A car installment loan must be used to buy a car. It can only be used to buy a car, and it must be purchased by the bank that cooperates with the loan provider and the cardholder himself must buy it.

The loan has been approved, but the car purchase contract has not been signed yet. In this case, you can choose not to pick up the car.

Because if you have not signed a car purchase contract with the 4S store, you do not need to pay the car purchase penalty, which means that there is no car purchase relationship between you and the 4S store. But from the moment the loan is granted, the bank has fulfilled its obligation to lend to you according to the contract. Likewise, whether you buy a car or not, you need to pay the interest stipulated in the contract. Otherwise, liquidated damages will need to be paid in accordance with the breach of contract regulations in the contract.

I applied for a car loan and signed a car purchase contract with the 4S store. In this case, if you decide not to buy the car, you will need to pay the 4S store liquidated damages, and you will also need to pay bank interest as stipulated in the loan contract. Therefore, we should think carefully before taking out a loan to buy a car. After all, cars are commodities. All relevant decisions require us to bear the corresponding responsibilities ourselves, and we should make it clear when signing the contract after breach of contract.