How auto refinancing works
- Step 1: Pre-qualify. Submit a pre-qualification request with no impact to your credit score. If you pre-qualify, you can browse your auto refinancing offers and savings with no obligation to move forward.
- Step 2: Choose your offer and submit your credit application. If you like an offer, move forward with a credit application. This will result in a hard inquiry on your credit report and will impact your credit score.
- Step 3: Sign your contract. Sign your contract and confirm your current lender information.
- Step 4: Finalize. We’ll pay off your current lender, update your title documents (you may need to mail your title to us, depending on your state) and let you know if we need anything else.
Visit our FAQs to learn more about Capital One Auto Refinance.
Personal requirements
To pre-qualify for refinancing, all applicants must be at least 18 years of age and must not be deceased or imprisoned. Applicants must have a valid physical street address within the contiguous United States (addresses in Alaska, Hawaii, Puerto Rico, etc. are not eligible). P.O. box addresses are not eligible for refinancing (except for Army/Fleet P.O. addresses). Applicants must be in good standing (not over limit, past due or charged off) on any existing Capital One account, and on any mortgage and auto loan (including the auto loan you wish to refinance). There must be no material changes to your credit in the last 90 days, including, but not limited to, becoming delinquent on any debt, filing for bankruptcy or foreclosing on a mortgage obligation. You must not have 3 or more open Capital One Auto Finance accounts or an aggregate limit over $100,000 with Capital One. There is a minimum monthly income requirement of $1,500, and your income must be sufficiently greater than your monthly debt obligations and living expenses. We must be able to verify each applicant’s identity as required by law and to obtain each applicant’s credit report.
Applicants must not have an open bankruptcy at the time of refinance pre-qualification and credit application, a bankruptcy discharged after opening the loan sought to be refinanced, and must not have had a dismissed bankruptcy after or within the 5 years prior to opening the loan sought to be refinanced.
Pre-qualification terms
Pre-qualification does not guarantee that you will receive financing or any particular financing terms, which are subject to change based on our evaluation of your credit application and any required documents. Your monthly payment and amount financed may vary depending on when your loan is finalized, your first payment due date and what we find when verifying your information. Your pre-qualification expires 30 days from the date your pre-qualification request is received. You may use your pre-qualification on the expiration date, but not on any day thereafter. After pre-qualification, you will have at least 15 days from when you submit your credit application to provide any required information or documents and to sign your contract. If your offer expires before you are ready to refinance, please submit another pre-qualification request to check your eligibility for a new offer.
Pre-filled information
If you are currently a Capital One customer, you may have the option to pre-fill certain fields of your pre-qualification request using information you have previously provided to Capital One, including, but not limited to, name, address and contact information. Capital One does not guarantee that any pre-filled information is current, complete or accurate. You should independently verify the accuracy of any pre-filled information. Capital One may require additional verification to prove that any information provided in your pre-qualification request, including pre-filled information, is accurate.
Vehicle requirements and restrictions
Capital One Auto Finance only refinances cars, light trucks, minivans and SUVs that will be used for personal use. Vehicles must be no older than 10 years and have an established resale value. Capital One does not refinance the following vehicles: vehicle makes no longer in production (such as Suzuki or Isuzu), commercial vehicles, motorcycles, recreational vehicles (RVs), ATVs, boats, camper vans, motor homes, vehicles with a history of chronic malfunctions and/or manufacturer or dealer buyback vehicles (alternatively referred to as lemons), salvage title vehicles, branded title vehicles, lease buyouts or vehicles without a vehicle identification number (VIN) or title issued. We may determine a vehicle to be for commercial use or otherwise ineligible based on the model and/or information provided to us. The vehicle must be located within the contiguous United States.
Loan amount restrictions
The minimum loan amount is $7,500 and maximum loan amount is $75,000. Your maximum loan amount may be based on your income, key credit characteristics, the vehicle you are refinancing and the amount due to your current lender. Your current loan balance cannot be significantly greater than the estimated value of your vehicle.
Current loan requirements
Capital One Auto Finance only refinances loans from other financial institutions, not including Capital One subsidiaries. Your current lender needs to meet one of the following requirements: 1) is currently reporting your loan to a major credit bureau, 2) is FDIC or NCUA insured, or 3) is both Better Business Bureau-accredited and a state-registered lender or state-registered auto dealer. Most banks, credit unions and larger auto finance companies meet one or all of these requirements. We only refinance standard auto loans with only one lienholder on the vehicle title for the loan you wish to refinance. We do not refinance unsecured loans or personal loans that use a vehicle title as collateral (also known as title loans). You must refinance the full payoff amount of your current auto loan subject to our minimum and maximum loan amounts. We do not offer cash-back refinancing or lease buyouts.
GAP insurance and other products
We will pay off your current auto loan only and will not finance new GAP or other coverage to cover any canceled coverage due to refinancing. To determine if your existing GAP policy or any other coverage terminates upon refinancing, check your corresponding agreement or contact the provider directly.
Documentation requirements
Required documentation varies, and you may be asked to provide some or all of what is listed below. These documents may include:
- Pay stubs or bank statements to verify your income and/or employment
- Insurance, lease agreement or mortgage statement to verify your residence
- Vehicle title
- Power of attorney or title authorization to allow us to file the lien in favor of Capital One Auto Finance.
To avoid processing delays, please be sure to include your reference number when sending documentation to us.
Annual percentage rate (APR)
Pre-qualified financing terms depend on the individual’s credit and key financing characteristics, including but not limited to amount financed, term, loan-to-value (LTV) ratio and vehicle characteristics. A representative example of payment terms are as follows: A loan amount of $25,000 with an APR of 9.50% and a term of 60 months would have a monthly payment of $525.05. No down payment required. Advertised rates are subject to change without notice. Your actual APR will be based on your specific situation. If you decide to refinance for a longer term length, that may increase the total amount paid when compared to your current loan.
Advertised and pre-qualified, estimated savings
Lifetime Savings: Advertised lifetime savings are based on the average expected reduction in total lifetime payments our customers experience over the life of their loan compared to their prior lifetime payments, assuming all payments are made on time. Pre-qualified customers may see estimated lifetime savings based on the current loan information they provide as well as loan information we receive from a credit reporting agency. Your actual savings may vary.
1Monthly Savings: Advertised monthly savings are based on the average expected reduction in monthly payments our customers experience with their new loan compared to their prior loan payments, assuming all payments are made on time. Pre-qualified customers may see estimated monthly savings based on the current loan information they provide as well as loan information we receive from a credit reporting agency. Your actual savings may vary.
29 out of 10 eligible pre-approved applicants are later approved
On average, 9 out of 10 eligible pre-approved applicants are later approved for auto refinancing. This excludes customers who do not meet all eligibility criteria stated on their offers.
Ratings and reviews
Customer reviews are submitted by validated Capital One customers who refinance using Capital One. Some product ratings and reviews may be obtained from customers with different versions of the product displayed above. To see what other customers are saying, please visit our website.
Top-rated mobile app
The Capital One Mobile app has a 4.9/5-star customer rating on the App Store and a 4.6/5-star customer rating on Google Play; both are in the top 10% in the Finance App category as of 11/02/2022.
Third-party information
Capital One uses third-party information to enhance your auto refinancing experience. Third-party information includes, but is not limited to, VIN and vehicle year, make and model, as well as your current loan information. Capital One does not guarantee that third-party information is accurate, current, complete or reliable and assumes no responsibility for the accuracy of third-party information. You should independently verify the accuracy of any third-party information. All trademarks are the property of their respective owners.
For information on how to dispute your credit report information, please visit our Help Center.
Wisconsin residents
No provision of any marital property agreement, unilateral statement or court order applying to marital property will adversely affect a creditor’s interests unless, prior to the time credit is granted, the creditor is furnished with a copy of the agreement, statement or court order, or has actual knowledge of the provision. If the auto refinance loan for which you are applying is granted, you will notify the bank if you have a spouse who needs to receive notification that credit has been extended to you.
Military Lending Act (MLA)
Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account).
Privacy
For more information around consumer data collection concerning the California Consumer Protection Act (CCPA),please visit our Privacy page.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR CREDIT
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means to you: When you apply for credit, we will ask for your name, address, date of birth and other information that will allow us to identify you.
