Loan cancellation?

[CrimsonMoon93]

I'm trying to get approval from NFCU for a car. This may be dumb, can you cancel the loan if you dont use it? It's making me set up the payments while doing the application, but I don't want to set up payments if I'm not going to use the loan.

I'm also potentially looking into leasing for the first time. But maybe someone that knows cars better can assist. 

 I have a 2013 Mazda CX5 i bought OTD for 10,500. It has a sun roof, bose speakers, keyless entry/start, bluetooth, navigation, 142500 miles. It is beat up, scratches, missing a plastic panel above the wheel. I'm guessing the trade in value is 5k. According to KBB and Edmunds, I'm looking between 5-8k. This would be a good value trade in obviously. Would it be worth doing a loan, or using this towards a lease?

[Dadof31978]

yes you cancel the loan if its not used. just message or call NFCU it's no big deal.

[Appleman]

The loan cancellation with NFCU is as easy, just a phone call or on-line chat.

As far as the trade, be careful using your equity as a down payment on a lease. The reason? If the lease gets totaled early in the lease your down payment will evaporate.

Good luck!