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Capital One Auto Refinance Review


ConsumersAdvocate.org Rating: 4.2 / 5 (Excellent)
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Founded in 1994, Capital One is a financial corporation that offers diversified banking services that focus on consumer and commercial lending and deposit origination. One of its financial products are auto loan services that allow qualified customers obtain low cost and long term auto loans. Capital One also offers auto refinancing to help car owners lower monthly payments.
 
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How is Capital One rated?

Breakdown

4.0/5
Loan Details
4.4/5
Customer Experience

Overall Rating: 4.2 / 5 (Excellent)

Despite a mixed bag of reviews, Capital One can be a good choice when shopping for a car loan. However, prospective customer should be aware that they only offer purchase loans within their network of dealerships. Within those parameters, Capital One does offer special services we haven't found with any other lender, including helping you shop available cars in real time, and then customize the financing terms on your top choices.

Auto Loans & Refinancing

Loan Details - 4 / 5

Capital One only offers auto loans for purchase of new and used cars via participating dealers. Therefore, customers who wish to purchase cars from private parties, auto brokers, or non-participating dealers should look at another lender, as should those who'd like to refinance their car, or buyout their lease. Their promoted minimum APR of 3.24 is a bit higher than other, comparable lenders.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Min. APR
3.24%

Loan Qualifications

Qualification - 3.5 / 5

Capital One is quite stringent in their qualifying requirements, with a whole host of automobile brands they simply will not provide loans for. However, their age requirement is very generous at 12-14 years, compared to the industry average of 6.

Borrower Qualifications

Minimum Age
18
Minimum Income
1500 or 1800 a month, depending on credit qualifications
Verification / Documents Required
Social Security Number
Proof of Citizenship / Residence

Vehicle Qualifications

Mileage Limit
120000
Car Age
2005 or newer, except for AA, AE, AP, CT, DC, DE, GA, IL, IN, KY, MA, MI, ME, MD, MN, NC, NH, NJ, NY, OH, OR, PA, RI, SC, VA, VT, WA, WV, WY then vehicle model must be 2007 or newer.
Car Makes
Oldsmobile, Daewoo, Saab, Suzuki, Isuzu

Application & Service

Customer Experience - 4.4 / 5

Pre-qualifying takes just minutes via Capital One's online application, allowing customers to find real monthly payments and APRs they may qualify for. In a step that differentiates them from their competitors, Capital One also helps their customers find cars for purchase within their network of dealerships, as well as personalize financing terms on their top choices.
Benefits/ Features
Online Rates / Application
Pre-approval Soft-credit Inquiry
Auto Loan Calculator

Capital One Reputation & Reviews

Reputation - 3.5 / 5

As Capital One is a large conglomerate that provides a number of different financial services throughout the U.S., their TrustPilot and Better Business Bureau entries correspond to the company as a whole, rather than specifically to their auto loans. Capital One enjoys an excellent A+ on the BBB, despite an overwhelming percentage of negative reviews. Likewise, their TrustPilot rating is a poor 3.9 out of 10.
Trustpilot Rating
3.9 out of 5
BBB Rating
A+
Number of BBB Positive Reviews
12
Number of BBB Neutral Reviews
4
Number of BBB Negative Reviews
117
Date Collected
2017-12-15

Contact & Additional Information

Lender Type
Lender
Homepage URL
https://www.capitalone.com/
Company Phone
(703) 720-1000
Headquarters Address
1680 Capital One Drive, McLean, VA, 22102
Year Founded
1988

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Customer Comments & Reviews

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T
Tamia C
3/13/2018
I will NEVER do business with this company ever again in life. To start off, I was never told they charge interest on a DAILY basic. So, if you don't make a payment on the same day every month they charge you more in interest. That following month I decided to pay more and earlier than my due date. Since I paid earlier but was not as the same day as the month before. I GOT CHARGED MORE IN INTEREST AND LATE FEES EVEN THOUGH I PAID MORE AND BEFORE MY DUE DATE. That doesn't make any sense. Also, when you pay online everything goes towards interest and nothing towards principle Already spoke to Gerald (Resolution Specialist) and Lauren (Office of President) and they can't do nothing for me. No... Read More

Isaac R
9/20/2016
I loved Capital One. When I needed to refinance my car, they were able to help me out without a problem. I had some problems in the past with my credit but after I was able to work them out, I was able to get a new loan through them and they really helped me save money by offering a lower interest rate and not trying to take advantage of me like some other loan companies were.

CT K
9/9/2016
I had a really hard time getting a new loan for my car and I had some credit cards through Capital One. They not only offered me a car loan but offered me a lower rate than anyone else. I thank them for believing in me and getting me a new car!

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