How long do I have to wait before I'm preapproved for a car loan?

I just applied for car loan preapproval, but I'm feeling super impatient. How long until I hear back from the lender?

Applying for preapproval for your car loan was a great move—now you’ll be able to budget for your expenses and get an idea of your rates ahead of time.
Luckily for you, lenders usually respond to preapproval applications within one to three business days. Keep in mind that COVID has created a backlog for some lenders, which could mean you’ll have to wait a little longer.
If you get preapproval, you typically have 60 to 90 days to sign on to a loan officially. (Otherwise, you’d have to reapply, which could negatively impact your credit score.)
Once you have your preapproval letter in hand, it’s time to test drive some car models within your loan budget. When you find a ride that works, be sure to protect it with the right insurance policy. Jerry can help you compare dozens of quotes to find the best rates for your coverage level.
Eric Schad
Answered on Oct 29, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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