I got a pre-approval on an Auto-Loan?
I have a pre-approval on an Auto-loan. Applied through the bank and everything is a go. But I haven't picked out the final car yet and I'm told I have 60 days to use the loan but the first payment is due in 30 days. If I don't use the loan in 30 days will the payment still be due?
Answers & Comments
Verified answer
no it will not
1
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RE :I got a pre-approval on an Auto-Loan?
I have a pre-approval on an Auto-loan. Applied through the bank and everything is a go. But I haven't picked out the final car yet and I'm told I have 60 days to use the loan but the first payment is due in 30 days. If I don't use the loan in 30 days will the payment still be due?
Follow 7 answers
Of course not, the payments don't start until AFTER you buy the car. 30 days after you buyt he car is when your first payment is due.
If you fail to buy a car within 60 days the approval goes away and you have to re-apply.
It's due 30 days after you finalize the paperwork for the loan.
lol, no.... if you haven't bought a car you don't owe any money. There is no loan, it's just an approval. Don't get excited.
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