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How long does car loan preapproval last from U.S. Bank?
I'm planning on getting a car loan preapproval from U.S. Bank, but I want to make sure I have enough time to shop around. How long does a preapproval from U.S. Bank last?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Knowing how long you have to shop around is an important part of the car buying and preapproval process.
Car loan
preapprovals from U.S. Bank last 90 days. This means that once you get your preapproval letter, you have 90 days to close on the loan. If you don’t close on the loan within that time, you’ll have to go through the preapproval process all over again, which could mean you get a higher interest rate or different terms. Additionally, if you have to apply for preapproval again, it’ll be another hard inquiry on your credit report, which can drop your credit score an additional five to 10 points. So it’s always in your best interest to shop around for a car within 90 days unless you decide not to purchase a car.
During this 90-day period, you should also shop around for car insurance, as you’ll need it as part of the car loan process. Sign up with the
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app to compare rates from 50+ car insurance providers, so you’re always getting the best rate possible for the coverage you need. On average, Jerry users save $879 a year!View full answer
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