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What happens to a car loan if I don't use it?

"I got approved for a car loan, but something came up and I don't want the car anymore. What happens to the loan if I don't use it?"

Eric Schad · Updated on Jul 27, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

“If you decline the money, the car loan pre-approval, which is what you’re referring to, is voided after a certain number of days.

You should note that your credit score will still suffer a hard inquiry, which can lower your score by about 10 points. But it should recover pretty quickly, so don’t worry about it too much.”

View full answer

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