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How long do I have to wait before I'm preapproved for a car loan?
I just applied for car loan preapproval, but I'm feeling super impatient. How long until I hear back from the lender?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Applying for preapproval for your
car loan
was a great move—now you’ll be able to budget for your expenses and get an idea of your rates ahead of time.Luckily for you, lenders usually respond to preapproval applications within one to three business days. Keep in mind that COVID has created a backlog for some lenders, which could mean you’ll have to wait a little longer.
If you get preapproval, you typically have 60 to 90 days to sign on to a loan officially. (Otherwise, you’d have to reapply, which could negatively impact your credit score.)
Once you have your preapproval letter in hand, it’s time to test drive some car models within your loan budget. When you find a ride that works, be sure to protect it with the right insurance policy.
Jerry
can help you compare dozens of quotes to find the best rates for your coverage level.View full answer
- Gregory R.
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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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