PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What should I do if I was "approved" for a loan through the dealer, but then I got a letter saying I'm not approved?
I was approved for a loan through the dealership on my new car, and I even made a $5,000 down payment. A week later, I got a notice from a bank that my loan application has been denied and I'm not approved for the loan. What should I do?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Unless a dealer has their own financing department (it appears as though that isn’t the case here), they send your loan application to numerous lenders.
While these lenders will approve strong applications, they may have borderline cases such as yours where they’re on the fence about approval.
However, the dealership usually gives them enough business that the lender will often approve these applications or overturn a denied application, simply because it’s beneficial for them to do so.
Therefore, you might want to call the dealership and ask them what’s going on with your loan application. You might need to reapply for financing or shop around on your own.
Or it could be nothing at all. Don’t panic until you have all the facts.”
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
.webp&w=384&q=75)
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
