State availability: Available in all states and D.C., except Alaska and Hawaii.Minimum recommended credit score: Not disclosed.How long the process takes depends on the dealership and your individual circumstances.
But to finalize the loan and complete your vehicle purchase, you must visit a participating dealer, fill out an application, and undergo a hard credit check. You can design an auto loan online, including adjusting the down payment and repayment term, through Capital One's Auto Navigator. You can’t refinance loans currently financed by Capital One Auto Finance. Rates and loan terms vary by location, the selected vehicle, and the dealer selling the car, but borrowers can generally finance $4,000 and up. Borrowers with existing auto loans can also use the lender's refinancing program to potentially secure a lower interest rate or lower monthly payments. Types of Auto Loans Offered by Capital OneĬapital One has financing options for new and used cars-but you must buy through its auto dealership network, which includes independent dealers and franchises. Does not allow lease buyouts: Capital One's purchase loans can only be used to purchase eligible vehicles from participating dealers, and lease buyouts aren’t available.Capital One limits you to 72 months for both new and used vehicle loans. Shorter maximum repayment terms: Many lenders allow you to repay a loan for up to 84 months.You also can’t use Capital One auto loans to buy vehicle makes no longer in production, such as Oldsmobile or Saab, or to buy motorcycles or RVs. Restrictions on vehicle make, mileage, and year: Capital One has strict requirements for the vehicles it finances, generally limiting buyers to cars less than 10 years old with fewer than 120,000 miles.This can make it harder to compare loan products. Limited disclosure about APRs: Many lenders reveal APR ranges for new, used, and refinance loans, but Capital One does not.However, there may be additional or varied requirements based on the lender selected. Clear about pre-qualification requirements: Before you apply, you can use Capital One's pre-qualification tool without impacting your credit score to get a sense of your potential terms, along with minimum requirements like income (a monthly minimum of at least $1,500).Online shopping tool provides loan and car options: Capital One’s Auto Navigator tool provides multiple dealership options and loan information from other lenders, in addition to Capital One Auto Finance.Capital One does make this available to those hoping to refinance loans from $7,500 to $75,000, as long as your balance isn’t significantly greater than your vehicle’s estimated value. Offers refinancing: Not all lenders offer refinancing of your current loan.But with Capital One the minimum is $4,000, so it's a good option if you're hoping to buy an older, inexpensive used car. Low loan minimum: Some lenders have high loan minimums, such as $7,500.
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