How long should I expect to have to wait for approval on a car loan?
"How long does approval for a car loan usually take? After applying for financing the dealer thanked me and said they would let me know when I am approved and can come back in to finalize everything."
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Answered on Jul 28, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
“It really varies from one dealer to another and can also depend on your current financial situation as well.
Some dealerships have a better relationship with better lenders and can get an answer for a new car loan the same day, while it may take other dealers a day or two.
If you have less than perfect credit or low income, the dealership may have to look for financing from a subprime lender, which could also take longer.
Either way you should know something by the end of the week. If not, you can always call the dealership and ask.”
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