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How Long Does It Take To Get A Car Loan Approved?

The turnaround times on car loan approvals can be quite quick for most applicants if they have a good credit history and the car loan proposal is pretty standard and not have any special circumstances.

What Is The General Turnaround Time?

To obtain a lender approval can happen in as little as ten minutes for a pretty straight forward application that may not need to do any further checks and most approvals would happen within the hour.

Some other applications may take longer if there is some more detailed information that may need looking into.

What Kind Of Application May Take Longer?

For someone that may have some bad credit, or some unusual circumstances that could be related to their income, residence or visa status could take longer, as the motor financier may have to do some additional verification checks.

Business car loans may also take longer if their finance records are required to be reviewed in depth, as a business’ income records are a lot more detailed than a normal pay advice from an employer.

How Do I Give Myself The Best Chance Of Getting A Quick Approval

The most important thing to maximise your chance of a quick approval is answering all questions in your car loan application honestly and correctly to the best of your ability.

Your credit file will be cross-referenced to your car loan application, so it is important to have all your personal details correct, such as the spelling of your names, date of birth, address and driver’s licence number. If these details are incorrect, there may be some discrepancies when matching data with any credit reporting agency, which could prevent getting a quicker response.

Another way to give yourself the best chance of a quick turnaround is to be well prepared and have your supporting documents ready on hand, such as your proof of income and identification, which may just be your driver’s licence and pay slips.