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How does a Capital One car loan work?
I recently moved out of my parents’ house, and while living with them, I was always able to borrow one of their cars, but now I need to buy my own for work. I’ve never taken out a loan before, but my parents said I should use Capital One because they’re the only bank I’ve ever done business with. Can you explain how a Capital One car loan works?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations; moving out is a big step, and I’m sure your parents will miss having you around!
Overall, a Capital One
car loan
works the same as a loan from any standard lender, with a few exceptions. There are some unique benefits to getting a loan through Capital One, such as:
- Competitive rates for applicants with a credit score of 500 or better
- An easy pre-qualification process that uses a soft credit check to avoid affecting your credit score
- Determinations are typically made within 24 hours
- Loans as small as $4,000 available
- Large network of partnered dealerships
- Online account management and support
Every lender has drawbacks, and the following are some things to consider when applying for a loan through Capital One:
- Limited information regarding rates or fees unless you apply
- Loans can only be used at a partnered dealership
- Not available in Alaska or Hawaii
Capital One’s main distinguishing features are that pre-qualification is required, and the loan can only be used at a partnered dealership. The pre-qualification requirement helps borrowers budget because you receive an estimated interest rate and the amount you can borrow before selecting a vehicle. However, only being able to use the loan at an approved dealership could limit your shopping options (though they do have an extensive dealership network).
In general, Capital One is a great lender option, but you should shop around and compare multiple offers to ensure you’re getting the best agreement.
When working on your budget, don’t forget to factor in the cost of
car insurance
as well. If you want to take the hassle out of purchasing a policy, let Jerry
, an insurance comparison app, do the hard work for you. You can compare quotes from over 50 top insurance companies, and once you’ve made a selection, Jerry will take care of all the phone calls and paperwork so that you don’t have to. View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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