The time it takes to get approved and have access to your car loan really depends. Quite often when you complete an online car loan application you will get processed and have an instant approval...
Time to Get a Car Loan
This means that based on the parameters entered you were automatically approved. This is the fastest type of approval. The only time between applying and getting access to your funds is the time it takes to get the documents organized for the loan as well as for the vehicle.
If this is done through a car dealership you will the be going down and selecting your vehicle ( if you haven’t already ) and then filling out the necessary paperwork. In these cases the approval can happen the same day sometimes within an hour or two.
Why a Car Loan Takes Longer
Customers with bad credit and no credit sometimes are able to take advantage of the fast approvals, but sometimes it may take a little longer.
Typically what slows the process down is getting the documents from the customer and providing them to the lender. As a customer you can speed up the process by having important documents ready like: current pay stubs, valid driver’s license, references ( if requested ), banking information ( void cheque or pre-authorized debit form ). Getting these items together is what usually slows down the approval process for customers.
If you are organized you can quite often have your next vehicle the same or next day if you are in a rush to get back on the road.
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