What happens to a car loan if I don't use it?

"I got approved for a car loan, but something came up and I don't want the car anymore. What happens to the loan if I don't use it?"

Answer
“If you decline the money, the car loan pre-approval, which is what you’re referring to, is voided after a certain number of days.
You should note that your credit score will still suffer a hard inquiry, which can lower your score by about 10 points. But it should recover pretty quickly, so don’t worry about it too much.”
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Eric Schad
Answered on Jul 27, 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.
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