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Are pre-approved auto loans from Capital One legit?
"I received a letter in the mail saying that I was pre-approved for a $30,000 Capital One auto loan. This seems too good to be true, as my credit score is only 550. I have to go to a specific dealer to get this deal. Is this legitimate?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Before you get too excited, call Capital One to make sure this is legitimate. In all likelihood it is, but it doesn’t hurt to make sure.
Many dealers make deals with Capital One as part of their promotions, so that’s why the letter says you have to go to a specific dealer.
Keep in mind: Because your credit score is low, the interest rate might be astronomical. It’s up for you to decide if it’s the right financial move for you.
If you haven’t purchased or financed a car, don’t forget to budget for
car insurance
. This can often cost hundreds of dollars, so make sure to shop around at Jerry
if you decide to take out the car loan.MORE: The pros and cons of car loan refinancing
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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