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how long does it take to get approved for a car loan from a bank?

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How long does it take to get approved for a car loan through a bank?
My husband was planning on going tomorrow during his 1hr lunch break will this be enough time?

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how long does it take to get approved for a car loan from a credit union

asked May 26, 2017 in Business and Finance by Nathan

2 Answers

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He can apply for a loan and give all his info during his lunch hour but it takes a lot longer to actually get the loan. Usually takes a day or two maybe three to actually get a check after you apply. They take down all your infomation, like your job, how long you worked there, how much you make, do you own you own home, married, how much you want to barrow ect ect.... Then they have to send it away to the underwriters.

Then the loan officer will put all this into there computer and shake your hand and tell you they will give you a call later in the day or maybe tomorrow to let you know if your accepted or rejected. If accepted they will let you know the guidelines, what the interest rate will be, how long they will give you to pay it back and how much the payments will be.

Basically the loan officer submits your info to another division at the bank called the underwriters and they work with all the info to see if you would be a good risk to loan money to and for what percent interest rate. Bad credit high interest rate, good credit good interest rate. Like I said they can usually tell you later on that day or the next day once the underwriters are done figuring it all out. Once they tell you you have been accepted you decide if you want to go ahead with the loan with their requirements like interest rate and payment amount. If you decide to do the loan, they will issue you a check, this usually takes a few hours to a day to get a check issued

So in all most of the time it takes 2-3 days from the time you apply for the loan till you get a check if accepted.

I have gotten two bank loans in the last 2 years for cars,one for my wifes car and one for my car. One bank was Chase bank and the other Regions bank, both big multistate banks with hundreds of branchs and it was the same process both times.
Experienced at getting bank car loans.
answered May 26, 2017 by Cassondra
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How long does it take to get approval and money for a used car loan?
I was just wondering how long it takes to get approval and the money for a used car loan. My sister wants to buy my car, hers is dead but the bank has taken over a week of back and forth, having us sign documents over and over again. The bank person helping us is a "Vice President" but she seems entirely incompetent. I need the money desperately, my sister needs the car, but the bank helper doesn't seem to care either way. She keeps stringing us along and seems clueless to the situation, but we keep thinking "we're almost there". My sister's been approved for the credit, it's just processing the loan.
I swear people I know have gone in and gotten approval and walked out with the cash for a new car same day.
answered May 26, 2017 by STEWIE
Mine took two weeks to get approved. Paperwork was not my friend, and it was made worse since my cosigner doesn't live in Oregon. Everything had to get faxed, then mailed. To make it worse, they wanted paperwork after everything was approved with my cosigners signature on it (which I had pre-approved of earlier with somebody higher up at the bank because of the situation), but the loan officer didn't seem to get the memo.
Then I had to have the seller come into the bank in person to get paid.
Was not a smooth deal at all.

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