Getting a car is one of those decisions that can be termed as divisive, especially when it comes to how different people view it. However, one aspect that is undeniably univocal is that you need to find the right financing partner when buying a car.
For any loan, you need a partner who will customize as per your needs and help you with options that favor you in the long run. One such option is Capital One’s auto loan offering. They will tailor-make a deal for you that works the best for you. Like with any other loan, you have to meet the set standards and prerequisites before you can get an auto loan from them.
Read on to learn more about the requirements and some of the best perks of securing an auto loan with this bank. Information on eligibility and where you can find the best dealer can also be found below.
Capital One Auto Loan
Capital One Bank offers a number of loans at some of the best rates in the market. When it comes to auto loans, the situation isn’t any different as you can get the loans for quite good rates, as well.
The other thing you also want to keep in mind is that the interest charged from the bank is variable.
How much can you qualify for?
The first question everyone wants to ask when it comes to auto loans is how much are you eligible for. That, however, depends on a number of factors to a number of borrowers at Capital One.
But in general, the minimum amount that you can qualify for when it comes to auto loans with Capital One Bank is $4,000. On the other hand, the maximum the bank offers for the same type of loan is around $40,000.
At what interest rate?
The next thing you want to be sure of when it comes to getting an auto loan with Capital One is the APR (annual percentage rate). The APR that applies for an auto loan with Capital One is variable.
The rate that is stated by the bank starts at around 3.24% APR. That’s the lowest that you can get when it comes to an auto loan with this bank. That usually applies for when you’re buying a new car with the loan.
However, when it comes to a used car, your APR will start at around 4.62% on the low side. You have to ensure you make the right choice here.
What is the credit score that you need?
The crucial part of getting any sort of loan is your credit score. For an auto loan with Capital One, the standard is set at around at least 500 as credit score. You, however, have to weigh in the variables when it comes to this aspect.
First of all, though the standard for credit score is 500, it may not be sufficient to get your dream car. Also, the APR goes higher if you have a low credit standing. This means that you will definitely end up paying way more for the loan than someone with higher credit.
Eligibility and How to Apply
You have to be at least 18 years old when applying for this loan. You need to have a good standing on your credit, meaning you need to prove your creditworthiness.
You now have to find the right car dealer for you to get the loan with Capital One. There are around 12,000 eligible dealers that you can choose from. They offer different brands of cars that you can choose from.
You can visit the Capital One official website to begin your application process. You will find a list of documents that you are required to have to process your loan. You can also visit any of the bank’s branches to find out how you can begin the process.
Fees and Charges
Note that this is not a comprehensive or exact list of fees and charges, as some fees vary by your loan terms, and some fees are not disclosed until you apply for a loan. Below are some fees you may incur with this credit card. Some undisclosed fees are associated with the auto dealer, such as document fees, dealer preparation fees, and delivery charges.
- No application fees
- No early payoff fees
Bank Contact and Address
You can contact a Capital One branch at 1.800.689.1789 on Monday to Friday from 9 AM to 9 PM ET and 10 AM to 7 PM ET on Saturday.
Capital One is located at 1680 Capital One Drive, Mclean, Virginia, United States.
The process to apply for a Capital One auto loan is simple and fast, along with a good selection of dealers.
There’s also a lot more information on what the loan entails, which you must go through thoroughly before applying for this loan.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank’s terms and conditions page before agreeing to anything.