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How do I know if my car loan has been approved or denied?
I applied for a car loan about a week ago and I haven't heard anything back. How do I know if I was approved or denied?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since you’ve only waited a week, don’t stress that you haven’t heard back from the lender about your
car loan
yet. Some decisions take longer than others, and it’s not uncommon for a car loan decision to take up to two weeks.
Whether you’re approved or denied, the lender will contact you. Here are a few things to note:
- If you are denied: Lenders are legally required to send you a Statement of Denial or Adverse Action Notice, which notifies you that you were denied for the car loan.
- If you are approved: You’ll get a similar letter or statement, although many lenders will give you a phone call, as they want to close on the loan as quickly as possible.
Pro tip: In the meantime, you can put your focus on other things, such as car insurance. Remember that lenders will require
full coverage
for your new, financed car. Full coverage can be pricey, but it doesn’t have to break the bank.View full answer
- Gregory R.
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