Capital One Auto Finance Review

Capital One Auto Finance offers auto loans for new cars, used cars as well as loans for refinancing auto loans. They also finance light trucks, minivans and SUVs that will be used for personal use. The interest rate on auto loans approved by Capital One Auto Finance are valid for 45 days from the day on which the approval comes through.

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For buying a user car you're limited buying from a franchised dealership dealing in major brands such as Ford, General Motors Honda etc. You can also buy from CarMax or car rental agencies including Alamo, Avis, Budget, Dollar, Enterprise, Hertz, National, Payless and Thrifty. You cannot buy a used car from a private seller if you're availing of an auto loan from Capital One. The car needs to have less than 70,000 miles on it and be less than 5 years old. They also do not offer auto loans for lease buyouts and do not finance the purchase of motorcycles.

Capital One Auto Finance does not offer auto loans for ATVs, amphibious vehicles, armored vehicles, boats, branded/junk/salvaged title vehicles, camper vans, conversion vans, dump trucks, freight liners, gray market vehicles, kit cars, recreational vehicles, lemon vehicles, limousines, motor homes, taxis, tow trucks, tractor trailers, vehicles that do not have a Vehicle Identification Number (VIN) or title issued to it, vehicles with greater than 1 ton payload capacity.

The term period of the auto loan can be between 36 months and 72 months. The APR generally increases with the term period of the loan.

You can opt for auto loan refinancing from Capital One and save money if interest rates have fallen since you committed to the loan. You can the pay off your loan with a lower EMI, saving money every month. This may be a suitable option if interest rates have gone south and you're feeling the pressure of your auto loan repayment. Capital One Auto Finance doesn't refinance loans made by itself earlier or by its subsidaries including Hibernia, Capital One, NA, Northfork, and Onyx Acceptance Corporation

Capital One Auto Finance provides loans of upto $50,000 for new vehicles, $30,000 for used vehicles and $30,000 for refinancing an existing auto loan. The valuation is done based on the Kelley Blue Book wholesale value or the NADA trade-in value, depending on the state in which you reside. Capital One doesn't offer cash back refinancing.

You can calculate your auto loan repayment and the savings using a calculator on their website. When applying you're asked to provide a copy of your drivers license or some other identity proof, proof of income, proof of residence and personal references.

Capital One Auto Finance doesn't charge a prepayment fee if you decide to pay off your loan earlier. There is no application fee when you apply for a loan. Auto loans are only made to individuals for vehicles used for personal purposes and not to businesses.

On approval your loan documents will usually reach you within 5 business days. You can request overnight delivery and get it the next day for an extra $15 fee. You get a Blank Check® from Capital One Auto Finance that you can use to buy a vehicle. If you decide to use a lower amount of loan than was sanctioned you can do so. If you decide not to use the loan at all, just destroy the documents safely. You don't have to return the documents or get the loan approval cancelled.

If you opt for the automated payment option, the monthly installment gets deducted from your checking account automatically every month and you get .50% off on the interest rate of your loan. You can also pay installments by mailing them a check or on the phone. Capital One Auto Finance does not accept credit cards for payment of the installments.

This review refers to a product or service only available within USA.