Before You Apply
- What are your basic auto financing requirements?
Basic requirements to qualify for our Blank Check program include the following:
- Used vehicles must be 7 years old or newer, and have less than 70,000 miles
- We can finance up to $40,000 for new vehicles, or $30,000 for used vehicles*
- Vehicle must be purchased from an eligible dealer, found on our Dealer Locator
- Capital One® finances new and used cars, light trucks, minivans, and SUVs that will be used for personal use*
- Is there an application fee?
Applying for an auto loan with Capital One is free. We do not charge any application or documentation fees that you may encounter with other companies. You have the flexibility to apply with us and, upon approval, receive a free quote so you can choose the auto loan that is right for you.
- What if I want to pay off my loan faster than planned or all at once? Are there any penalties for prepaying my loan?
Capital One does not charge any prepayment fees. You may pay off either a portion of your loan or the entire amount at any time without incurring any fees or penalties.
- How soon will I know if my application is approved?
You will typically receive a loan decision within 60 seconds of submitting your online auto loan application. If approved, you'll then be able to instantly view your loan offer online. Some applications may require additional review before the approval is given.
- What is a Blank Check?
If you are approved, Capital One will send you a Blank Check with your name and address printed on it. After you've sent us any required documentation, you simply make your Blank Check payable to an eligible auto dealer listed on our Dealer Locator for an amount up to your approved maximum loan amount (subject to your LTV limit).
Your loan will be activated for the amount that you fill in on the Blank Check. For example, if your maximum loan amount is $25,000, but you make the check payable to the dealer for $20,000, your loan will be for $20,000. You are under no obligation to use the Blank Check that we send to you.
- How soon will I receive my Blank Check?
If approved and you select regular mail delivery, you should receive your Blank Check in 3–5 business days. If you select overnight delivery, you should receive your Blank Check the next business day subject to our overnight delivery cut-off time. There is a $15 charge for overnight delivery.
- What is the cut-off time for overnight delivery of the Blank Check?
Next-day delivery of the Blank Check package is available for applications submitted on weekdays by 7 p.m. ET (excluding holidays). You must submit your application and may need to complete additional requirements by that time in order to ensure next-day delivery. Next-day delivery is not available for applications submitted on weekends, holidays, or after 7 p.m. ET on weekdays. Overnight delivery requests received on weekends, holidays, or after 7 p.m. ET on weekdays will be processed the next business day.
- What types of vehicles does Capital One finance?
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 7 years old or newer, and must have less than 70,000 miles.
We do not finance Oldsmobile, Daewoo, Saab, Suzuki or Isuzu vehicles. We do not offer financing for commercial vehicles, motorcycles, recreational vehicles (RVs), ATVs, boats, camper vans, motor homes, lemon vehicles, branded title vehicles, or vehicles without a Vehicle Identification Number (VIN) or title issued. We may determine a vehicle to be commercial or otherwise ineligible based on the model and/or information provided to us.
- Where may I purchase a vehicle?
Capital One Auto Finance only provides financing for new and used vehicles purchased from eligible dealers listed on our Dealer Locator. We do not offer financing for vehicles purchased from auto brokers or private party sellers. We do not offer financing for lease buyouts.
- Is there a maximum loan amount?
We offer loan amounts from $7,500 and up to $40,000 for new vehicles, $30,000 for used vehicles, and $30,000 for refinanced vehicles. Your actual loan amount will be limited based on the value of the specific vehicle that you are purchasing or refinancing.
- For new vehicles, value is based on invoice price.
- For used vehicles, value is based on Kelley Blue Book wholesale value or NADA clean trade-in value (depending on your state of residence).
These limitations may vary and will be specified in your loan package as the "LTV" (loan-to-value) limit. For example, if the value of the vehicle that you are buying is $20,000 and your LTV limit is 110%, your loan amount will be limited to $22,000 ($20,000 x 110%).
If you are refinancing an existing auto loan, you must refinance the full payoff amount of your existing auto loan, and are subject to our minimum and maximum loan amounts. We do not offer cash-back refinancing.
- For new vehicles, value is based on invoice price.
- How secure is my personal information?
Capital One takes your security and privacy very seriously. Our site uses Secure Sockets Layer (SSL) encryption for all customer data and has been authenticated by VeriSign.
After You Are Approved
- What happens next after my application has been approved?
You will receive step-by-step instructions as part of the online application process by e-mail. In some cases, you will be required to fax documentation to us before you can use your Blank Check to purchase a vehicle. We may need you to call us for identity verification before sending your Blank Check.
Documentation and verification requests that we make during our loan process are designed to protect the security and privacy of our customers.
- What types of documentation may I be asked to provide and why do you need this?
Customer documentation requirements vary, but you may be asked to provide some or all of the information listed below. Our primary reasons for requiring documentation from customers is to verify information listed in the loan application and to help protect the security and privacy of our customers.
- Copy of valid Government-Issued ID (e.g., driver's license)
- Proof of income
- Proof of residence
- Personal references
The dealership may also be asked to fax in additional documentation at the time of purchase.
- How will I know that you received the documentation requirements that I faxed or submitted online?
You'll receive a confirmation e-mail upon receipt of any faxed documents. And your Blank Check will be activated for use when all of your documentation requirements have been fulfilled. You will also receive an e-mail confirming that you are okay to use your Blank Check.
To avoid processing delays, please be sure to include your reference number, as indicated in your loan documents, when sending documentation requirements to us.
- How can I check the status of my application or documentation requirements?
You can check your auto loan application status online any time. You'll need your ZIP code and last 4 digits of your Social Security number to access your application information.
You may also check your loan application status by calling our automated system at 1-800-689-1789. Business hours to reach a live customer service representative by phone are Mon–Fri 9 a.m. – 9 p.m. ET and Sat 10 a.m. – 7p.m. ET.
- How much time do I have to use my Capital One Blank Check?
You have 45 days from the date your application is approved before it expires. The expiration date will be specified in your loan package. You may use your Blank Check on the expiration date, but not on any day thereafter.
If your Blank Check expires before you are ready to purchase a vehicle, please re-apply by visiting the auto loans homepage.
- What if I want to change my loan term or request an increase to my maximum loan amount?
Please call us at 1-800-689-1789 during business hours to request a different loan term or higher maximum loan amount. If you qualify, we will send you a new Blank Check loan package.
- I have decided not to use the Blank Check that I received from you. What should I do?
You are under no obligation to use your Blank Check or loan package, but you may consider retaining your Capital One documents until you have made your final financing decision so you have the maximum flexibility in choosing the right option for you.
If you decide not to use them, please simply dispose of the documents safely. You do not need to contact us to cancel your loan application or documents.
Using Your Blank Check At The Dealership
- What do I need to do with my Blank Check at the dealership?
To help ensure a fast and easy process, please be sure that you have submitted any customer documentation requirements before taking your Blank Check to the dealership to purchase a vehicle.
Once your Blank Check is activated for use and you are ready to purchase a vehicle, simply make the Blank Check payable to the dealer for an amount up to the maximum loan amount (subject to your LTV limit).
Please also detach the Dealer Instructions from the Blank Check package and give these instructions to the dealer, so that they are aware of the documents that they must fax to Capital One in order to finalize your loan.
- What is LTV (Loan-to-Value)?
Loan-to-Value represents the amount of money you are borrowing divided by the value of the car being financed.
- For new vehicles, value is based on invoice price.
These limitations may vary and will be specified in your loan package as the LTV limit. For example, if the value of the vehicle that you are buying is $20,000 and your LTV limit is 110%, your loan amount will be limited to $22,000 ($20,000 x 110%).
For certain vehicles that qualify for a manufacturer rebate, we will reduce the invoice price by the average rebate amount for that specific make/model.
- What is an LTV limit?
Your LTV limit will be specified in your loan package and represents the maximum a Blank Check can be written for which includes tax, title, and fees, including extended warranty/service contracts.
- If I am offered a 0% APR or other promotional interest rate at the dealership, why might I still choose to finance my vehicle with Capital One?
Financing with Capital One may still be a better option over the life of your loan. Special interest rate promotions (including 0% and other low rate financing offers) can be attractive if they are offered for the vehicle you are purchasing and if the other loan terms meet your needs.
In many cases, you will also have the option of taking a cash rebate instead of special rate financing. Financing with Capital One and taking the cash rebate may be a better alternative to the low-rate financing option.
Our auto loan calculator can help you compare your alternatives so that you can choose the option that is best for you.
Here is an example of how financing with Capital One and taking the cash rebate may be a better option than taking the special rate financing.
How cash rebate may be better than special rate financing Capital One plus $3,000 cash rebate 0% financing option Comparison Loan Amount $15,000
Cash rebate lowers loan amount by $3,000
Interest Rate 5.99% 0% Interest rate is 0% for special rate financing option Length of Loan 60 months 60 months Same Monthly Payment
Monthly payment is $10 lower with Capital One and rebate Total Payments
$18,000 Total payments are $605 lower with Capital One
- If I am offered a lower monthly payment and/or lower interest rate at the dealership, why might I still choose to finance my vehicle with Capital One?
Financing with Capital One may still be a better option over the life of your loan. Monthly payment is based on 3 important variables: (1) loan amount, (2) interest rate, and (3) length of loan. When comparing alternatives to your Capital One loan terms, you should consider any differences in these variables to ensure an apples-to-apples comparison of your financing options.
Our auto loan calculator can help you calculate the impact of each variable on your monthly payment so that you can choose the option that is best for you.
Here is an example of how you may be offered a lower monthly payment that results in higher total payments over the life of your loan. In this example, the alternative option includes 12 additional monthly payments that allows for a higher interest rate while still resulting in a lower monthly payment.
Example of a lower monthly payment that results in higher total payments Capital One Alternative Option Comparison Loan Amount $20,000 $20,000 Same Interest Rate 5.99% 7.99% Interest rate is 2% higher for alternative option Length of Loan 60 months 72 months Loan term is 12 months longer for alternative option Monthly Payment $387 $351 Monthly payment is $36 lower for alternative option Total Payments
$25,241 Total payments are $2,047 lower with Capital One
Here is an example of how you may be offered a lower monthly payment and lower interest rate that still results in higher total payments over the life of your loan. In this example, the alternative option includes 12 additional monthly payments that allows for a lower monthly payment and lower interest rate.
Lower monthly payment and lower interest rate that still results in higher total payments Capital One Alternative Option Comparison Loan Amount $20,000 $20,000 Same Interest Rate 5.99% 5.49% Interest rate is 0.50% lower for alternative option Length of Loan
72 months Loan term is 12 months longer for alternative option Monthly Payment
$327 Monthly payment is $60 lower for alternative option Total Payments $23,194 $23,520 Total payments are $326 lower with Capital One
- When will the dealer receive payment from Capital One?
Capital One guarantees payment of the Blank Check within one business day of presentment if all customer and dealer requirements have been met and verified.
- What should I do if a dealer has questions about my Blank Check or is reluctant to accept it?
Please ask the dealer to call us toll-free at 1-800-689-1789 during our business hours. to speak with a Customer Service Representative so that we can answer any questions and/or familiarize them with our Blank Check program.
- What can be included in the amount on the Blank Check that I make payable to the dealer?
Your Blank Check allows you to borrow any amount between the minimum and maximum loan amounts (subject to your LTV limit).
You may include purchase price of the vehicle, tax, title, license, registration or lien-filing fees, extended warranty/service contracts, and other fees associated with the purchase of a vehicle from a dealer (within your LTV limit).
We do not finance Gap insurance policies or other insurance products.
- Can I trade in my current vehicle when using a Capital One Blank Check?
Yes, payoff procedures are generally the same regardless of how you finance your vehicle. If you trade in your vehicle when purchasing another vehicle from a dealer, the dealer will handle the payoff.
After you negotiate the price of your trade-in and the price of the vehicle that you wish to purchase, the dealer will close the sale and agree to handle the payoff on your trade-in. The dealer will charge or credit you with the difference between the value of your trade-in and the payoff amount on your loan.
You may include negative equity from your trade-in in your new Capital One auto loan as long as your total loan amount is within the maximum loan amount and LTV guidelines outlined in your Blank Check package. Negative equity means that you owe more on the vehicle you're trading in than the dealer is willing to credit you for it.
After You Have Used Your Blank Check
- What happens next after I use my Blank Check to purchase a vehicle?
Your loan will typically be finalized within 2–3 business days of Capital One receiving the Blank Check for payment from the dealer. We'll mail you a Welcome Letter within 7–10 business days of your loan being finalized stating your account number and final loan terms, including monthly payment amount and due date.
- How do I sign in to view my account or make a payment?
If you are a new customer, you must enroll in Online Banking. If you are a returning customer, you can sign in to your account. Once you're enrolled and signed in, you can set up automatic payments, view your account, and more.
You can enroll in Online Banking as soon as you've received your Welcome Letter. You will typically receive your Welcome Letter via U.S. Mail within 7–10 business days of Capital One finalizing your loan.
If you have questions or problems receiving your Welcome Letter, please contact us at 1-800-946-0332 during business hours.
- When will my first monthly loan payment be due?
The due date of your monthly payment will be specified in your Welcome Letter. Your first payment will be due on the first occurrence of your due date that is at least 21 days after Capital One finalizes your loan.
- What if I don't want to sign up to make automatic payments in Capital One's Online Banking system?
If your interest rate includes the discount for automatic payments and you elect not to set up for automatic payments, you will forfeit the discount and your interest rate is subject to an increase of up to 1/2 of a percentage point (0.50%).