What does "pending approval" mean on a car loan?

I applied for a car loan a few days ago. The lender said it would only take a few days to approve. Now when I check the status, it says "pending approval." What does this mean?

Answer provided by
Eric Schad
Answered on Apr 27, 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.
“All that “”pending approval”” means on a car loan is that it has yet to be approved. This could be for several reasons.
They could need more information from you (typically they’ll call you), or the lender could just have a massive backlog of applications. You shouldn’t worry about it.”

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