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.
Johnny Puckett
Answered on Mar 12, 2021
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
