The time it takes to receive approval for a car loan depends on your choice of lender, your credit score, and other factors related to your application. If you applied at a bank, it typically takes two to three appointments within three to seven days or more to be approved.
Dealerships and online lenders can offer faster turnaround times. If you have a good credit score, it may take less time than someone with a bad credit score or no credit history.
To speed up the approval process, get pre-approved for a car loan. While the turnaround time is the same as a regular car loan application, it will save you time when you need to secure your chosen vehicle.