Can I decline a car loan for a Volkswagen Tiguan I was approved for?

"My boyfriend and I applied for a car loan on a 2018 Volkswagen Tiguan, but then we moved to an area with great public transportation.

Can we decline this car loan?"

Answer
“Just give the lender a call and tell them the situation. This happens all the time, so they won’t mind.
Remember, though, that the hard inquiry on your credit will remain—for about a year—on your credit regardless of accepting or declining the loan. But don’t worry, it won’t have long-lasting effects on your credit score.”
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Eric Schad
Answered on Jun 07, 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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