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?
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.
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.
Read advice from car experts at Jerry
Browse by topics
What others are asking
How do I get a refund for renters insurance after a failed policy cancellation?
"My renters policy for my old condo auto-renewed, even though I called my insurance company to tell them I wanted to cancel the policy since I'd just bought my first house. The company now claims they have no record of my cancellation request. How do I get back the money I lost to the insurance company via recurring payments? "
Apr 08, 2021
What do I do if I have $10,000 in negative equity on a car loan and can't make payments?
"I'm upside-down on my car loan by $10,000. I can't afford to make payments on the loan anymore. What can I do?"
May 26, 2021
What are the best luxury cars on the market?
"Every brand claims to offer the most superior cars, but which ones are for real? "
Apr 14, 2021