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What do I do if I got Carvana pre-approval and then I was denied?
I applied for pre-approval for a car loan with Carvana and I was approved. I then started shopping for a car, but when I tried to apply for the actual loan, I was denied. What should I do? Why did I get approved and then denied?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you got Carvana pre-approval and then were denied a car loan, don’t stress.
Car loan
pre-approval isn’t a guarantee. You may have been denied due to a change in your credit or even a simple clerical error or typo. So, here’s what you should do:
- Contact Carvana, and ask why you were denied. They should have details about the situation.
- Take a look at your credit report, and see if anything new popped up. If something increased your debt or debt-to-income ratio, that could have led to a denial.
- Make sure all your information is correct. You may have typed your name or Social Security number wrong.
- Make sure that you applied for pre-approval and not pre-qualification. Pre-qualification doesn’t guarantee you a loan—it’s more like a device to see how much you can afford and what your payments might be.
If you’re still denied afterward, shop around with other lenders. You have 14 days to apply for pre-approval as many times as you’d like, and it’ll only count as one hard inquiry on your credit report. Use this time wisely.
And just like you’d shop around for a car loan, do the same for your car insurance. Sign up for the
Jerry
app today to discover the best rates for your insurance needs.Jerry is a
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and insurance comparison tool that collects quotes from over 55 top-rated insurers in just 45 seconds. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $800+ per year.View full answer
- Gregory R.
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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.
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