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Capital One® Auto Finance

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Most Helpful Positive Review

Dec 16, 2013
Dealer running yr credit after the fact
Anonymous Loan Holder

First, let me state my credentials. I was an Account Supervisor for a major auto loan company before I retired.  It is absolutely NOT necessary for any dealer to run your credit after your lender has approved your loan. The dealer is simply trying to get you to switch to their preferred lender so they can get more money out of the deal. Don't let them try to pressure you into dropping YOUR lender by saying things like "you lender has a bad reputation," or "the dealership got burned by the lender and refuses to work with them," whatever their excuse may be. If the dealer refuses to work with you once you have secured your own loan, WALK AWAY FROM THE DEAL because your lender is giving the loan to you, not the dealer. Once you make a deal for the vehicle, then you will be responsible for the difference, usually your down payment amount. A lot of  dealers will shoot your application for a loan out to many lenders, who will check your credit. Too many inquires on your credit can adversely affect your credit score. (Suggestion: Never apply for an auto loan first if you are trying to buy a house. Secure your home mortgage before you apply for an auto loan.)

There are three separate items you are dealing with when you buy a vehicle from a dealer: the price of the vehicle, your financing, and the value of your current vehicle. We've already talked about your financing, so lets talk about the other two: First, the price of the new vehicle; NEVER go by the MSRP, just remember, it is the SUGGESTED retail price which could be a lot higher than the fair market value of the vehicle. Even if the dealer gives you unbelievable discounts or credits. Tell the dealer you want to see the 'Dealer's Invoice" for the vehicle you are interested in. That invoice is what the dealer paid the manufacturer for the vehicle plus shipping costs. The dealer might include 'options' or 'add ons' on the invoice. That's ok because it gives you a starting point to begin you negoiation with the dealer. Your goal should be to give the dealer a fair profit for the vehicle without being rediculously over charged. Now there are dealers like CARMAX that have a flat price for their vehicles with very little room, if any, for negotiating. They act like a retail store.

Dealers will offer to combine all three elements into the deal as a 'service to you.' But they will simply be trying to control the whole deal to get the maximum amount of money from you. These are three separate items, treat them as such.

Now, the third element, your trade-in. You can trade in your old vehicle in hopes of getting a lower price on the new vehicle. That's ok, if you wish to to do it tha way, but just remember, the dealer will offer you a price lower that you could get by selling it to an individual. You might try Kelly Blue Book at to get an idea of the different values of your old vehicle before you decide which way you want to go. Important note: if you own the vehicle outright and sell it to an individual, then any money you get is pure profit for you. If you still owe money on it, your leinholder gets paid first and then you get what is left over, so make sure you sell the vehicle for at least the balance of the loan if you go that route.


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Most Helpful Negative Review

Sep 24, 2013
Extra payment application
Anonymous Loan Holder

Read Finance charge and payments section carefully in contract. Any extra payment you make does NOT go toward the principal until you are three months ahead in payments. The extra is applied to next payment, does not go toward principal until you are more than three months ahead in payments and stay three months ahead in payments. While you can make extra payments toward the principle, it can only be done on-line.and must be done separate from regular payment. Thus charging you more interest in the long run.

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Reviews (318)

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Feb 09, 2016
Do not apply with is company

i loss 2points even though they said i was preapproved this company is a rip off, you have been warned stay away

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Feb 07, 2016
Help when I needed it!!!
Anonymous Loan Holder

My paid for car died, and I needed a car ASAP.  I had a credit score around 570, and 2 maxed out Capital1 credit cards.  I got approved for a $20,000 loan at about 14% APR, with only one paystub from a new job.  What I REALLY liked is that they did a "soft pull" first, so I went to the dealer knowing had the loan approved before the dealer did the "hard pull".

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Feb 03, 2016
Not for bad credit like they imply

I thought creditkarma suggested this bank because they work with bad credit. They were right about one thing, that they give you an answer in less than a minute, too bad the answer was NO.

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Jan 30, 2016
Chikkibonbon Loan Holder

I obtained two credit cards with the suggestion of Credit Karma through Capital One. Both were approved and have helped me build my credit after ruining it in the past. I needed to establish new credit and work on the old derogatory debt. I've been with Capital One since October and was pre-approved for a car loan. My interest rate is 12.95%, but I am rebuilding. I was able to get a loan and have a brand new car, this is monumental. I will refinance my car in a year once I repair everything else and have a year's worth of installment loans being paid on time. I am sure to get a great rate. We can't expect a great interest rate as we are trying to get our credit back up. I am grateful and they have been the only bank willing to finance my car and give me credit cards. Trust me I tried.

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Jan 30, 2016
Anonymous Loan Holder

I need your experience. ..My credit was 705 and everything is good but suddenly after I made Macy's card to purchase mattress with monthly payment the score go down with unifax to 630 but still 705 with union. what can I do (I have secure credit with Wells Fargo and don't use it)

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Jan 26, 2016
Denied With A 697 Credit Score

I have 2 capitol one cards.  never missed a payment.  Usually keep my card balances under 10%

Capitol one send me a pre-approaved letter, I am a valued customer, basically guaranteeing the auto loan.  And I was denied.

Only thing this did was add two new credit inquires on my credit report.  Im ****ed.

Bottom line, was denied with a 697.

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Feb 05, 2016

What was their reasoning?

Jan 25, 2016
Car Loan

I, too applied for a loan with a score in the mid 600's and they denied me.  

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Jan 21, 2016
Bogus dont go by credit karma info

So I opened a credit card with capital one last march through credit karma and that definitely helped raise my credit score. I have a score in the mid 600's and I figured why not try and refinance my auto loan to try and reduce my monthly payments and send Capital One more business and maybe they would cut me a break being that I am a card holder with them. Capital One came back with an approval of 16% APR like wtf???? That's not much more than what my APR is now. I have not missed a payment on my current loan and my credit has been rising since I did join credit karma so Ill give them that. It says "As low as 6%" key words AS LOW. My credit is better than that to receive a 16% APR. NO THANK YOU! Better off going to a credit union if you truly wish to refinance your auto loan or if your credit is getting better and have some money to put down, just trade your car in and maybe get a lower payment on a newer/more upgraded car. Dont waste your time having your credit ran.

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Jan 19, 2016
ifraudzilla Loan Holder

I aquired a loan with a poor credit score 620 . I went to a local dealer and picked a car KNOWING my rate was crazy high. 26.99% to be exact. They approved the used vehicle and I made my payments on time for 1 year . After the first year, I drove that car to the same dealer and traded it in for a NEW CAR at  5.83%. the dealer did have to transfer $1,800 of the negative balance to my NEW CAR, but my credit score jumped and i have a new car with a low rate.  GREAT STEPPING STONE. RECOMMENDED !

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Feb 06, 2016

Be weary of this "helpful" post, especially with a username such as I FRAUD ZILLA.

Jan 15, 2016
Stay Away

i wanted to refinances my auto loan. Tryed to get a pre-approval rating wouldnt allow me to get one with out running my credit. Long story short i got hit with an hard inquiry and still was not approve. even tho credit karma ''recommendations'' stated my chances of approval was fair . my adivce to any going by these credit karma recommendations. DONT!!! . Well then again i cant blame credit Karma. You know the old saying you get what you pay for, & see that this is free serivces. You live & you learn

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Jan 18, 2016

A CK (Credit Karma) reccomendation of "Fair" is 50/50 at best, ASSUMING all other factors are above-average/favorable in your favor. (Income Amount, Debt Utilization, ZERO blemishes in terms of paying in full & on time) After the "Fair" Reco there is "Good", "Very Good", & in some cases (depending on the type of credit pursued/desired) there is even a 3rd, "Highest" option. Additionally, it is NOT POSSIBLE to get an official decision, neither "approved" or "declined", WITHOUT a hard inquiry. That is LITERALLY the only way. The ONLY thing that even comes CLOSE to a "Pre-Hard Inquiry" prediction (b/c that's all it could b) IS Credit Karma, which when used KNOWLEDGABLY & with an understanding of the probability scale (Fair = 50/50 odds at best, as mentioned above, & DOZENS of times throughout ALL of Credit Karma's website, Estimate portal(s) AND ALL of their published materials) enables people to AVOID hard inquiries resulting from DENIED applications.That tool is one of SEVERAL Credit Karma provides ABSOLUTELY free, but of course you could also easily get it from a number of other companies, by PAYING for it, in the form of a RECURRING monthly subscription the vast majority of the time I might add. Lastly, you manage an impressive "clean sweep" in your cliche-filled closing, 1st by assigning blame to CK for not charging you for the very same info you could have "got if you had paid for it", anywhere else. Well, I guess I can't really blame YOU for spreading such an abundance of ignorant & inaccurate info, after all YOU clearly have NOT "lived & learned" else you would realize the truth: you get out what you put in. Your "advice" is irrefutable proof that you "put in" absolutely ZERO effort OTHER than to criticize & blame CK, so it comes as no surprise that your outcome was unfavorable.

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Company Overview

Capital One offers loans for new and used cars through select franchised dealers, as well as auto loan refinancing. Minimum loan amount is $7,500, and approval can take as little as sixty seconds. The website offers tools to help consumers manage their auto loan and keep them updated on their auto loan application status. Financing is not available for commercial vehicles, motorcycles, or recreational vehicles. Customer service is available online or by phone.

Capital One, founded in 1988, is a Fortune 500 company and is a diversified financial services company, offering an array of credit, savings, and loan products for consumer, small business, and commercial clients. Capital One serves customers in approximately 1,000 branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia.