on that loan must be between $7,500 and $50,000 before you can do so. Your income, key credit characteristics, and the vehicle you are refinancing may all play a role in determining the maximum loan amount that you are eligible for.
Is the Lender Known and Trustworthy?
Capital One has been accredited by the Better Business Bureau since 1995 and currently holds an A- rating. However, based on ratings from more than 1,400 customers on Trustpilot, the company has earned a rating of only 1.3 stars out of a possible 5. Concerning vehicle loans, the Consumer Financial Protection Bureau received 422 complaints about Capital One in 2021.
The majority of complaints concerned either the process of obtaining the loan, the management of the loan, or problems that arose at the end of the loan. All of these complaints were responded to in a timely manner by Capital One, and of those complaints, 402 were resolved with an explanation, 17 were resolved with nonmonetary relief, and three were resolved with monetary relief.
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How would you rate the customer service at Capital One?
Call 800-689-1789 from Monday through Friday between the hours of 9 a.m. and 9 p.m. Eastern Time and on Saturday between 10 a.m. and 7 p.m. ET for answers to any questions you may have regarding the purchase of a vehicle.
What is Capital One Auto Finance Phone Number?
Call 833-292-8332 between the hours of 9 a.m. and 9 p.m. Eastern Time, Monday through Friday, for assistance with refinancing.
When it Comes to Auto Loans, Capital One Is the Best Option for:
individuals who feel more comfortable getting prequalified before visiting a dealership.
people who have an existing loan between $7,500 and $50,000 and are looking to refinance it.
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