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What should I do if my financing was denied at the dealership?
I took possession of a new car after signing the paperwork for the loan. A few days later, the dealer said the lender denied my financing. What do I do now?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If your
car loan
gets denied but you already have the vehicle, you still have a few options. You can: - return the car and walk away from the loan.
- try to rework the financing through the dealer.
- get financing on your own from a bank, credit union, or another lender.
One of these options should work for your needs. Just make sure that you also budget for
collision coverage
and comprehensive coverage
per the stipulations of your loan.Lenders require both collision and comprehensive coverage, which can be pricey. Don’t worry, though; you can save money by comparing rates. Using a smart comparison tool like
Jerry
makes the process easy. Jerry does all the hard work for you, pulling quotes from the top 50 companies and delivering the best deals to your phone in minutes.” 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.
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