How long does it take to get approved for a car loan?

My car just died on me and public transit where I live is a joke. Now I can’t get to work without relying on co-workers or friends, which are already wearing thin. I want to get a car loan, but I can’t wait forever. How long does it take for car loan approval?

Answer
The time it takes to get approved for a car loan varies by lender. In most cases, expect the time of application until you receive a check to last anywhere from one business day to a few weeks. For approval only, you can receive it between 60 seconds to one business day.
If you’re wondering where to look for a loan for fast approval, consider the following:
  • Bank of America: 60 seconds
  • Chase: Three hours
  • USAA: Same day
  • CarFinance.com: 30 minutes
Other lenders usually get back to within one business day.
However, funding is another issue. Due to backlogs of loans and lending policies, getting a check in hand can take anywhere from one business day to several weeks. When you apply, make sure to get an estimate from the lender as to how long the finalization will take.
While you’re waiting, take the time to review car insurance policies with the Jerry app. Lenders require full coverage car insurance, so don’t leave any money on the table.
As a licensed broker, Jerry helps you find and compare quotes from over 50 top providers in minutes. When you find a spectacular rate, Jerry can help you buy your new coverage! Customers even save an average of $879 per year!
Eric Schad
Answered on Dec 14, 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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