Auto Loans
Top Companies in 2024
Capital One vs iLending
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- Easy prequalification process
- Competitive interest rates
- Personalized financing options
- No application fee
- Pre-qualification with a soft credit check
- Nationwide network of lenders
- Flexible loan amounts and terms
- Online application process
- A nationwide network of lenders for competitive rates
- Limited to approved dealerships
- Not available in all states
- Excludes certain vehicle types, ages, and brands
- No in-person service
- Unclear fees
- Limited to refinancing
- Has mileage and vehicle age limits
Capital One, founded in 1994, is a major player in the auto loan industry, offering competitive financing options, flexible terms, and easy online application processes for new and used vehicles. They serve millions of customers across the United States and provide auto loans for new and used cars, as well as refinancing options. Through their Auto Navigator tool, customers can pre-qualify for financing without affecting their credit score and explore various loan options. Loan amounts start at $4,000, with terms spanning from 24 to 84 months. Additionally, they offer educational resources to guide customers through the loan process. Capital One has a mixed reputation in the industry but receives an A+ rating with the BBB. They recently settled a $16 million class-action lawsuit over improperly charged proxy fees. This doesn't involve their auto loan services. They receive mixed reviews, so consider all your options before using their services.
iLending, founded in 2006, is a company based in Englewood, Colorado, specializing in auto loan refinancing. Originally known as Fleet Financial, the company rebranded to iLendingDirect and shifted their focus to helping consumers lower their auto loan payments by connecting them with the best lenders and rates. With a team of over 250 employees, iLending has expanded to meet the increasing demand for auto loan refinancing services. They aim to streamline the refinancing process through online applications and dedicated loan consultants, focusing on transparency and customer service throughout the refinancing journey. Keep in mind that iLending doesn't disclose minimum credit score requirements, so it's advisable to check directly with them to determine if you pre-qualify. They maintain an A+ rating with the Better Business Bureau (BBB) and have been recently recognized as the top Auto Refinance Company by LendingTree for Customer Satisfaction, among their earned accolades. This demonstrates their commitment to ethical business practices and exceptional customer experiences, supported by stellar online customer reviews.
- Loan Terms : Range between 24 and 84 months
- Minimum Accepted Credit Score : Undisclosed
- APR : Undisclosed (may be as low as 6.49%)
- BBB Rating : A+
- Loan Terms : Between 12 and 96 months
- Minimum Accepted Credit Score : 560
- APR : Range between 5.49% and 18.79%
- BBB Rating : A+
- Wide range of loan terms
- Integrated online and mobile tools
- Accessible for lower-income borrowers
- Work with low credit scores
- A+ rating with the BBB
- A dedicated loan consultant per customer
- Refinances for a wide variety of vehicles
- Lease Buyout
- Loan Refinancing
- New Vehicle
- Private Party
- Used Vehicle
- Lease Buyout
- Loan Refinancing
- New Vehicle
- Private Party
- Used Vehicle—Undisclosed
- Extended Warranty
- GAP Insurance
- Limited Warranty
- Mobile Application
- Online Account Management
- Return Policy
- Extended Warranty
- GAP Insurance
- Limited Warranty—Undisclosed
- Mobile Application
- Online Account Management
- Return Policy—Undisclosed
- Hard Credit Check
- Income
- Minimum Credit Score
- Pre-qualification With Soft Check
- Hard Credit Check
- Income
- Minimum Credit Score
- Pre-qualification With Soft Check
- Documentation/Processing Fee
- Late Payment Fees
- Origination Fee
- Prepayment Penalties
- Title Transfer Fee
- Upfront or Application Fees
- Documentation/Processing Fee
- Late Payment Fees—Undisclosed
- Origination Fee
- Prepayment Penalties
- Title Transfer Fee—Undisclosed
- Upfront or Application Fees
- Automatic Payments
- Cash—Undisclosed
- Check
- Debit or Credit Cards
- In-Person Payments—Undisclosed
- Mail-In Payments
- Online Payments
- Phone Payments
- Automatic Payments
- Cash
- Check—Undisclosed
- Debit or Credit Cards—Undisclosed
- In-Person Payments
- Mail-In Payments—Undisclosed
- Online Payments
- Phone Payments—Undisclosed
- Articles and Videos
- FAQs
- Help Guides
- Live Chat
- Phone
- Articles and Videos
- FAQs
- Help Guides
- Live Chat
- Phone
iLending vs. Capital One
Both iLending and Capital One offer auto refinancing and loan services, providing options to reduce monthly payments and save on interest. iLending specializes in auto loan refinancing, while Capital One offers a broader range of auto loans, including new and used vehicle financing. This comparison will focus on their offerings, pricing, security, and advantages to help you choose the best option.
Service ranges and offerings
Both iLending and Capital One provide auto loan refinancing services to reduce monthly payments and secure better interest rates. Both companies allow customers to pre-qualify for refinancing through an online process and offer nationwide service. iLending helps borrowers refinance cars, motorcycles, RVs, and boats, while Capital One offers financing for new and used vehicles in addition to refinancing.
The primary difference between these companies is in their focus. iLending is dedicated exclusively to auto loan refinancing and connects borrowers with a network of lenders who act as facilitators. Capital One offers a broader range of auto loans, including new car financing, making them more versatile. Additionally, Capital One has an Auto Navigator tool, which allows you to browse cars from dealers and secure pre-qualified rates on one platform, a feature iLending does not provide.
Plans and pricing
Both iLending and Capital One offer flexible loan terms to accommodate different financial situations. iLending partners with over 50 lenders to find the best refinancing terms, typically offering loan amounts from $5,000 to $150,000 and repayment terms ranging from 12 to 96 months. Capital One provides similar flexibility, with loan amounts starting at $4,000 and terms ranging from 24 to 84 months for new and used car purchases and refinancing options.
However, iLending charges administrative fees that aren’t disclosed upfront, which could lead to unexpected costs. On the other hand, Capital One doesn’t charge upfront fees for pre-qualification and provides clear information on vehicle age, mileage limits, and other financing criteria. This transparency may make Capital One more appealing to borrowers seeking new or used car loans alongside refinancing.
Security and compliance
Both iLending and Capital One prioritize customer data security and compliance with industry regulations. They offer secure online platforms for loan applications and refinancing, protecting personal and financial information.
A key difference is that iLending primarily connects borrowers with third-party lenders, so that security measures may vary depending on your matched lender. Capital One maintains complete control over its security protocols as a direct lender, offering a more consistent approach to protecting customer data.
Advantages and disadvantages
Both companies make the auto loan process convenient through user-friendly online platforms and nationwide reach. They also offer flexible loan terms, making adjusting to your financial needs easier.
Where they differ is in scope and specialization. iLending focuses on helping customers refinance auto loans and find better rates, which may appeal to those who only need refinancing. Capital One offers a broader range of services, including new and used auto loans, and has the advantage of being a direct lender with a vast dealership network.
Conclusion
iLending and Capital One offer valuable options for auto loans, but your choice depends on your needs. If you’re looking strictly for auto loan refinancing, iLending’s expertise may serve you well. However, if you prefer a broader range of loan services and more transparent pricing, Capital One may be a better fit.