The sell can take that initiative to contact the buyer to find out the reason why the loan cannot be approve. If the car loan is rejected due to the buyer's credit problem, the buyer shall bear the liability for breach of contract. If the car loan is refused due to the seller's reasons, the seller shall bear the liability for breach of contract. If the car loan is refused due to force majeure, both parties shall settle it through consultation.

If the loan cannot be approved because of the buyer's credit problem and the seller cannot help the buyer solve the loan problem, then the seller can negotiate with the buyer to terminate the contract and ask the buyer to bear the corresponding liability for breach of contract.