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?"

Answer
“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.
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.”
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Eric Schad
Answered on May 26, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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