How long does it take to finalize a car loan?

I just got hired for a new job, but I need a set of wheels to get to the office. I was taking the bus to interviews, but it's not really an option to get into the office on time. If I get a car loan, how long does it take to finalize it?

The length needed to finalize a car loan varies between lenders and depending on several factors, but in general you can expect to get a loan from:
  • Car dealers the same-day or in a few days
  • Online lenders in up to a week
  • Local lenders, banks, or credit unions in up to two weeks
However, you also play a pivotal role in how long the process will take to finalize a car loan. Have your documentation together, shop around for rates, and know what car you want before you approach lenders. If you follow these steps, you can get approval and finalize your loan more quickly.
Keep in mind that if you have low income or poor credit, the process to finalize a loan may take longer. If you can, take a look at your credit report to know which range your credit score falls into and try to save up some extra cash for a larger down payment.
When you sign on the dotted line, you also need to have proof of insurance for the car. That’s when Jerry can help. Sign up today to compare car insurance rates from dozens of top carriers and maximize your savings.
Eric Schad
Answered on Nov 16, 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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