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

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How long does it take to get auto loan approved from credit union?
I got preapproved for an auto loan and my loan officer said I needed to have the car picked out to complete the loan process. I picked out a car on Friday at 4:30 pm and faxed over the info. The credit union clloses at 6:00 pm on Friday and she said if she didn't have an answer that eening she would have one Saturday morning. When talking with her Saturday (today) she said she still had no answer but that she should know by Monday. Is this a sign that my loan will not get approved?
Update: I have a credit grade of C and the loan is at $6000

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asked May 26, 2017 in Business and Finance by Vinegar Taster

2 Answers

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No your loan has already been aproved. What they are waiting on is authorisation on the car you have chosen. They need to know the car the are basically paying for is sqeeky clean and worth the money.
answered May 26, 2017 by Karl
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Is it usually easier to get approved for an auto loan at your credit union?
Do they generally just go by your fico scores?
What else may they look at to determine if you get approved?
answered May 26, 2017 by Maribel
Auto finance is what I do for a living and there are 10-different things that go into a car deal and determining a persons interest rate no matter if your dealing with a bank or a credit union.

1. L.T.V. (loan to value) the lower the better.
2. Term of loan. The shorter the better.
3. Age of vehicle. The newer the better.
4. Miles on vehicle. The less the better.
5. The buyers time in credit bureaus. The longer the better.
6. The buyers credit score. The higher the better.
7. The buyers credit profile. The longer and more diverse the better.
8. The buyers monthly income. The higher the better.
9. The buyers debt to income ratio. The lower the better.
10. The buyers time on job and at residence. The longer the better.

Good luck.
Source(s):
Finance Manager for a car dealer for over 11-years.

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