What happens if my car loan gets denied?
"What happens if my car loan gets denied if I already have the vehicle? I already purchased my car and drove off the lot. However, I noticed that my loan hasn't actually been approved."
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Answered on Jul 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.
“If you drive the car off a dealership lot and you don’t have approval, it’s known as a spot delivery.
Many dealers practice spot deliveries for a variety of reasons, but mostly to secure a sale. If your new car loan is rejected, you’ll get a call from the dealership asking for you to come back in to rework the details of your loan.
However, it’s within your full legal rights to return the car. If the new loan doesn’t meet with your approval in terms of interest rate or term, come prepared to negotiate or hand the keys over. It’s definitely a better alternative than paying far too much for a car.”
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