Is there any way to get denied a car loan after you've been preapproved?

Can your car loan get denied after pre approval? I've already been preapproved for a loan, but I'm worried that it won't go through because I lost my job.

Answer provided by
Eric Schad
Answered on Jun 28, 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.
“Pre approval provides no guarantee that you’ll actually get the loan. It only gives you an idea of what you can spend and your expected interest rate.
You can certainly be denied for a car loan even if you’ve been preapproved.
If you are denied, consider:
  • leasing instead of buying a vehicle
  • buying a used car
  • paying a larger down payment if you can”

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies