Capital One Auto Finance review

Capital One Auto Refinance: How to Get Approved for an Auto Refinance

For those that don’t know, Capital One is a bank that specializes in credit cards, banking, and auto loans. However, you may not have heard about Capital One Auto Refinance products.

Founded in 1988, it has grown to be the eighth-largest commercial bank in the U.S. (by assets and deposits). Further, in 2016, Capital One was the fourth-largest auto lender.

As a leader in the industry, you may be considering Capital One to refinance your auto loan. If you are, read on to learn more about the loan process, rates, eligibility requirements, and pros and cons.

How does it work when you refinance your car with Capital One?

Capital One offers a free online pre-qualification application. Within a few minutes, you can find out the estimated amount of your monthly payments, your terms, and the APRs you qualify for.

Further, it won’t have a negative impact on your credit score. If you pre-qualify, you can select an offer and complete your application (which results in a hard inquiry on your credit report).

The final step requires:

  • Submitting your vehicle identification number (VIN)
  • E-signing your contract
  • Entering your current lender’s details
  • Sending in any supporting documents that are requested (May include the vehicle title, proof of insurance, proof of employment, proof of residence, proof of income, and limited power of attorney to modify vehicle title)

It’s important to note that pre-qualification offers expire after 30 days. You can use your offer on the expiration date, but not after.

If you’d like to see how much you can save, head over to the website and use the Capital One auto refinance calculator. You enter your current loan information and your new loan information and click “Compare My Terms” to see your estimated savings.

How often can you refinance your auto loan?

Will you have to put money down on a Capital One auto refinance?

You may or may not need to put cash down on your auto loan. It will depend on the payoff amount and the value of your vehicle. Additionally, you may be charged a transfer fee depending on your state.

Capital One auto refinance rates

Capital One applies an Annual Percentage Rate (APR) to its auto loans. The rate you get will depend on several factors including your credit, the amount you finance, your loan term, your vehicle’s characteristics, and more.

The advertised rates for Capital One are very competitive but are also for customers with ideal credit and circumstances. Find out what you can get by going through the quick pre-qualification process on the website.

Here are the best auto refinance options for good, fair, and bad credit

Capital One auto refinance eligibility requirements

There are quite a few eligibility requirements, which include:

Capital One Auto Refinance Requirements
  • The remaining term of your existing loan must be at least 12 months and can be no more than 99 months
  • New terms must be at least 24 months and no more than 72 months
  • Vehicles must be seven years old or newer
  • The payoff amount on your current loan must be between $7,500 and $40,000
  • Your current loan can’t be serviced by Capital One Auto Finance
  • The lender of your current loan needs to be FDIC- or NCUA-insured
  • Your vehicle needs to be a new or used light truck, car, SUV, or minivan that is for personal use
  • Your vehicle cannot be an Isuzu, Oldsmobile, Daewoo, Saab, or Suzuki
  • Vehicles that are not allowed include motorcycles, ATVs, boats, camper vans, recreations vehicles (RV)s, and motorhomes
  • There are also restrictions on lease buyouts, vehicles with no VIN or title, lemon vehicles, and branded title vehicles
  • All Capital One accounts a person holds must be in good standing
  • You must also be in good standing on your mortgage and auto loan
  • A minimum monthly income limit of $1,500 to $1,800 may apply, depending on your credit qualifications

If you meet these requirements, Capital One auto refinance may be a good fit for you. So, how is there customer service?

How is Capital One’s customer service?

Overall, Capital One fares well when it comes to customer service. Many reviews boast about no hassles, caring representatives, and quick resolutions. Service channels are available over the phone, online, via mail, via email, and via the mobile app.

The general Capital One auto refinance phone number is 1-800-946-0332. Business hours are Monday through Friday, 8 a.m. to 9 p.m. ET and Saturday 8 a.m. to 6 p.m. ET. Further, automated assistance is also available 24/7.

If you are inquiring about your auto refinance application, the customer service number is 1-888-263-4582. Business hours are Monday to Friday from 9 a.m. to 9 p.m. ET and Saturday from 10 a.m. to 7 p.m. ET.

You can also contact Capital One online, by e-mail, or by mail. And, once you are a customer, you can log in to the website to manage your auto loan, ask questions, and set up automatic payments.

Read Capital One auto finance reviews to hear from past Capital One clients.

Application process

Now let’s take a closer look at the application process. Here’s the step-by-step breakdown:

 

  1. Visit the Capital One website, click “Auto” from the menu, and select “Refinance a Loan.”Capital One Auto Refinance

  2. Click “See If I Prequalify.”Capital One Auto Refinance

  3. Ensure you meet the basic requirements and click “Next: Personal.”Capital One Auto Refinance

  4. Share your personal information including your name, email address, phone number, address, rent/own status, social security number, and date of birth (don’t worry, it won’t impact your credit score).Capital One Auto Refinance

  5. Provide your employment details including where you work, how long you’ve worked there, and how much you make.Capital One Auto Refinance

  6. Enter information about your vehicle including the year, make, model, and trim. Also, enter your current loan information including the monthly payment, payoff amount, and monthly term. Then, select how many months you want your new term to be and which day of the month you want to pay your bill.Capital One Auto Refinance

That’s it! Then, you review all of your information to make sure it is correct and submit your pre-qualification application.

Capital One auto refinance pros and cons

In summary, here are the pros and cons of Capital One auto refinance.

WEIGH THE PROS AND CONS

Compare the pros and cons to make a better decision.

Pros
  • Pre-qualify without impacting your credit report
  • An easy online loan process
  • Pick the best date of the month to make your payment
  • Fast pay off of the previous loan
  • Good customer service
  • Competitive rates
  • Support online and via the CapitalOne mobile app
Cons
  • May not be the best interest rate and terms available
  • Many eligibility requirements can make it difficult to qualify

FAQ about auto refinancing

Who does auto refinancing?

Many lenders offer to refinance auto loans but rates and terms vary widely. See and compare a list of them here. It’s always a good idea to shop around and compare a few offers before making a decision.

See which lenders want to compete for your business!

When should you refinance a car loan?

You should consider refinancing a car loan when you can save money by doing so. Additionally, it can be used to lower your car payment by extending the loan term.

What does it mean when you refinance?

It means you get a new loan which replaces your old loan. The old loan is paid off, the remaining balance is transferred to the new lender, and the borrower pays the new lender according to the new terms.

Do you need a Capital One Auto Navigator login to refinance your car?

No, Capital One’s Auto Navigator assists clients who are looking to buy a vehicle from a dealer in Capital One’s network. You can log in and get prequalified before visiting the dealer, so you know the amount for which you are approved. You will not need to use the Auto Navigator when refinancing an existing auto loan.

Is Capital One auto refinance right for you?

Once you have decided that you should refinance your auto loan, Capital One is a good company to consider. It is well-established, has an easy online loan process, and has a reputation for providing quality customer service.

Being that it offers pre-qualification with no impact on your credit report, you won’t lose anything by finding out what rates and terms you can get. Then, you can determine if it is really the best value for you.

Click here to get prequalified with Capital One auto refinance today.

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