"Can I decline to take a car loan that I was previously approved for? "

I got approval for a loan that I thought was a good deal, but now I'm having second thoughts. Can I back out?

Answer provided by
Johnny Puckett
Answered on Apr 05, 2021
“As long as you have not signed any paperwork accepting the loan, you can decline a loan that you were previously approved for. However, you will still have a hard inquiry on your credit report, which can negatively impact your score. If you are shopping around for the best auto loan, a good way to avoid a bunch of unnecessary hard inquiries is to do all your loan shopping on the same day. “

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