How long does it take for a car loan to be approved?
I need a car loan in a hurry since I need a car to commute to my new job. How long will it take to get approved?
Lenders try very hard to be responsive to car loan applications. Delays in financing lead to delays in picking up the car, which may create inconveniences that drive customers (and car dealers) crazy.
For that reason, a car loan is usually decided within two to three business days. Many lenders are even providing approvals on the same day, but you should be cautious with these offers. Take some time after receiving your offer to ensure that you are getting the best deal you can, and not just the fastest. A large national bank may be able to give you an answer in 60 seconds, but the terms and fees may not be as favorable as the ones from a local credit union that takes a couple of days to come to a decision.
The timeline for approval can be lengthened if the borrower doesn’t provide information in a timely manner, or if there isn’t sufficient information about the car being purchased, or if the borrower finds that they will need a cosigner in order to get the loan.
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
How much should I expect to pay for non-owner car insurance in North Carolina?
How much is non-owner car insurance in North Carolina? I borrow my sister's car frequently to run errands because we live at the same address. She's reluctant to add me to her policy because of my credit problems. She suggested a non-owner car insurance policy, but I'm not sure if it's within my budget.
Jul 21, 2021
What should I do after I got repairs done on my vehicle and my claim was denied?
I was in a not-at-fault accident in my leased 2019 Acura. I filed a claim with the other party's insurer, filled out paperwork with the body shop, and had them begin working on repairs. Later, I got a call from the insurer saying they are denying the claim based on the price of repairs.
May 07, 2021
When I rent a car, how do I decline to buy the extra insurance?
Every time I rent a car, I feel forced to buy their insurance, but I already have my own insurance. I don't want to be on the hook for anything, but I also don't want to pay for coverage that I don't need. What should I do?
Apr 29, 2021