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.”
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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