Capital One provides three typical forms of vehicle finance.
– Loan for a New Car
– Loan for a used vehicle
– Auto refinancing
If you want a private party loan or a loan for a lease buyout, you’ll have to go elsewhere.
You must purchase your vehicle from a participating dealer.
Capital One Auto Finance loans may only be used to purchase a vehicle through one of the company’s affiliated dealers, however there are hundreds available. However, if you have a certain dealership in mind that is not on its list, or if there are just a few participating dealers in your region, a Capital One Auto Finance loan may not be the ideal option for you.
You may apply for prequalification and browse for a vehicle online.
Capital One’s Auto Navigator is an online service that allows you to apply for prequalification for a new or used auto loan and search for automobiles within your budget all in one location.
Capital One Auto Finance does a mild credit investigation and then notifies you within minutes if you are prequalified. From there, you can use Auto Navigator to look for vehicles based on a variety of criteria, such as make, model, mileage, and distance from you. In the results, you can see the anticipated annual percentage rate, or APR, and payment conditions for each automobile.
If you qualify, you can bring your prequalification offer to your preferred dealer within 30 days to begin the car-buying process. Keep in mind that this offer is not a loan approval, therefore the final rate and terms are subject to change.
For a refinancing, you may complete a prequalification application online and expect to hear back within 24 hours.
You won’t know the final financing conditions until you arrive at the showroom.
Your final loan offer from Capital One Auto Finance may differ from the loan conditions you prequalify for. This means that your monthly payment may differ from what you expect — but you won’t know until you’re at the showroom and ready to buy a car.
You will be needed to file a formal loan application at the dealership, which may result in one or more hard inquiries on your credit reports. According to Capital One, the dealer will generally seek for financing for you by submitting your application to various credit organizations, including Capital One Auto Finance. If the information you supply the dealership differs from the information you supplied Capital One Auto Finance to get prequalified, Capital One may offer you alternative loan terms.
Things to know if you are choosing a Capital One Auto Finance loan.
Loans are not accessible in Hawaii or Alaska.
Depending on your credit, you must have a monthly salary of $1,500 to $1,800.
You may be asked to make a down payment.
The minimum loan amount for a new or used automobile is $4,000, which is lower than several other lenders’ minimums. The minimum loan amount for a refinancing is $7,500.
The vehicle you select must be no more than 10 model years old and have fewer than 120,000 kilometers. The car must be no older than 7 years old to qualify for a refinancing.
You cannot utilize a Capital One Auto Finance loan to purchase or refinance certain automobile manufacturers or vehicle types, such as Oldsmobile, Daewoo, Saab, Suzuki, or Isuzu cars, as well as commercial vehicles, motorbikes, or RVs.
Is a Capital One Auto Finance loan suitable for you?
If you have a regular monthly income and don’t mind being limited to participating dealers, Capital One may be a decent option for a vehicle loan.
It is possible to obtain prequalified with a mild credit check. If you’re on a limited budget, the Auto Navigator feature might come in useful. The tool allows you to locate automobiles that suit your preferences and change the pricing, which might help you choose a car that fits within your monthly budget.
How to Apply for a Loan from Capital One Auto Finance ?
To apply for prequalification with Capital One Auto Finance, bear in mind that you must intend to use the vehicle solely for personal purposes. You must also be at least 18 years old and have a valid street address in the contiguous United States, or an army post office or fleet post office address.
You may apply for prequalification for a new or used vehicle loan online, but you must complete your final loan application at a participating dealer.
It is a good idea to check your credit and research different loan offers before submitting your final loan application. Understanding your credit may help you establish expectations – in general, poorer credit scores result in higher interest rates. Furthermore, looking around might help you obtain the finest loan rate and conditions for your circumstances. To understand more about the procedure, check out our post on how to acquire a vehicle loan.
