It is never a good idea to apply for a loan and then change jobs. Quitting a job after submitting an application is even more of a mistake. When you opt to take out a loan for anything, you are submitting the current data needed to evaluate your risk potential. The whole idea of loan applications is to assess your income, your rate of payment for other things, and your ability to repay the money you are borrowing.
Changing jobs after you apply for a loan hurts your chances of getting approved for two basic reasons. The first is simply that your income is likely to have changed. If you quit your job altogether then your income definitely changed. This leaves you without the resources to manage the responsibilities of a new loan.
Even more damaging is that you are now representing yourself in what many would consider to be a potentially irresponsible candidate. Job changes that happen quickly or without expectation are often looked at as impulsive moves. You will not necessarily void your loan application but you will cause the committee to look at your history a lot harder.
There are all kinds of reasons that you might want to change jobs. Increased income is certainly one of the attractions. Be careful about buying into the belief that you can apply for another loan after switching jobs. Loan applications are reflected on your credit score and appearing like you are asking for money from a multitude of places looks desperate on the report. Even if that is not the case, the report does not supply your explanation.
If you want to change jobs for income or personal reasons it is best to do so well before you apply for a loan. The very nature of the process will require you to convince the lender that you are a good risk and you can be relied upon. If you are tempted to move jobs do so in a manner that makes it easier, not harder, for the lender to take you seriously.
Anyone who wants to apply for a loan should simply evaluate their position from the lender's point of view. If there is anything that you feel you can "explain away," then that is an area of weakness. In many cases loan applications are now being evaluated electronically and there is no opportunity to explain anything. You are simply granted or denied your request. Keep this in mind when making life decisions that could reflect poorly on your application.
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