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?

Answer
“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.”
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Eric Schad
Answered on Aug 10, 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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