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"Can I refuse a dealer's car loan after getting approved? "
One dealer approved me on the spot for auto financing. I only signed a piece of paper saying that they could try to find financing for me, but I told them that I had to think about the offer. Another dealer has since offered a better deal. Am I locked into the first dealership's offer?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“As long as you didn’t sign for the approved loan, give the dealer a down payment, or take possession of the car, you are absolutely free to take the better deal.
Alternatively, you could go back to the dealer that approved you first and see if they will match or beat the new offer. A lot of the time, dealers will prefer to rework an agreement rather than lose the business.
“
View full answer
- Gregory R.
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