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What does "pending approval" mean on a car loan?
I applied for a car loan a few days ago. The lender said it would only take a few days to approve. Now when I check the status, it says "pending approval." What does this mean?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
All that “pending approval” means on a car loan is that it has yet to be approved. This could be for several reasons.
They could need more information from you (typically they’ll call you), or the lender could just have a massive backlog of applications. You shouldn’t worry about it.
Before you get a car you will need car insurance.
Dealerships and lenders check
, so make sure your car insurance isn’t the reason why there’s a hold up. You can get insured fast with the Jerry
app. Jerry compares 50+ top insurers to make sure you get the coverage you want for the best price. View full answer
- Gregory R.
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