How long does it take to get a decision on a car loan?

Car loan turnaround times can be very quick and there is often a chance of a lender system generated approval which means that no human being has analysed the application and the approval is generated from some key indicators that satisfy the lender’s criteria, and in these cases would mean an instant approval.

Preliminary Assess Your Application

Prior to submission however, any credit assistance provider would require to preliminary assess your overall application in order to determine that they are not providing a loan product that would not meet your objectives and requirements and to also sufficiently enquire to understand that the loan would not put you in any financial hardship now, or throughout your loan term. This would involve collating evidence to support your application, such as proof of income.

Once the preliminary assessment has been complete the credit assistance provider should have all the required information to provide to the lender and to present the application in order for the loan approval in the quickest possible timeframe.

48 Business Hours Turnaround

Dependent on the lender and how much additional information is required to analyse your application, approval timeframes are usually either instant or up to 48 business hours, with some lenders providing responses on weekends for straight forward applications.

A business use loan that may have a complex entity structure would of course take longer and would be hard to put a timeframe on this, as each and every scenario would be quite different.

Classic Cars and Custom Cars

If the vehicle is a little different to what the car loan lenders are used to doing, such as old classic cars, this would also take time, as the lenders will have to manually value the asset being used as security and would look a lot deeper into the application, such as they would for higher end prestige cars and these would often go through to a different department and would not be assessed in the same way a normal everyday car loan would. These kinds of loans can take from days up to weeks depending on the asset and the client.

To summarise, with straight forward everyday car loans, you could obtain an approval the same day as your application was submitted, and with most cases a response within 48 hours as long as the information required is provided in a timely manner from the client. can provide you a free car loan assessment, this assessment will determine what loan product suits your needs best as well as providing you with the interest repayments - click here to get a free assessment


Important Information: The information is general in nature, subject to change and does not take into account the particular objectives or financial situation of any potential reader and is for information purposes only. does not represent or guarantee that the information is accurate or free from errors or omissions. All applications for credit are subject to credit approval criteria. Terms and conditions, fees and charges apply. Australian Credit Licence 433137.