Advertiser Disclosure

Capital One is well known for its credit card offers, but it also provides a variety of banking services, including auto purchase and refinancing loans. This review can help you decide if Capital One Auto Finance loans are worth considering.

If you’re trying to secure a low-interest loan, read our review of the best auto loan providers. We compare interest rates, loan terms, the application process, and customer reputation. Read on to see how Capital One scores in these categories.

Lending Partner
Loan Term
Min. APR
Min. Credit Score
Highlights
Refinance Loan
Loan Term Up to 72 Months
Min. APR 2.25%
Min. Credit Score 580
Highlights
  • Excellent customer ratings
  • Low rates for good credit customers
  • Strong industry reputation
Used Car Loan
Loan Term 24-84 Months
Min. APR 2.24%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
Refinance Loan
Loan Term 48-84 Months
Min. APR 1.99%
Min. Credit Score 550
Highlights
  • Average monthly savings of $150
  • Work with a personal loan concierge to compare options
  • A+ BBB Rating
Refinance Loan
Loan Term 36-72 Months
Min. APR 2.91%
Min. Credit Score 640
Highlights
  • Apply online in minutes
  • A leading provider in refinance loans
  • A+ BBB rating
Used Car Loan
Loan Term Up to 72 Months
Min. APR 3.99%
Min. Credit Score 300
Highlights
  • Great for customers with limited/no credit
  • Offers special military rates
  • A+ BBB rating
Refinance Loan
Loan Term 24-84 Months
Min. APR 1.99%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
New Car Loan
Loan Term 24-84 Months
Min. APR 2.24%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
Refinance Loan
Loan Term 36-84 Months
Min. APR 1.99%
Min. Credit Score 560
Highlights
  • Average monthly savings of $145
  • Online Application
  • Browse loan options found specifically for you
Refinance Loan
Loan Term Up to 72 Months
Min. APR 3.99%
Min. Credit Score 300
Highlights
  • Great for customers with limited/no credit
  • Offers special military rates
  • A+ BBB rating
Refinance Loan
Loan Term Up to 84 Months
Min. APR 2.49%
Min. Credit Score 500
Highlights
  • Specializes in auto refinancing
  • A+ BBB Rating
  • No application fee

All APR figures last updated on 6/13/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

In This Review:

    Capital One Auto Finance Review: 3.5 Stars

    Capital One has a convenient prequalification process that does not require a hard credit check. Its auto loan terms are reasonable, and the lender can be a good option for those with poor credit. Overall, we give Capital One auto loans 3.5 stars.

    If you are trying to purchase a car or refinance an existing vehicle, Capital One auto financing is worth a look, as there are no downsides to applying for auto loan prequalification.

    Motor1 Rating3.5
    Loan Details3
    Loan Availability4
    Application Process4.5
    Customer Service3

    Capital One Auto Finance Pros and Cons

    Capital One Auto Loan ProsCapital One Auto Loan Cons
    Easy to prequalifyNot available in Alaska or Hawaii
    No hard credit checks for prequalificationSeveral vehicle types and brands excluded
    Low minimum credit requirementsAverage customer service

    About Capital One

    Capital One was founded in 1994 and is currently headquartered in McLean, Virginia. It is one of the largest banks in the United States and has over 700 locations across the country. Behind Ally Financial, Capital One is the second-largest auto finance company in the country. Unfortunately, auto loan services are not available in Alaska or Hawaii.

    Capital One Auto Loan Details

    A Capital One auto loan can be secured to purchase a new or used vehicle or refinance an existing loan. These loans can be applied for individually or jointly. A joint application is a smart idea for those with poor credit scores. A co-signer with good credit may even help you get a lower annual percentage rate (APR).

    Capital One Auto Loan Details
    Loan Amount Range$7,500 to $50,000
    APRDepends on credit profile
    Loan Term Length24 to 72 months
    Prepayment PenaltyNone
    Application FeeNone

    Capital One Auto Financing Restrictions

    Certain brands and types of vehicles aren’t eligible for a Capital One auto loan. These include:

    • Oldsmobile
    • Daewoo
    • Saab
    • Suzuki
    • Isuzu
    • Commercial vehicles
    • Motorcycles
    • Recreational vehicles (RVs)
    • All-terrain vehicles (ATVs)
    • Boats
    • Camper vans
    • Motor homes
    • Vehicles with a history of chronic malfunctions
    • Branded title vehicles
    • Lease buyouts

    There is also a vehicle age restriction for Capital One auto loans. For purchase loans, vehicles must be model years 2010 or newer with fewer than 120,000 miles. Refinancing loans are only available for vehicles up to seven years old that have an “established resale value.”

    Capital One Auto Loan Availability

    You can’t use a Capital One auto loan for just any vehicle on the market. Once you get prequalified with Capital One, you can shop from 12,000 dealerships nationwide. These dealers are part of the Capital One Auto Navigator network. The Auto Navigator buying service allows you to browse the inventory of dealerships in your area.

    Your Capital One auto loan is only finalized when you visit a dealership. So, you may not know the exact APR and payment amounts until you visit a dealer in person. You can only prequalify online, not start the official loan.

    Capital Auto Loan Credit Score Requirements

    Capital One does not have minimum credit score requirements, so it may be a good choice for those with poor credit. However, the company suggests applicants have a monthly income of at least between $1,500 and $1,800 (depending on your credit score).

    How Credit Score Affects Your Capital One Auto Loan

    Borrowers with low credit scores should be prepared to find higher interest rates from Capital One Auto Finance. The good news is that you can get a prequalification without hurting your credit score. We recommend comparing this to other prequalifications you can get from different lenders.

    Below, you can see the average interest rate for different credit score ranges according to Experian’s 2021 State of the Automotive Finance Market. Even taking a few months to raise your score can significantly reduce the total amount you pay on the loan.

    Credit ScoreAverage New Car APRAverage Used Car APR
    781 to 8502.34%3.66 %
    661 to 7803.48%5.49%
    601 to 6606.61%10.49%
    501 to 60011.03%17.11%
    300 to 50014.59%20.58%

    Other Factors Affecting Capital One Auto Loan Rates

    Your credit score is perhaps the most influential factor in your auto loan rates from Capital One and other lenders, but it isn’t the only one. The following factors also affect the rates you’ll get from a creditor:

    • Financing terms: Opting for longer terms will get you a lower monthly loan payment, but you’ll likely find higher rates, too.
    • Down payment: Whether in cash or as a trade-in, the amount you put down on a car, truck, or SUV affects the loan-to-value ratio (LTV). This is the amount you borrow compared to the value of the vehicle. If you have a lower LTV, you can probably get a lower rate.
    • Vehicle details: The age, make, model, and mileage of your vehicle are all factors in your rates. Loans for older vehicles and high-mileage cars sometimes come with higher rates.

    Capital One Auto Loan Application Process

    Getting an auto loan through Capital One is a fairly straightforward process. You can start by picking your car with Auto Navigator, getting prequalified, and then visiting the dealer in person.

    Choose Your Vehicle Or Dealership

    The first step to getting a Capital One auto loan is to browse the Auto Navigator site for vehicles and dealers in your area. If you narrow your choices down to a single vehicle, you can get prequalified right on that page for an auto loan. You can also simply view dealership inventory in your area and find out which dealers work with Capital One.

    Capital One Auto Loan Prequalification

    Capital One Auto Loan Prequalification can be done online and requires you to complete a brief questionnaire about your vehicle, income, and housing situation.

    Note that prequalification is not the same as preapproval. A preapproval is a guaranteed loan offer, while a prequalification is a tentative statement that you qualify for certain loan terms. Capital One does not offer preapprovals, only prequalifications.

    After prequalifying, you will be given loan offer details like APRs, monthly payment amounts, and even a list of for-sale vehicles from participating dealerships. Capital One does not run a hard check on your credit report during the prequalification process, meaning that you can see your loan offers without potentially lowering your credit score.

    Visit A Dealer To Finalize The Auto Loan

    The last step is to visit a Capital One network dealer to choose your car and finalize the loan. At this step, you should expect to complete a full credit application, which will require your Social Security number. Capital One will run a hard inquiry on your credit report, so your score may dip a few points.

    You will need to supply the following required documents to complete the process:

    • Proof of income
    • Proof of residence
    • Proof of insurance
    • Proof of employment
    • Title and registration if you are trading in a vehicle
    • Prequalification letter

    It is possible that your final Capital One auto loan terms will differ slightly from those offered during prequalification. There are also rare cases where you may not be approved for a new loan after you complete a full credit application.

    Capital One Auto Finance Customer Reviews And Ratings

    Capital One is accredited and holds an A rating from the Better Business Bureau (BBB). It was named one of the best places to work by Fortune magazine in 2017 and is well regarded within the financial services industry.

    Despite this, Capital One’s online customer review profile is average. It has a 1.1 out of 5.0-star customer rating on the BBB website and a Trustpilot score of 1.3 out of 5.0 stars. It’s important to note a few things about these low ratings. First, many customer reviews mention Capital One’s banking services, not its auto loans. Second, although auto loans are only a small part of Capital One’s business, complaints from banking customers may still speak to the overall quality of the company.

    Finally, keep in mind that Capital One is a large company with many products and services, millions of customers, and billions of dollars of revenue. Though there are thousands of complaints online, these represent a small fraction of total Capital One customers.

    Positive Capital One Auto Loan Reviews

    Customers who are happy with their Capital One auto loans mention positive customer service experiences and satisfaction with loan terms. Several customers with poor credit were also grateful to be able to secure loans with Capital One.

    “I recently was approved [for a Capital One auto loan] and now have a new car. That experience alone was the best I have ever had. My credit was literally beyond bad, and thanks to Capital One, I am on the right track and my credit score keeps going up.”

    – Susie Moore Young via Trustpilot

    Negative Capital One Auto Loan Reviews

    Many Capital One customers complain about not finding the same offers they were quoted after prequalification when they visited a participating dealer or financial institution.

    “I had to sit out of work due to the [COVID-19 pandemic]. I asked for them to put one payment on the end of my loan so it wouldn’t hurt my credit or have me stressed out. To no avail, they basically said no, you need to find a way to make the payment and maybe it won’t get reported to the credit bureaus.”

    – L.T. via Trustpilot

    “Don’t ever think about applying for an auto loan from them. It’s a total nightmare. They basically damage your credit, and when you walk into the dealership with the approval you will find completely different numbers… Stay away.”

    – via Trustpilot

    Capital One Car Finance Review: Conclusion

    In this article, we gave Capital One car finance 3.5 stars for their easy auto loan prequalification service and good terms. Overall, Capital One is a good option for car loan financing. However, before you make a decision we urge you to look around and compare provider options to find the best auto loan for you.

     
    Lending Partner
    Loan Term
    Min. APR
    Min. Credit Score
    Highlights
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 2.25%
    Min. Credit Score 580
    Highlights
    • Excellent customer ratings
    • Low rates for good credit customers
    • Strong industry reputation
    Used Car Loan
    Loan Term 24-84 Months
    Min. APR 2.24%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    Refinance Loan
    Loan Term 48-84 Months
    Min. APR 1.99%
    Min. Credit Score 550
    Highlights
    • Average monthly savings of $150
    • Work with a personal loan concierge to compare options
    • A+ BBB Rating
    Refinance Loan
    Loan Term 36-72 Months
    Min. APR 2.91%
    Min. Credit Score 640
    Highlights
    • Apply online in minutes
    • A leading provider in refinance loans
    • A+ BBB rating
    Used Car Loan
    Loan Term Up to 72 Months
    Min. APR 3.99%
    Min. Credit Score 300
    Highlights
    • Great for customers with limited/no credit
    • Offers special military rates
    • A+ BBB rating
    Refinance Loan
    Loan Term 24-84 Months
    Min. APR 1.99%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    New Car Loan
    Loan Term 24-84 Months
    Min. APR 2.24%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    Refinance Loan
    Loan Term 36-84 Months
    Min. APR 1.99%
    Min. Credit Score 560
    Highlights
    • Average monthly savings of $145
    • Online Application
    • Browse loan options found specifically for you
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 3.99%
    Min. Credit Score 300
    Highlights
    • Great for customers with limited/no credit
    • Offers special military rates
    • A+ BBB rating
    Refinance Loan
    Loan Term Up to 84 Months
    Min. APR 2.49%
    Min. Credit Score 500
    Highlights
    • Specializes in auto refinancing
    • A+ BBB Rating
    • No application fee

    All APR figures last updated on 6/13/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

    Capital One Car Finance Reviews: FAQ

     

    Frequently Asked Questions