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How long does car loan preapproval from a lender last?
I want to get preapproved for a car loan, but I'm a bit indecisive on which car to buy. How long does an approval last?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good for you for planning ahead!
The length of time
car loan
preapproval lasts varies from lender to lender. In most cases, lenders give you between 30 and 60 days to select a car before you have to through the preapproval or approval process all over again.So, if you’re an indecisive buyer, you may want to find lenders that give you the most time to select a car. If you purchase a car within the time frame, you won’t see additional hits to your credit score as you would if you had to apply for preapproval again.
During this 30- to 60-day time frame, you may also want to shop for car insurance because you’ll need proof of insurance to drive your car off the lot.
Using the
Jerry
app, you can compare rates from dozens of insurers to get the best possible rate for your car insurance requirements. The best part? The average Jerry user saves $879 per year. View full answer
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