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?"
“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.”
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
Should I get a non owners insurance policy if I'm moving to New York and don't need a car?
I'm moving to New York City, but only for two to three years. I know that a lapse in insurance can qualify you as "high-risk." My agent told me I can forego the lapse by purchasing a non owners insurance policy, but it seems too expensive ($90 a month). Should I get this coverage?
May 04, 2021
What happens after you're declared not at fault in an auto accident?
I was in an accident and declared not at fault. My insurance is going to be reaching out to the other driver's insurance company for reimbursement. Can the other insurance company deny liability? I'm also not sure if my car is totaled and what I would do if it is.
May 07, 2021
Which dog breeds are not covered by homeowners insurance?
My wife and I want to get a guard dog since there have been some break-ins in our community over the last year. But we also want the dog to be insured. Which breeds are usually banned by insurance companies?
Apr 02, 2021