Capital One is one of the country’s most popular banks when it comes to auto loans and refinancing. Headquartered in McLean, Virginia, it has three divisions – Credit Cards, Consumer Banking, and Commercial Banking.
It is the second-largest auto finance company in the US, with a range of auto loan services available in 48 states. It commands a stable 5% share in the auto loan and refinance market. Therefore, Capital One Auto Refinance should definitely be on your list of refinance lenders to check out!
Here, the Way.com Refinance team has done a thorough review of Capital One refinance auto loans, including the eligibility criteria, benefits and drawbacks. You can read on to know more and make an informed decision before refinancing your auto loan.
Yes, Capital One offers several affordable refinancing options for auto loans. Some of the reasons why Capital One Auto Refinance is popular with customers include the 100% online application process (including contract e-signing and document uploads).
Customers need to go through an initial pre-qualification process, after which there will be a soft credit inquiry (which will not affect your credit score). Based on this, they will be offered a range of refinancing options from Capital One.
Pre-qualified Capital One Auto refinance offers may change after the customer chooses an offer and a hard credit inquiry is done. However, if you have submitted all of the information correctly, there won’t be too much of a difference between the pre-qualified refinance offer and final loan terms.
Capital One auto refinance rates are excellent for customers who:
|Access low refinance rates (depending on your credit score)||Capital One auto refinance rates can go as high as 24.99%.|
|Has options for borrowers with poor credit as well – minimum credit score required is 540||Multiple eligibility criteria for vehicles. For e.g., the vehicle should be less than 10 years old|
|Does not report to credit bureaus||Charges late fees for delays in payments|
|Available in all 48 states||Does not refinance loans previously given out by Capital One|
|No prepayment fees are charged.||Captial One only refinances new and used vehicles, minivans, light trucks, and SUVs for personal use.|
|No origination fees||It does not refinance vehicles no longer in production, commercial vehicles, motorcycles, or motor homes.|
|Excellent customer support|
|Let’s you compare rates from multiple lenders using the online Auto Navigator process|
*As of January 2022
Let’s take a detailed look at some of the core features of the Capital One refinance auto loan process.
Before applying for a Capital One refinance auto loan, ensure you check all the qualifications and Capital One Auto Refinance requirements as defined in the table below:
|Credit Score Range||540-850|
|Minimum Annual Income||$18,000|
|Loan Payoff amount||$7,500 - $50,000|
|Employment Status applicable
|Immigration Status applicable
U.S. Permanent Resident
|Joint Loan Applications||Co-signing accepted|
|Supported Income Types
||Direct Deposit (W2, SSA, SSDI)
Payroll Check or Prepaid Card
1099 Misc. Income
|Documents Required for verification
||Proof of Income
Proof of Identity
Proof of Insurance
Driver License (or other photo ID)
*As of January 2022
To successfully pre-qualify, you must:
Pre-qualification for Capital One auto refinance does not guarantee that you will get a particular rate. However, as long as you have been truthful in your application, there won’t be a significant difference between the pre-qualified offer and the final offer.
You will know whether you have pre-qualified within 24 hours of your initial application. The pre-qualification offer will expire within 30 days from the date your first application is received.
Depending upon your pre-qualified offer, you can choose your preferred loan rate and monthly payment and submit your credit application. This will result in a hard credit inquiry and may impact your credit score. Capital One will give you 15 days from the time you submit your credit application to sign the final contract.
The final step is to send in any supporting documents and e-sign your contract. You may have to provide title transfer documents when contacted by the Capital One team.
Overall, Capital One auto refinance offers a balanced mix of options for almost any customer credit score. The pre-qualified offer is a great way to find if you’re eligible for refinancing without affecting your credit score. While meeting all the eligibility criteria can be a chore, it won’t be more than any other lender. You can confidently choose Capital One for refinancing if it meets all your loan needs.
The auto refinance rates published here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes
The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.
However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!
Capital One is located at 1680 Capital One Drive, McLean, Virginia. The usual hours of operation are between 9 a.m. and 5 p.m. on weekdays.
Capital One has an excellent customer support team that is always ready to answer any questions you may have. Reach them at 1-833-292-8332 between 9 a.m. and 9 p.m., Monday to Friday.
Capital One auto refinance does not cover commercial vehicles, motor homes, dealer buyback, and lease buyouts.