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?

Apr 27, 2021
Answer provided by
Eric Schad
Answered at Apr 27, 2021
“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.”
Car Loans

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