How long is too long to wait for a car loan?
I want to get a car loan, but the lender has taken over a month to process the loan without any results. Should I just go somewhere else? Or should I wait longer?
Good question. The time that your car loan takes to process from start to finish is highly dependent on the lender themselves. On average, car lenders can take anywhere from a few business days to several weeks to process a car loan and provide you with the funds. However, your situation may be the result of a few different circumstances:
- You’re a borderline candidate and they’re trying to get you approved, but there are a few issues.
- The lender has a backlog due to COVID or other unforeseen circumstances.
- You’re self-employed, which can make it harder to prove your income.
- A clerical error occurred.
So if it’s taken about a month, the first thing you should do before anything else is to simply call the lender. It could be a simple fix and all you needed to do was call them to jump-start the process. Or it may take longer still. If the process is still delayed, you might consider looking elsewhere if you can’t afford to wait or don’t want to wait any longer.
Regardless of what option you choose, make sure that you have the right car insurance to protect your investment and abide by the insurance stipulations of the lender. With the Jerry app, you can compare dozens of personalized quotes from reputable car insurance companies in under a minute, so that you can easily pick the plan that works best for you. And if you find a plan you like, we’ll even help you switch!
Best of luck with the loan!
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