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How do I know if my car loan has been approved or denied?
I applied for a car loan about a week ago and I haven't heard anything back. How do I know if I was approved or denied?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since you’ve only waited a week, don’t stress that you haven’t heard back from the lender about your
car loan
yet. Some decisions take longer than others, and it’s not uncommon for a car loan decision to take up to two weeks.Whether you’re approved or denied, the lender will get in touch with you. Lenders are legally required to send you a Statement of Denial or Adverse Action Notice, which notifies you that you were denied for the car loan. If you’re approved, you’ll get a similar letter or statement, although many lenders will give you a phone call, as they want to close on the loan as quickly as possible.
In the meantime, you can put your focus on other things, such as car insurance. Remember that lenders will require full coverage for your new, financed car. Full coverage can be pricey, but it doesn’t have to break the bank.
Hop on the
Jerry
app to compare quotes from more than 50 top insurers, including Nationwide, Allstate, and Travelers, and get the best deals delivered to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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