How long does a car loan take?

I’m getting a new car and need to take out a car loan. I haven’t had one in a long time so I can’t remember—how long does it take to get a car loan?

Answer
​​Getting a new car is so exciting! A car loan can take a little while because it involves a few steps.
First, you should get quotes from multiple lenders in order to find the lowest APR and the best term length for you.
Often, the application process can be completed online and takes about 15 minutes. Some lenders will get back to you quickly; others will not. But you may be able to get preapproval immediately if you qualify.
Once you’re fully approved, the funding should end up in your hands (or the dealership’s) in a week or less—sometimes even the same day.
I hope you have fun driving your new car!
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Lauren Smith
Answered on Nov 22, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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