Customers with gold, platinum, or platinum honors status will receive up to 0.5% off their auto loan's APR. ![]() Bank of America will finance cars valued as low as $6,000, but the $7,500 minimum loan amount means that borrowers could be underwater, or have a loan worth more than the car's value.īank of America auto loans are a good option for current customers, as interest rate discounts are based on customer relationships with the bank and categorized by status. ![]() ![]() While Bank of America has a minimum loan amount of $7,500, Capital One only requires minimum loans of $4,000. Starting at $4,000, maximum not disclosedĬapital One has an advantage over Bank of America for borrowers looking for affordable used cars. New/Used: starts at 8.49%, Lease Buyout/Refinance: starts at 8.74% (Rates as of. New: Starts at 5.89%, Used: Starts at 6.09%, Lease Buyout: Starts at 6.69%, Refinance: Starts at 6.89% To compare Capital One to the competition, we looked at lenders with similar credit score requirements that allowed customers to get pre-qualifications before going to a dealership. The US Treasury Department fined Capital One $80 million after the Office of the Comptroller of the Currency said the bank's poor security around its cloud-based services helped to account for a 2019 data breach in which a hacker accessed over 140,000 social security numbers and 80,000 bank account numbers. Keep in mind that a top-notch BBB score doesn't ensure you'll have a good relationship with a company.Ĭapital One does have one recent controversy. The BBB, a non-profit organization focused on consumer protection and trust, determines its ratings by evaluating a business' responses to consumer complaints, honesty in advertising, and clarity about business practices. Is Capital One trustworthy?Ĭapital One is rated an A by the Better Business Bureau. Capital One is also reachable by mail and also has a lengthy list of answers to frequently asked questions. To contact Capital One's customer support, call the company Monday through Friday from 9 a.m. While most other lenders will state the range of interest rates available to prospective customers or information on loan fees, Capital One does not make that information publicly available. However, Capital One doesn't have detailed information on interest rates or fees available on its website. Auto loan interest rates at Capital One tend to start lower than the typical interest rates, and could help people in this credit category get lower interest rates, too. In these credit categories, borrowers may be rejected by many lenders or offered high interest rates.Ĭapital One works with borrowers with credit scores as low as 500. However, Capital One states that financing may be available for vehicles model year 2009 or newer and with 150,000 miles.Ī 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.
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