Capital One Auto Loans Review
The best way to buy a new or used car is to address a dealer with preapproved financing, and the easiest way to do that is apply for Capital One auto loans online, according to numerous users reviews.
This saves lots of time and stress of applying for a car loan at the dealer’s and helps to negotiate the final price for the vehicle you are going to purchase.
How to Apply for Auto Loans from Capital One
In order to apply for preapproval, you will have to provide Capital One with your full name, Social Security Number, place of residence, proof of your employment, information about your income, phone number and email.
Sometimes you might be demanded to provide personal references.
Capital One car loan APRs start with 2.49% without any origination fee and provide financing that equals to $50,000.
After you get preapproved, you can address to any Cap One eligible dealer (there are around 12,000 of them) and purchase a new or old vehicle.
The company doesn’t finance cars bought from private parties and brokers.
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If you have not chosen among several cars, you are able to visit Capital One website, input those cars you have in mind and see what amount was approved for your financing a particular car.
Preapproval expires in 45 days after it was issued, so if you don’t use your auto loan on time, you will have to go through this application process once more.
- Maximal amount is $50,000;
- The term ranges from 36 to 72 months;
- Vehicles over 70,000 miles (direct) and 120,000 miles (if applying through a dealer) are not financed;
- Cars have to be 10 years old and younger if applying through a dealer and 7 old and younger if applying directly;
- Financing is valid only at eligible dealerships;
- For new cars 90% Loan-to-Value Ratio is required.
Vehicles That Don’t Qualify
- Commercial vehicles;
- Recreational vehicles;
- Lease buyouts;
- Private party purchases;
- Vehicles for business use;
- Daewoo, Isuzu, etc.
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Like most other lenders Capital One provides discounts that range from 15% to 50% and that vary by zip code.
They are the following:
- 25% of Equity discounts;
- 50% discount for auto payments in the system of Capital One when application is direct;
- If financing exceeds $30,000, you may get 15% Luxury loan discount;
- Shorter financing terms (60 months or less) and better rates.