Will I lose my pre-approved car loan if I lose my job before the loan is finalized?

I just got pre-approved for a loan, but I'm also hearing rumors at work that layoffs are being planned for my department. If I lose my job, will I also lose the loan?

Answer
Since being pre-approved is not the same thing as being approved for a car loan, it is likely that a major financial change such as losing your job will affect the terms of the auto loan. However, depending on the lender, this does not necessarily mean you will not be approved for an auto loan. It is best to determine if you can still afford the car and to have a discussion with your lender to see how you can move forward.
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Johnny Puckett
Answered on Mar 12, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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