Capital One Auto Loans

Auto loans are an absolute necessity for individuals looking for a decent car when they don’t have thousands of dollars at hand. The price of purchasing a new automobile is constantly rising every year. People who live on a fixed income or people who don’t have thousands of dollars set aside will still need a decent automobile. The confusing part about automobile loans is all the different types of loans and lenders to choose from. There are so many choices involved, that a borrower may miss out on some money saving factors or opportunities when they finance a new vehicle.

Capital One auto loans effectively void all the confusion with financing a new automobile by providing comprehensible facts on their site. Borrowers have plenty of options to choose from and when researched, borrowers will be well informed with which type of auto loan will be right for them. New auto loans provided by Capital One provide a pre approval process that can be achieved online. The current lowest rate a borrower can receive on a new auto loan from Capital One is 2.99%. Auto loans that a borrower will apply for on the Capitol One website will typically receive a response within minutes.

Capital One auto loans are not only provided for new automobile purchases, they are also provided for used vehicle purchases as well. Used car loans are have a low interest rate of 3.99% that Capital One provides to their customers. On top of new and used auto loans, Capital One also provides automobile refinancing at 3.69%. Individuals who have a current auto loan can save money every year on interest payments if they refinancing their auto loan through Capital One. Capital One makes getting finance for a new automobile extremely easy. There are only a few steps to take in order to receive an approval for an auto loan.

First off, the consumer fills out the necessary application and other information when applying for a new auto loan. Once approved, Capital One will send the borrower a blank check that will be used to purchase a new vehicle. The borrower will then shop around for a new vehicle with the blank check in their hand that will be used to finance the vehicle. The loan will not be active until the check for a new automobile is used. Dealerships will accept the check because Capital One is a major lender for new auto purchases.

Purchasing a used automobile basically works the same as purchasing a new automobile with Capital One financing. However, a used vehicle must have 70,000 miles or less, and be no older than 7 years. If the used vehicle meets these qualifications, the borrower can use the blank check to purchase the used vehicle. Once the borrower uses the check for a used vehicle, the loan will be active and the borrower will be expected to begin making monthly payments. Capital One also provides useful tools that help consumers calculate their monthly payments when purchasing a new or used automobile.

The advantage of using a Capitol One blank check to purchase a new or used vehicle is the fact that borrowers have up to 45 days to use the check. This means the borrower will effectively lock in a rate, while giving the borrower time to find the right automobile. This is extremely convenient and many Capital One customers are extremely happy with this process. The future of getting financing for a new or used automobile is on the internet. Individuals have more options than ever before and Capitol One is recognized as one of the easiest ways to obtain a new or used auto loan.