I applied for a vehicle. After further calculating I don’t think I can afford paying for it. Can I call the loaning bank and tell them not to approve the loan?
There are, or may be, potential ramifications in doing so (the severity or cost of which may be hinged on what/which documents you've already signed), but if the choices are 1) taking out a loan you can't afford and may likely default on, for a car that may ultimately be repossessed, or 2) trying to rescind any applications or offered-but-not-accepted contractual agreements prior to incurring any significant additional responsibility or monetary liability, I'd generally opt for #2.
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