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"Can I decline to take a car loan that I was previously approved for? "
I got approval for a loan that I thought was a good deal, but now I'm having second thoughts. Can I back out?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“As long as you have not signed any paperwork accepting the loan, you can decline a loan that you were previously approved for. However, you will still have a hard inquiry on your credit report, which can negatively impact your
score
. If you are shopping around for the best auto loan, a good way to avoid a bunch of unnecessary hard inquiries is to do all your loan shopping on the same day.
“View full answer
- Gregory R.
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