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Before going to a dealership to buy a new car, it is a good idea for you to get pre-approved for an auto loan. Capital One is one online source where you can get pre-qualified for auto financing within minutes of applying, and their rates start as low as 2.49% for up to 72 months. Loans are approved up to $40,000, and there is no origination fee or prepayment penalty. Capital One doesn’t finance Oldsmobile, Daewoo, Saab, Suzuki, Isuzu, commercial vehicles, or recreational vehicles. Dealerships make most of their money on auto financing, so they will try to beat the offer you received, which can put you in a better position for negotiating and save you a lot of money.

capital-one-car-loan-review-and-rates-2There are no customer reviews for Capital One Auto Finance on the Better Business Bureau website, but the Consumer Affairs website has 116 customer reviews. The customers who provided a rating gave Capital One Auto Finance an overall rating of 1 out of 5 stars. Most of the complaints dealt with payment processing issues. Some of the complaints included:

  • Unable to set up online payments
  • On-time payments ended up being list as late or delinquent
  • Difficulties with making payments over the phone

Other complaints dealt with customer service issues. For instance, customers complained about not being able to talk to a customer service representative in a timely manner, representatives are rude, and representatives are uninformed about how to resolve loan issue.

Some of the better review comments included:

  • capital-one-car-loan-review-and-rates-1Approval with bad credit
  • No required down payment
  • Loan help to increase credit score
  • App is easy to use

The comments made on the Consumer Affairs website may not be representative of how Capital One does business. People who are upset about the service they receive tend to be more outspoken than people who are satisfied with the service. Capital One is a large corporation, and it should do what it can to rectify the issues its customers are having with its service.