True Reviewer

If you are thinking about buying a new or used car, or refinancing your car loan, Capital One Auto Finance may be just the company you need. Without leaving home, you can apply for a car loan online and find out if you’re approved in as little as 15 minutes. Even if you are self-employed, you could qualify for the car of your dreams.

To apply for a new or used car loan, simply go online to the Capital One website, and fill out an application. All loans are subject to credit approval and there is no fee to apply. Ask for an amount that’s a little more than you think you might need for your purchase, just to give yourself some flexibility.

Once your loan is approved, you can get a no-obligation Capital One Blank Check as early as the next day. This is a real check that you can use to buy a new or used car. Find the car you like, negotiate like a cash buyer at any franchised auto dealership, then make your Blank Check payable to the dealer for the amount of your purchase, plus any taxes.  If you make a great deal and don’t need as much money as you applied for, that’s fine.  Your loan amount will be the amount you write on the Blank Check, not the amount you were approved for.

If you have trouble finding the perfect car right away, you can lock in the interest rate that you negotiated for your auto financing for 45 days. If you need even more time, or a larger amount of money, you can negotiate as long as you ask before your 45 days are up. Otherwise, you will have to re-apply.

Depending on your credit rating and things like the amount of the loan, the length of time you want to pay it, the age of the vehicle you want to purchase and the method of payment, you will be given an interest rate for your loan. New car loan rates start at just 5.19% for 36 months. A longer term will have a higher interest rate. Used car loan rates are as low as 6.09% over 36 months. These rates apply if you choose to make automated payments.

If your Blank Check is lost or stolen, Capital One will void it. And if you decide not to buy a car after all, just tear the check up. There is no obligation to use the money to finance your auto.

If you do purchase a vehicle, it needs to be for personal use only and must be bought from a franchised car dealership. (Sorry, no private sales). That means a dealer selling new and used cars for major auto manufacturers. Used cars can also be purchased from CarMax, or Enterprise, Hertz, Budget and National car rentals. There are a number of commercial and recreational vehicles that Capital One Auto Finance doesn’t provide financing for, so check their site for any excluded vehicle types.