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What do I do if I got Carvana pre-approval and then I was denied?

I applied for pre-approval for a car loan with Carvana and I was approved. I then started shopping for a car, but when I tried to apply for the actual loan, I was denied. What should I do? Why did I get approved and then denied?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Pre-approval is not a guarantee that you’ll get a
car loan
, but you should double-check with the lender about why your application was denied.
If you got Carvana pre-approval and then were denied a car loan, don’t stress. You may have been denied due to a change in your credit or even a simple clerical error or typo. 
So, here’s what you should do:
  • Reach out and ask: Contact Carvana, and ask why you were denied. They should have details about the situation.
  • Check your credit score: Take a look at your credit report, and see if anything new popped up. If something increased your debt or debt-to-income ratio, that could have led to a denial.
  • Look for errors: Make sure all your information is correct. You may have typed your name or Social Security number wrong.
  • Pre-approval vs. pre-qualification: Make sure that you applied for pre-approval and not pre-qualification. Pre-qualification doesn’t guarantee you a loan—it’s more like a device to see how much you can afford and what your payments might be.
If there’s a way to move forward with Carvana, great! But if you’re still denied afterward, shop around with other lenders. 
You have 14 days to apply for pre-approval as many times as you’d like, and it’ll only count as one hard inquiry on your credit report. Use this time wisely.
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