"Can I refuse a dealer's car loan after getting approved? "

One dealer approved me on the spot for auto financing. I only signed a piece of paper saying that they could try to find financing for me, but I told them that I had to think about the offer. Another dealer has since offered a better deal. Am I locked into the first dealership's offer?

Answer
“As long as you didn’t sign for the approved loan, give the dealer a down payment, or take possession of the car, you are absolutely free to take the better deal.
Alternatively, you could go back to the dealer that approved you first and see if they will match or beat the new offer. A lot of the time, dealers will prefer to rework an agreement rather than lose the business. “
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Johnny Puckett
Answered on May 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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