How long do car loan approvals take?

How long will I have to wait for my car loan approval? I’m worried that I might not get approved because I’ve been waiting for a while now.

Answer
Different lenders will take different amounts of time to approve a car loan, but it will usually take about a week from application to get approved. Here’s what to expect from different types of lenders:
  • Online lenders will usually take one business day to one week to approve a loan.
  • Dealerships will generally approve loans the same day, although it could take a few business days.
  • Banks and credit unions can take anywhere from one business day to a few weeks to approve a loan depending on whether you’re a new customer and their loan backlogs.
For a more exact estimate on approval time, talk to your lender of choice to learn more about how long you can expect to wait.
While you’re waiting for a car loan approval, why not take a minute to learn more about your insurance options for your new car? The Jerry app can help you find the best rates on the coverage you need. Just take a minute to answer some questions about yourself and your new car. Then, Jerry will show you a comprehensive list of competitive quotes for policies that match your needs!
Liz Jenson
Answered on Nov 29, 2021
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