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

Answered by Car Loans Expert Johnny on January 15, 2021

Mindy asked

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?

expert avatar

Johnny

Car Loans Expert

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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