Refinance auto loan from Capital One.
Capitol One saves consumers an average of about $500 per year on their monthly car payments when they refinance their auto loan through them. There are various terms and conditions to their program that will need to be met in order to receive this form of assistance. However when qualified this is the average savings level obtained.
Not all applications are approved and not all borrowers will save money, but an auto loan refinance from Capital One is another option that should be explored. It can offer help to lower income families that are struggling to keep up with their car payments, and it can also just assist anyone who is looking to save money each month. If you apply for this offering from Capital One, some or all of the conditions below will need to be met.
Capital One auto loan refinancing terms
The outstanding balance of your existing car loan needs to be between $7,500 and $30,000. The car can’t be older than 7 years old, and it needs to have under 70,000 miles on it. The length of the loan may also be a factor as it can really benefit those people who have over a 5 year repayment term.
Unlike most lenders and banks that offer refinancing products, there are no fees and charges that a potential borrower will need to pay as part of the refinancing. While currently the application process is free and there are no documentation charges, and you can receive a free quote from Capital One, there are some other charges that are imposed by the borrowers state. But these are state charges and you will need to pay them no matter which lender or bank you use, so they are not specific to Capital One.
As an example of an expense that applicants will occur, almost all states impose a title transfer fee that will range anywhere from $5 to $65 depending on the state in which the borrower resides. So this will always need to be paid regardless. That is usually it as far as fees go.
Even better, if you are approved for a car loan refinancing from Capital One and decide to proceed with them, you will not be charged a prepayment fee. This will also help consumers save money if they decide to prepay the car loan at some point in the future.
The fact the application process if free, and the refinancing costs are low, almost makes this is a no-risk product to try. The applicant’s out of pocket expenses with Capital One will be minimal. Also, if their application to refinance their car loan is successful, the money saving will start immediately.
Capital One is also very responsive in the application process. The review process is done very quickly. They will try to either approve or reject the application within one day, so the applicant knows exactly where they stand.
How to apply for a car loan refinancing from Capital One
If the applicant currently uses them for other products, they can dial customer service to enroll into this auto loan refinancing product. Or for those that are not current customers, to learn more or to apply for refinancing in order to reduce your monthly loan payments, call 1-877-733-4227 to speak to a Capital One representative.