PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Can I turn down a car loan that I was approved for if the vehicle doesn't pass an inspection?
"I want to buy a car from a private seller, but I have reservations about doing so. I was approved for a $10,000 car loan from my credit union already.
What I want to know is: can I turn down the car loan if the vehicle doesn't pass the inspection from my personal mechanic? Will this hurt me in any way?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You definitely can turn down the car loan if you’ve already been approved. Just note that you’ll take a slight hit to your credit score because the lender has run a hard inquiry on your credit.
Until you’ve signed on the dotted line for the loan and given the check to the seller, you’re under no obligation to make the deal.”
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies