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Auto Loans Q&A

Q: I've been turned down by several banks for an auto loan. I just heard that I’m "pre-qualified" for a low-interest auto loan once I send in a processing fee of several hundred dollars. Is this legitimate?
A: A legitimate "pre-qualified" loan offer would mean you've been selected to apply for a loan. Typically, you won't have to pay a fee in advance. But you still have to complete an application, and your application will still need to be approved. Make sure you read and understand the fine print. If you still have questions, contact the Federal Trade Commission (FTC).
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