Company Overview: Capital One
Capital One is a publicly-traded financial services company involved in lending, banking, credit cards and other financial services and financial products, including auto loans. Based in McLean, Virginia, Capital One has branches in several states and offers auto loans for new and used cars, including cars, trucks, SUVs and minivans.
Capital One Auto Loan Overview
Capital One offers attractive rates and terms compared with other top lenders in the Auto Loan industry:
Loan Amount: $4,000 – $40,000
Loan Term: 2 – 7 years
Application Fee: None
Soft Credit Check: Yes
Minimum Vehicle Requirements: 120,000 maximum mileage for personal use only
Vehicle Age: No older than 2005 (although in many states no older than 2007)
How Capital One Compares: Key Benefits Of Capital One’s Auto Loan
Here are some of the reasons that Capital One borrowers love Capital One Auto Loans:
- Easy Online Application: You can apply for a Capital One Auto Loan completely online.
- Auto Navigator: Capital One offers its Auto Navigator to show you different APRs, monthly payments and other important financing terms for you to evaluate.
- Customer Service: Capital One offers live customer support 6 days a week.
To apply for a Capital One auto loan, you need to meet the following eligibility criteria:
Requirements To Apply For Capital One Auto Loan
Minimum Age: At least 18 years old
Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)
Employment: You are currently employed
Capital One Accounts: If you have other Capital One accounts, they should be in good standing
Loan eligibility depends on a number of additional factors, which may include your credit profile, income and total debt payments.Lenders through Capital One will look at the length of time you’ve been at your current place of employment, as well as the year-to-date earnings on your pay stub.
Bottom Line: Is Capital One right for you?
Capital One offers new and used car loans that you can use to make a purchase at a Capital One approved auto dealer.
To be approved for a Capital One auto loan, you will need a minimum income of $1,500 – $1,800 per month or $18,000 – $21,600 per year.
Capital One does not finance motorcycles, motor homes, recreational vehicles, boats or campers.You also cannot have submitted a loan offer form in the past 31 days for the same loan type.
With a Capital One auto loan, you purchase a new car or used car through a participating Capital One car dealer (of which there are thousands).
Capital One also makes the online application easy because you apply for your auto loan completely online.
Next Steps: How To Apply To Capital One
You can apply for a Capital One Auto Loan in 3 easy steps.
Step 1: Check your personalized Auto Loan rate in just 2 minutes.
Step 2: Complete application and provide documents.
Step 3: Accept loan terms and get funded.
You can complete the online application (which takes only a few minutes).
Capital One Auto Navigator Program:
The Capital One Auto Navigator pre-qualifies you through a soft credit inquiry, which does not impact your credit score. Once you pre-qualify, you will receive an offer summary complete with APRs and estimated monthly payments. You can then search for cars and rates online from auto dealers who participate with Capital One. Once you have identified your vehicle, you can finalize your loan term, monthly payment, down payment and other terms.
Then, you take the pre-qualification offer to a participating dealer within 30 days, complete a credit application (which has a hard credit inquiry), provide supporting documentation and sign the loan agreement with the dealer.
You can expect to provide at least the following documents:
- Your most recent pay stubs
- Your most recent bank statements
- Driver’s license or passport (or other form of government-issued identification)
Applying is super easy – get your personalized rate
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