"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?

“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. “
Johnny Puckett
Answered on Apr 05, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.

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