What Happens If My Car Loan is Rejected?
Perhaps you just brought home a new family vehicle to upgrade your St. Louis travels, and all of the sudden you find out you have a bank-denied car loan after your purchase of the car! This can be unsettling and stressful, but it is possible that you can get car finance approved, then declined shortly after. So, in the following guide, we’ll detail what to do if your car loan is denied after you’ve signed all papers on your part.
Can You Be Denied a Car Loan After Pre-Approval?
Unfortunately, incidents have occurred in which a bank denied a loan after the purchase of the car. This may happen for a few rare yet feasible reasons.Take a moment to inquire about what it could be with your specific loan. Here some of the reasons you could possibly have car finance approved, then denied:
- An Application Error: If you think there was an error on your part when filling out your application, contact the bank or lender right away. A transposed application error can certainly result in a car loan getting denied after you’ve signed all papers required of you. Hopefully, they will adjust the mistake and your loan will go through. If not, inquire about when to reapply.
- You Missed the Fine Print: In all the excitement of bringing home your new car to Herculaneum, you may have glazed over the fine print. While the answer to “can you be denied a car loan after pre-approval?” is, “yes, but rarely,” when it does occur it’s often based on a delineated time frame. The fine print likely stipulates that the lender actually has 30 days to decide whether or not to approve the loan.
Bank Denied My Car Loan After Purchase: What Now?
If your Florissant bank denied a car loan after the purchase of your new vehicle, what can you do now? Your options include shopping around with different credit unions to see if they can secure you a loan, or ask the dealership team about helping you find a new lender.
Green Light Auto Credit is Here to Help
Have no fear if your car finance is approved then declined. Here at Green Light Auto Credit, we are committed to helping our customers get on the road in a vehicle they love with financing they can manage. With any other questions like “can you be denied a car loan after pre-approval?” contact us and we’ll be happy to help!
