How Auto Refinance Works
- Pre-Qualification: Submit an application to see if you pre-qualify to refinance your current auto loan with no impact to your credit score.
- Credit Application: Select the offer that you want, review the information you entered and complete the credit application which will result in an inquiry posted to your consumer credit report and may impact your credit score.
- Finalize: E-Sign your contract, enter in your current lender details, and if needed, send in any supporting documents. The Capital One Customer Service team will then begin to process your application, and may call you to verify the information submitted on your application. You will also need to provide us with Title Transfer documents that vary by state.
About you (the applicant): To pre-qualify for refinancing, you must be in good standing (not over limit, past due, or charged off) on any other existing Capital One account. You must be in good standing on your mortgage and auto loan payments. You must be at least 18 years of age to apply. Applicants must have a valid physical street address within the contiguous United States at the time of application. P.O. Box addresses are not eligible for refinancing. An individual who does not have a physical street address may use an Army Post Office address or a Fleet Post Office address. There is a minimum monthly income requirement of $1,500.
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 the credit application and any required documents.
Your pre-qualification expires 30 days from the date your pre-qualification application is received. You may use your pre-qualification on the expiration date, but not on any day thereafter. After pre-qualification, when you submit your credit application you will have at least 15 days to provide any required information or documents and sign your contract. If your offer expires before you are ready to refinance your vehicle, please re-submit a pre-qualification application to check your eligibility for a new offer.
Vehicle Type Restrictions Capital One Auto Finance only finances new and used cars, light trucks, minivans and SUVs that will be used for personal use. Vehicles must be 10 years old or newer 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 (alternatively referred to as a lemon) vehicles, salvage title vehicles, branded title vehicles, lease buyouts or vehicles without a Vehicle Identification Number (VIN) or title issued.
Loan Amount Restrictions Minimum loan amount is $7,500 and maximum loan amount is $50,000. Your maximum loan amount may be based on your income, key credit characteristics, and the vehicle you are refinancing.
Your actual loan amount will be limited based on the value of the specific vehicle that you are refinancing. For the vehicle you want to refinance, the value is based on NADA trade-in value. The amount of this limitation may vary and is referred to as the “LTV” (loan-to-value) limit. For example, if the value of the vehicle that you are refinancing is $20,000, and your LTV limit is 110%, then your refinanced loan amount can be up to $20,000 x 110% = $22,000.
Auto Refinance Restrictions Capital One Auto Finance only refinances loans from other financial institutions, not including Capital One subsidiaries. Your current lender must be 1) currently reporting your loan to a major credit bureau, 2) FDIC or NCUA insured, or 3) 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 these requirements.
We will only refinance standard auto loans with only one lienholder on the vehicle title. We do not refinance personal loans that use a vehicle title as collateral (also known as title loans), or auto loans that have more than one lienholder on the title. You must refinance the full payoff amount of your existing auto loan subject to our minimum and maximum loan amounts. We do not offer cash back refinancing or lease buyouts. We will only pay off your existing auto loan and will not finance new GAP coverage or any other credit-related ancillary product to cover any cancelled coverage due to refinancing. To determine if your GAP or other credit-related ancillary policy terminates upon refinancing, consult your agreement or contact your provider.
Auto Refinance Documentation Requirements Based on the information you provided, we will need some or all of the following documentation:
- Proof of Income
- Proof of Residence
- Proof of Employment
- Vehicle Title
- You will need to send us your vehicle title if you reside in one of the following states: KY, MD, MI, MN, MO, MT, NY, OK and WI. In all other states we will obtain the title directly from the state agency which holds your vehicle title.
- Limited Power of Attorney to Modify Vehicle Title
- In order to modify your vehicle title to show Capital One Auto Finance as the new lienholder we will need you to sign a limited Power of Attorney document which authorizes us to make this change at the Department of Motor Vehicles (DMV).
Annual Percentage Rate (APR) APR is the Annual Percentage Rate. Advertised rates are offered depending on the individual’s excellent and substantial credit and key loan characteristics, including but not limited to Amount Financed, term, and vehicle characteristics. A representative example of payment terms are as follows: a loan amount of $20,000 with an APR of 7.50% and a term of 60 months would have a monthly payment of $400.76. No downpayment required. Advertised rates are subject to change without notice. Refinancing may extend the term of the loan and increase the total amount paid when compared to your current situation.
Lifetime Payment Reduction Claim Lifetime savings claim is based on average expected reduction in total lifetime payments our customers experience over the life of the loan compared to their prior lifetime payments, assuming that all payments are made on time. Claim is based on original loan information provided by the customer as well as loan information we receive from a credit reporting agency and does not include customers who choose to extend the number of remaining payments on their auto loan. Lifetime savings may result from a lower interest rate, a shorter term or both. Your actual savings may be different.
Yearly Payment Reduction Claim Yearly payment reduction claim is based on average payment reduction our customers experience over a year with their new loan compared to their prior yearly loan payments. Claim does not include customers who choose to reduce the number of remaining payments on their auto loan. Yearly payment reduction may result from a lower interest rate, a longer term or both. Your actual savings may be different.
Monthly Payment Reduction Claim1 Monthly payment reduction claim is based on average expected reduction in monthly payments our customers experience with their new loan compared to their prior loan payments. Claim is based on original loan information provided by the customer as well as loan information we receive from a credit reporting agency and does not include customers who choose to reduce the number of remaining payments on their auto loan. Monthly payment reduction may result from a lower interest rate, a longer term or both. Your actual savings may be different.
Top-Rated Mobile App Claim The Capital One Mobile app has a 4.8/5-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 05/10/2021.
9 out of 10 Pre-Approval Applicants are Approved Claim2 Nine out of ten pre-approval applicants are approved claim is based on average approval rate for pre-approved customers prequalifying for an auto refinance loan. Claim does not consider pre-disclosed declines for measuring approval rate of pre-approved customers. Your approval is not guaranteed, and you’ll need to complete the application process to determine if all eligibility criteria are met.
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.
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.
Third Party Information Capital One uses third party information to enhance your auto refinancing experience. During the pre-qualification process, certain data fields of your application such as VIN, year, make and model will be auto-filled using information supplied by a third party. 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 information auto-filled during the pre-qualification process.
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.