What happens if I apply for a $30,000 auto loan but only pay $24,000 for a vehicle?

I qualified for a $30,000 loan, but the car I want has turned out to be cheaper than that amount. What will happen if I buy the car?

Answer
Since most lenders will pay the dealership directly, whether they are associated or not, the loan will usually simply be adjusted. That means your payments should be adjusted as well, but it wouldn’t hurt to get on the phone with your lender just to be sure.
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Johnny Puckett
Answered on Mar 18, 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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