I. How Auto Navigator Works
A. Pre-qualification for Auto Financing:
Prior to visiting a participating dealer, submitting a request to pre-qualify for auto financing will allow for a review to determine whether you pre-qualify. But don’t worry, it won’t impact your credit score. If you pre-qualify, you will be able to see your monthly payments, APRs, and offers for vehicles you may be considering.
B. Finding Your Car:
Auto Navigator provides participating dealers' advertised inventory to help you search and save your favorites to find the car that works best for your budget and lifestyle. And although we can't guarantee that participating dealers display all of the vehicles they have available for sale, you can still use your pre-qualification at any participating dealers. Don't forget, your pre-qualification can only be used to buy one, personal-use vehicle. Inventory availability is subject to change without notice.
C. Personalizing Your Offer:
Adjust things like your down payment, term length, and more to build the deal that's right for you. Remember, you can use your mobile phone to configure pre-qualified financing for vehicles you're considering and compare your options at the dealer.
D. Purchasing at a Participating Dealer:
When you visit a participating dealer, show them your Auto Navigator pre-qualification offer for the vehicle you would like to finance. When available, before visiting the dealer, you can provide the dealer with your most up-to-date personal, contact, residence, income, and employment information, as well as your proposed financing terms, pre-qualification status, information about the vehicle you may be interested in financing, and saved cars at that dealer by using the ‘Check Availability’ button (this feature is not available for all dealers and is not a required step). If you choose to do so, you’ll also let the dealer know your preferred method of communication so the dealer may contact you to discuss next steps. When you arrive at the dealership, you can test drive the car, and you will fill out a credit application and provide any information needed for review to complete your financing. A credit application at the dealer will result in one or more inquiries posted to your credit file. After negotiating purchase terms and receiving dealer credit approval, you will sign a contract with the dealer reflecting both your purchase and financing terms. Your purchase will result in a retail installment contract with the dealer as the original creditor.
II. Capital One Auto Finance Restrictions and Important Information
A. Customer's Age, State, and Income Restrictions:
To pre-qualify, you must be at least 18 years old and have a valid street address within the contiguous United States. A valid APO/FPO address also works. Auto Navigator is not available to residents of Alaska or Hawaii and Post Office Box addresses can’t be used as the address on your pre-qualification request. Minimum monthly income required is $1,500. Also, any existing Capital One accounts must be in good standing (meaning not over limit, past due, or delinquent).
B. Pre-qualification Offers:
Pre-qualification does not guarantee that you’ll receive financing or any particular financing terms, which are subject to change based on Capital One’s evaluation of your credit application submitted at the dealer and any required documents, and may vary depending on the dealership selling the vehicle(s) you’re interested in financing. Your Capital One pre-qualification expires 30 days from the date your request for pre-qualification is received. If you’ve recently applied for and funded another loan with Capital One Auto Finance, you may no longer be eligible to get a new loan with your Capital One Auto Finance pre-qualification. Any other financing offers are subject to the terms of the offering party.
C. APR1:
APR is the Annual Percentage Rate. Pre-qualified financing terms depend on the individual's credit and key financing characteristics, including but not limited to the amount financed, term, loan-to-value (LTV) ratio, down payment amount, and vehicle characteristics, and may vary depending on the dealership selling the vehicle(s) you may be interested in financing. Advertised APRs shown are current as of March 3, 2020. Also, down payment, rebate, or trade-in is required in some situations to complete purchase. Advertised and pre-qualified rates and financing terms are subject to change without notice. Your actual APR will be based on your specific situation.
D. Vehicle Type Restrictions2:
Your Capital One pre-qualification can only be used at participating dealers, but don’t worry, there are plenty to choose from. Here’s what is required to finance a vehicle:
- A new or used car, light truck, minivan, or SUV for personal use
- The vehicle must have fewer than 120,000 miles and its model year must be within the last 10 years.
In some instances, an older model year or higher mileage vehicle (up to 150,000 miles) may be eligible.
We want you to find a vehicle you really love, but Capital One Auto Finance doesn’t finance certain vehicle makes including but not limited to, Oldsmobile, Daewoo, Saab, Suzuki, or Isuzu vehicles. We don’t offer financing for commercial vehicles, motorcycles, recreational vehicles (RVs), ATVs, boats, camper vans, motor homes, vehicles with a history of chronic malfunctions and/or manufacturer or dealer buy back (also referred to as a lemon), branded title vehicles, or vehicles without a Vehicle Identification Number (VIN) or title issued. We may determine a vehicle to be commercial or otherwise ineligible based on the model and/or information provided to us.
E. Amount Financed Restrictions:
For new and used vehicles, the minimum amount financed is $4,000. The amount you’re pre-qualified up to is based on your income, key credit characteristics, the vehicle you’re purchasing, the specific dealership you’re purchasing the vehicle from, and/or the details of the financing deal, like whether you trade in a vehicle. This amount is also subject to verification of the personal income you put on your request for pre-qualification. The amount financed may include the dealer advertised price, tax, title, licensing fees, dealer fees, and any optional products, like service contract and/or extended warranty, that you choose to purchase from the dealer. Capital One Auto Finance may not provide financing for all optional products offered by a participating dealer.
F. Participating Dealer Requirements:
Capital One Auto Finance provides financing for new and used vehicles purchased from participating dealers listed on Auto Navigator. Participating dealers are subject to change. Also, we don’t offer financing for vehicles purchased from non-participating dealers, auto brokers, or private party sellers.
III. Participating Lender Restrictions
A. Eligibility for Participating Lenders:
Eligibility for auto financing pre-qualification from participating lenders is determined by the information you submitted, along with the personal credit profile from credit reporting agencies that is obtained by Capital One through your Auto Navigator pre-qualification request.
You may not be eligible to submit a request for pre-qualification to participating lenders; so if you’re not eligible, you won’t see an option to do so.
Participating lenders may have their own eligibility restrictions, such as requiring that you be at least 18 years of age, live within the contiguous United States, meet minimum income requirements, and purchase a vehicle for personal use that meets their specified year, make, model, and/or mileage restrictions.
B. Pre-qualification Offers:
Pre-qualification does not guarantee that you’ll receive financing or any particular financing terms, which are subject to change based on the participating lender’s evaluation of your credit application submitted at the dealer and any required documents, and may vary depending on the dealership selling the vehicle(s) you’re interested in financing. The expiration of your pre-qualification is subject to the lender's terms and may be different from Capital One’s. If you pre-qualified for auto financing with a participating lender and don’t see that pre-qualification when you log into your Auto Navigator account, you may access your pre-qualification at the website where you submitted that pre-qualification request.
Some participating lenders may have membership eligibility requirements, and some may pay Capital One if you finance with them.
C. Participating Dealer Requirements:
Participating lenders provide financing for new and used vehicles purchased from participating dealers, and those dealers are subject to change, and may vary by participating lender.
IV. Auto Navigator Product Terms and Disclosures
A. * Pre-qualified Auto Financing Terms:
Your pre-qualified auto financing terms, including monthly payment and Annual Percentage Rate (APR), aren’t final until your financing is completed at a participating dealer with the lender offering auto financing. These pre-qualified auto financing terms are based on information you provide and might change if you update any information on the Auto Navigator website, with a participating lender, or at the dealer. Capital One and participating lenders do not guarantee that the dealer will provide you with all terms outlined in your pre-qualification offer. Terms online are provided based on common monthly increments, but other terms may be available at the dealership when purchasing the vehicle. Not everyone qualifies for each of these term lengths though.
B. Ratings and Reviews:
We love hearing what our customers have to say about Auto Navigator. And all of our customer reviews are submitted by validated Capital One customers who purchased vehicles using Auto Navigator. Some product ratings and reviews may be from customers with different versions of the product displayed above.
C. Third Party Information:
Capital One uses third party information, otherwise available, to help make your auto financing experience better. Third party information includes, but is not limited to, trade-in values, car images, dealer reported mileage, fuel economy, dealer advertised price and car details, and car history reports. Remember, third parties, including the dealer, provide this information and Capital One doesn’t sell vehicles, doesn’t sell any optional products, and doesn’t make any express or implied representations or warranties with respect to the accuracy of the third party information. You should verify the accuracy of any third party information on your own. All trademarks are the property of their respective owners.
Vehicle images may not be representative of the dealer advertised vehicle. Cars are subject to prior sale so there’s a possibility that some cars may have already been sold. Availability should be confirmed with the dealer. Dealer advertised prices are subject to change without notice.
Dealer advertised prices may be negotiable and may not include tax, title, license, and other fees charged by the dealer. Other fees may also include, but are not limited to, document fees, dealer preparation fees, and delivery charges. You should verify with the dealer what’s included in the dealer advertised price. We also provide a historical estimate of the tax, title, and license fees based on the state the dealership is located in to show you how they impact your financing terms.
Any available car history reports are provided by CarFax®. You can visit the CarFax® website for additional information on their services. Trade-in valuations are powered by Kelley Blue Book® data to provide estimates of what you may be able to receive from the dealer by trading in your car. Kelley Blue Book® Price Advisor is also powered by Kelley Blue Book® data to provide you with information on what other customers have paid for like cars in your area. Kelley Blue Book® valuation methods are not determined or maintained by Capital One. You can visit the Kelley Blue Book® website for additional information on their services. Third party websites, such as Kelley Blue Book® and CarFax®, are not maintained by Capital One.
Maps, directions, and reviews are provided for informational purposes only. No representation is made or warranty given as to their content, road conditions or route usability or expeditiousness. User assumes all risk of use. Google™, Capital One, and their suppliers assume no responsibility for any loss or delay resulting from such use. All reviews are provided by Google and are subject to Google terms of services. Capital One does not monitor content provided by Google.
©2018 Google LLC, used with permission. Google and the Google logo are registered trademarks of Google LLC. Google Play and the Google Play logo are trademarks of Google LLC.
App Store is a service mark of Apple Inc.
Stock vehicle images provided by izmo, inc. and Autodata, Inc.
Stock Automotive Images, Copyright 2000 - 2022 izmo, Inc. All Rights Reserved. The stock automotive images contained herein are owned by izmo, Inc. and are protected under United States and international copyright law. Access to and use of these images is restricted by terms and conditions of a separate license agreement. Any unauthorized use, reproduction, distribution, recording or modification of these images is strictly prohibited.
FAQs
What score do you need for a Capital One auto loan? ›
A Capital One auto loan might be for you if you have a nonprime (between 601 and 660) or subprime (between 501 and 600) credit score. In these credit categories, borrowers may be rejected by many lenders or offered high interest rates. Capital One works with borrowers with credit scores as low as 500.
Does Capital One do a hard pull for auto loan? ›After pre-qualifying online for a Capital One Auto Finance loan, car buyers take their saved offer to the dealership, where application paperwork is completed and a hard credit inquiry is done.
How do I use Capital One auto Navigator? ›Start by pre-qualifying online in minutes without impacting your credit score. Next see your real
What is the lowest credit score to buy a car? ›There is no set credit score you need to get an auto loan. If you have a credit score above 660, you will likely qualify for an auto loan at a rate below 10% APR. If you have bad credit or no credit, you could still qualify for a car loan, but you should expect to pay more.
Is Capital One pre approval guaranteed? ›Pre-qualification does not guarantee that you'll receive financing or any particular financing terms, which are subject to change based on Capital One's evaluation of your credit application submitted at the dealer and any required documents, and may vary depending on the dealership selling the vehicle(s) you're ...
What is a good credit score to buy a car in 2022? ›In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
Does Capital One auto Navigator affect your credit? ›But don't worry, it won't impact your credit score. If you pre-qualify, you will be able to see your monthly payments, APRs, and offers for vehicles you may be considering.
Can you be denied a car loan after pre-approval? ›Can you be denied a car loan after preapproval? It is extremely rare to be denied a car loan after preapproval, but it can happen. Lenders may include terms that allow them to back out of an agreement. Sometimes application errors might prevent you from actually getting a loan.
Is 670 a good credit score to buy a car? ›What is a good credit score to buy a car. Scores starting at 670 are categorized as “Good” by FICO. These scores can begin to earn more attractive incentives like a lower annual percentage rate (APR) from lenders in the financing agreement.
Whats a good APR for a car? ›What is a good APR for a car loan with my credit score and desired vehicle? If you have excellent credit (750 or higher), the average auto loan rates are 5.07% for a new car and 5.32% for a used car. If you have good credit (700-749), the average auto loan rates are 6.02% for a new car and 6.27% for a used car.
What is a good interest rate on a car? ›
...
Average car loan interest rates.
| Credit score | Average APR, new car | Average APR, used car |
|---|---|---|
| Prime: 661-780. | 4.03%. | 5.53%. |
| Nonprime: 601-660. | 6.57%. | 10.33%. |
| Subprime: 501-600. | 9.75%. | 16.85%. |
The app has the following features: View and manage your Capital One accounts from one place, including home and auto loans, banking accounts, credit card statements, etc.
Can I finance a car with a 570 credit score? ›According to credit reporting agency Experian, more than 21% of auto loans in the fourth quarter of 2018 were extended to borrowers with subprime (501-600) or deep subprime (500 or below) credit scores. So, the answer is yes, you can buy a car with that credit score.
Which FICO score do auto lenders use 2022? ›Most auto lenders use FICO Auto Score 8, as the most widespread, or FICO Auto Score 9. It's the most recent and used by all three bureaus. FICO Auto Score ranges from 250 to 900, meaning your FICO score will differ from your FICO Auto Score.
What can I get with a 630 credit score? ›As someone with a 630 credit score, you have just crossed over into the “fair” territory of credit score bands. You can qualify for financial products, like a mortgage or car loan, but you will likely pay higher interest rates than someone with better credit.
How do I know how much I can get approved for a car loan? ›The main thing lenders look at is your debt to income ratio (DTI), the percentage of your monthly gross income that goes toward paying debts. Lenders like to see a DTI ratio of 40% or less, which means if you bring in $5,000 of income each month, your debt payments should be no more than $2,000.
What credit bureau does Capital One pull from? ›Which Credit Bureau Does Capital One Use? Capital One appears to pull from any of three major credit bureaus: Experian, Equifax and TransUnion.
Does prequalified mean approved? ›What Does it Mean to be Pre-Qualified? Being pre-qualified means a lender has decided you will likely be approved for a loan up to a certain amount, based on your current financial situation. To get pre-qualified, you simply tell a lender your level of income, assets, and debt.
What APR is too high for a car? ›A high APR (“annual percentage rate”) car loan is one that charges higher-than-average interest rates. The legal limit for car loans is around 16% APR, but you will find lenders that get away with charging rates of 25% or more.
How fast will a car loan raise my credit score? ›When you make a timely payment to your auto loan each month, you'll see a boost in your score at key milestones like six months, one year, and eighteen months. Making your payments on time does the extra chore of paying down your installment debt as well.
What credit score is needed to refinance a car with Capital One? ›
To be eligible for a Capital One auto loan, you must have a minimum monthly income of $1,500, totaling $18,000 per year. The company doesn't list any credit score requirements on its website. However, you're more likely to be approved if you have a good credit score of 670 or higher.
Will car prices drop in 2022? ›Used car prices are already starting to drop as the market cools, having seemingly peaked in early 2022. On the other hand, new vehicle prices are unlikely to drop in 2022 due to persistent inflationary pressures. “There's still a lot of inflation bubbling up in the new vehicle supply chain.
What is the best time to buy a car in 2022? ›Consider the Previous or Outgoing Model Year
You can also get a good deal by purchasing a new car toward the end of its model year, for example, a 2022 model in December of 2022. Traditionally, new model year vehicles start to come out in the fall of the previous year.
Preapproved auto loans are a great way to save money when buying a car. Simply, they are loans that have already been approved by the potential lender. With a firm understanding of how much you can spend, it enables you to shop around for the best interest rate and loan term.
What happens if bank does not approve car loan? ›If the loan isn't approved, they have the right to cancel the deal. This is also called 'spot delivery' or 'yo-yo financing.
Why would a bank deny a car loan? ›Why was I denied a car loan? Lenders frequently reject applicants because of credit score, credit history and overall debt. Errors in the application. You can be denied a loan due to simple errors in the application.
How do you get a 800 credit score? ›- Pay Your Bills on Time, Every Time. Perhaps the best way to show lenders you're a responsible borrower is to pay your bills on time. ...
- Keep Your Credit Card Balances Low. ...
- Be Mindful of Your Credit History. ...
- Improve Your Credit Mix. ...
- Review Your Credit Reports.
Although a 650 credit score is desirable for any loan, first time car loans may require a score of 680 or higher to waive any co-signer requirements.
Which credit bureau is most used for auto loans? ›Experian and Equifax are the credit bureaus most commonly used for auto loans. They offer specialized auto lending solutions (such as Experian's Auto Audiences) and receive a significant portion of their revenue for services associated with the auto industry.
Can you negotiate APR on a car? ›Yes, just like the price of the vehicle, the interest rate is negotiable. The first rate for the loan the dealer offers you may not be the lowest rate you qualify for. With dealer-arranged financing, the dealer collects information from you and forwards that information to one or more prospective auto lenders.
What APR will I get with a 620 credit score? ›
A credit score of 620 puts you in the “near prime” category of borrowers. According to Experian, the average interest rates for people in this category are 6.07% for new-car loans and 9.8% for used-car loans.
How can I lower my car APR? ›- Check your credit reports and build credit. ...
- Apply for refinancing. ...
- Apply with a co-borrower or add a cosigner. ...
- Shop around. ...
- Think about shorter loan terms. ...
- Negotiate APR and interest rate. ...
- See if you can lower your APR in just a few minutes.
McBride warns that rates are expected to drift higher in the next year, predicting that by the end of 2022 the average interest rate on a five-year new car loan will be 4.4 percent and the average rate for a four-year used car loan will be 4.85 percent.
Will car interest rates go up in 2022? ›The Federal Reserve is reportedly expecting as many as 7 interest rate increases by the end of 2022, setting up the likelihood of much higher financing rates for both new and used vehicles. The pace at which these increases come may vary, with some coming sooner than others.
What is the average car payment? ›The average monthly car payment for new cars is $667. The average monthly car payment for used cars is $515. 38.22 percent of consumers financed new vehicles in the second quarter of 2022. 61.78 percent of consumers financed used vehicles in the second quarter of 2022.
Does Capital One auto Pre Qualification affect credit score? ›When you get prescreened, pre-qualified, or pre-approved for auto financing, it's typically a "soft inquiry". Soft inquiries, also known as soft credit pulls, don't affect your credit score even though you can see them on your personal credit report.
Does Capital One Auto Navigator work with Carvana? ›You must be prequalified through their Capital One Auto Navigator site before you can begin the purchase process with Carvana. When is my down payment due? If you are within Carvana's free delivery area and choose to accept the vehicle, your down payment is due at the time of delivery.
Does refinancing a car hurt your credit? ›Refinancing a car loan can temporarily hurt your credit score. However, the financial benefits you could receive may significantly outweigh a drop in credit rating. There are also ways to minimize the impact on your credit score and help it rebound relatively quickly when you apply for refinancing.
How can I improve my FICO auto score? ›- Check Your Credit Report and Scores.
- Always Pay Your Bills on Time.
- Focus on Paying Down Credit Card Debt.
- Only Apply for Credit if You Really Need To.
- Dispute Inaccuracies on Your Credit Report.
- Save Up for a Down Payment.
When you apply for a car loan, lenders will pull a hard inquiry on your credit reportto see your credit history and assess your creditworthiness to purchase the vehicle. This typically drops your score five to 10 points—but remember that it's only temporary!
What will my APR be with a 570 credit score? ›
| Credit | Score | Rate |
|---|---|---|
| 700-719 | 4.53% | |
| Moderate | 675-699 | 4.71% |
| 620-674 | 4.93% | |
| Bad | 570 Credit Score | 5.36% |
- Maintain a consistent payment history. ...
- Monitor your credit score regularly. ...
- Keep old accounts open and use them sporadically. ...
- Report your on-time rent and utility payments. ...
- Increase your credit limit when possible. ...
- Avoid maxing out your credit cards. ...
- Balance your credit utilization.
FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.
Why is my FICO score higher than my credit score? ›When the scores are significantly different across bureaus, it is likely the underlying data in the credit bureaus is different and thus driving that observed score difference.
Can I get a Tesla with 630 credit score? ›There is no stated minimum required Tesla financing credit score to apply for a Tesla auto loan, but borrowers with the best credit scores (720+) generally qualify for lower-APR financing. The average credit score of a Tesla buyer in 2020 was 714.
Can I get a brand new car with 630 credit score? ›While a credit score of 630 isn't the best, it's far from the worst. A 630 credit score should be good enough for a car loan, so long as you: Prepare for high interest rates—Lower credit means higher interest rates, so check to see how much of an additional monthly cost you can afford.
What is the average interest rate on a car loan with a 630 credit score? ›630 credit score car loan options
A score of 630 may get you an interest rate of between 11.92 percent and 4.68 percent on a new car loan.
Capital One is unlike other banks in that there isn't one credit bureau that it is most likely to use when looking at a credit card application. It uses Experian (36%), Equifax (32%) and TransUnion (32%) roughly equally. In some cases, it will check two or three credit bureaus when making a lending decision.
Can I get a car loan with a credit score of 500? ›It's possible to get a car loan with a credit score of 500, but it'll cost you. People with credit scores of 500 or lower received an average rate of 13.97% for new-car loans and 20.67% for used-car loans in the second quarter of 2020, according to the Experian State of the Automotive Finance Market report.
What credit score does car dealerships use? ›Auto dealerships use the FICO credit bureau, which stands for Fair Isaac Corporation. They also use the FICO Auto Credit Score, which has a range of 250 to 900. This may mean that an auto dealer has a different credit score for you than the one you see on your personal credit report.
Is 670 a good credit score to buy a car? ›
What is a good credit score to buy a car. Scores starting at 670 are categorized as “Good” by FICO. These scores can begin to earn more attractive incentives like a lower annual percentage rate (APR) from lenders in the financing agreement.
What is a perfect credit score? ›A perfect credit score of 850 is hard to get, but an excellent credit score is more achievable. If you want to get the best credit cards, mortgages and competitive loan rates — which can save you money over time — excellent credit can help you qualify.
What is a good FICO score 8? ›Consequently, when lenders check your FICO credit score, whether based on credit report data from Equifax, Experian, or TransUnion, they will likely use the FICO 8 scoring model. FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score.
What is an excellent FICO score? ›Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
What credit score is needed to buy a car without a cosigner? ›Although a 650 credit score is desirable for any loan, first time car loans may require a score of 680 or higher to waive any co-signer requirements.
Can I get a car loan with 520 credit score? ›A: With your credit score at 520 it is entirely possible to successfully get an auto loan, but interest levels for loans like this may be somewhat higher than average. Experian stated that vehicle loans for borrowers with scores of under 520 accounted for 20% of auto loans in 2019!
What APR is too high for a car? ›A high APR (“annual percentage rate”) car loan is one that charges higher-than-average interest rates. The legal limit for car loans is around 16% APR, but you will find lenders that get away with charging rates of 25% or more.
When's the best time to buy a car? ›End of the year, month and model year
In terms of the best time of the year, October, November and December are safe bets. Car dealerships have sales quotas, which typically break down into yearly, quarterly and monthly sales goals. All three goals begin to come together late in the year.
When you make a timely payment to your auto loan each month, you'll see a boost in your score at key milestones like six months, one year, and eighteen months. Making your payments on time does the extra chore of paying down your installment debt as well.
Which credit bureau is most used for auto loans? ›In conclusion, auto lenders use Equifax and Experian the most, while TransUnion is less used for auto loan credit checks, at least in some parts of the US.
How do you get a 800 credit score? ›
- Pay Your Bills on Time, Every Time. Perhaps the best way to show lenders you're a responsible borrower is to pay your bills on time. ...
- Keep Your Credit Card Balances Low. ...
- Be Mindful of Your Credit History. ...
- Improve Your Credit Mix. ...
- Review Your Credit Reports.
You may be able to get a car loan with a 650 credit score, but you might not like the terms and conditions of the loan if you do. Your score is considered fair, so the average interest rate you can expect to pay is 11.69% for a new car loan.
How accurate is Credit Karma? ›Credit Karma scores are directly reported by two of the three credit agencies and are as accurate as someone can expect from a free credit monitoring service. More often than not, the accuracy of credit karma scores is in the right wheelhouse.