Longer loans will have you owing money on a car that is worth less than your loan is. 7-year loans are the max that Capital One will finance, but 4 or 5 are best. I could pick the one that was the best fit for me. In the app, I could see and adjust the downpayment, trade-in value, price of the car, interest rate, and loan length of 4-year, 5-year or 7-year loans (shudder!). I was able to weigh the terms of different loan lengths. My credit would be unaffected if I changed my mind or went with another lender. Also, it was not a ‘hard’ credit approval, which dings your credit score. This gave me the confidence that I could be flexible and not get stuck negotiating small points to get a set monthly payment or price. Capital One pre-approved a loan limit before I began shopping. How Auto Navigator Worksįirst, I filled out some basic information. Related: Yes, You Can Buy A Car At Costco, And Here’s How to Get the Best Deal The Capital One Auto Navigator pre-qualify process was simple and easy and didn’t ding my credit. Frankly, it was so fast and easy that it’s almost hard to remember all the steps. I downloaded the car loan app and boom! I was on my way. I’ve been a fan of Capital One Cafes for a while (half price Peets coffee with your Capital One card!), and a fan of my Capital One credit card, so I decided to give the company’s Auto Navigator car financing service a shot. Talking to my bank, checking my credit score (ugh), filling out forms (double ugh), sifting through finance rates, loan terms and more can be frustrating and confusing.īut, I needed a car. One of the things I hate about buying a car is financing. A representative may be able to offer an extension or make other payment arrangements.And it was the easiest part of the purchase. If you’re having trouble making your Capital One auto loan payment, it’s best to be proactive and contact the customer service department at (800) 946-0332 to discuss your options. Interest accrues daily and is based on your total balance. See our related research for more on Capital One’s auto repossession policy.Ĭapital One customer service representatives said it’s best to avoid late payments since you will not only incur late fees but also end up paying more in interest. If 30 days pass and you fail to make a payment, Capital One will report your missed payment to the credit bureaus.Ĭontinued missed payments may result in auto repossession. That means if you wait until the last day of your grace period to make a payment, you’ll need to submit payment before the cutoff time to avoid a late fee. If you make a payment after this time, it will not process until the next business day. Keep in mind that Capital One’s payment cutoff time is 4 p.m. To find out the exact fee amount and grace period that applies to your account, review your contract or contact Capital One Auto Financing customer service at (800) 946-0332. The grace period varies depending on your contract but is usually between seven and 15 days.Ĭapital One customer service representatives said they are only able to share specific late fee information with current accountholders, but did they tell us that the fee is based on state laws.ĭuring our research, we found that Capital One auto loan customers have reported late fees ranging from $5 to $30. Capital One Auto Loan Payment Grace Period ExplainedĬapital One offers a grace period on auto loan payments before assessing a late fee. The exact grace period and late fee amount vary depending on your contract and state laws. Capital One Auto Loan Payment Grace Period ExplainedĬapital One auto loans typically have a grace period of seven to 15 days before a late payment fee is assessed.
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