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 provided by
Johnny Puckett
Answered on Mar 18, 2021
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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