PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How long does it take for a car loan to be approved?
I need a car loan in a hurry since I need a car to commute to my new job. How long will it take to get approved?
Jim Donaher · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Lenders try very hard to be responsive to car loan applications. Delays in financing lead to delays in picking up the car, which may create inconveniences that drive customers (and car dealers) crazy.
For that reason, a car loan is usually decided within two to three business days. Many lenders are even providing approvals on the same day, but you should be cautious with these offers. Take some time after receiving your offer to ensure that you are getting the best deal you can, and not just the fastest. A large national bank may be able to give you an answer in 60 seconds, but the terms and fees may not be as favorable as the ones from a local credit union that takes a couple of days to come to a decision.
The timeline for approval can be lengthened if the borrower doesn’t provide information in a timely manner, or if there isn’t sufficient information about the car being purchased, or if the borrower finds that they will need a cosigner in order to get the loan.
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies