Capital One® Finance Auto Loan Reviews 2024 | Intuit Credit Karma (2024)

FAQs

Is it good to get a car loan through Capital One? ›

If you have a consistent monthly income and don't mind being limited to participating dealers, Capital One may be a good choice for an auto loan. It's possible to get prequalified with a soft credit check. And the Auto Navigator tool can come in handy if you're on a tight budget.

There's no specific credit score needed to buy a car. But auto loans will generally be more favorable when you have a credit score of 670 or higher, according to Experian.

If you request pre-qualification for auto financing or refinancing from Capital One online, we will submit a soft credit check to the CRA(s).

Capital One doesn't share specific credit score requirements. But it does state that to be eligible for a loan or refinancing, you must: Make at least $1,500 per month. Be at least 18 years old.

Paying off a car loan early can affect credit-scoring factors such as credit history, credit mix and total debt. You might decide to pay off a car loan early to reduce the overall interest you'll pay or to put money toward savings.

Which Credit Bureau Does Capital One Use? Capital One appears to pull from any of the three major credit bureaus: Experian, Equifax and TransUnion.

Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.

What is a good APR for a car? ›

Car Loan APRs by Credit Score

Excellent (750 - 850): 2.96 percent for new, 3.68 percent for used. Good (700 - 749): 4.03 percent for new, 5.53 percent for used. Fair (650 - 699): 6.75 percent for new, 10.33 percent for used.

Under rare conditions, a car loan can be denied even after it was already approved. It's important to review all loan documents and pay attention to any contingencies listed on the loan. A preapproval does not mean that you have been approved for a loan.

Many brands and their dealers have programs that can help you get financed. Automakers such as Ford, Kia, and Hyundai are known for working with borrowers who have lower credit scores.

Capital One Auto Finance provides financing for new and used vehicles purchased from participating dealers listed on Auto Navigator. Participating dealers are subject to change. Also, we don't offer financing for vehicles purchased from non-participating dealers, auto brokers, or private party sellers.

Our Capital One Ratings

We give Capital One Bank 4.2 out of 5 stars after evaluating categories including its branch availability, account fees, interest rates and customer support. While the bank scores well across the board, its checking accounts earn the highest score.