How Long Does It Take to Find Out From Your Bank If Your Approved for an Auto Loan?

There's a few things banks consider before approving a car loan.

Banks usually consider credit, co-signers and the history of your account with their bank (if any) with your auto loan application. Depending on these factors, you could get approved or denied in a matter of minutes or a few days.

Credit Problems

CarBuyingTips.com says, "Your credit score has more of an effect on your life than you think." Bad credit like numerous repossessions or foreclosures could mean an automatic denial, while minor credit problems like unpaid hospital bills could give you a little leeway.

Account History

If you cannot keep the account you already have with the bank in the clear, you're more of a high-risk candidate for an auto loan approval and will more than likely be denied immediately.

Co-Signers

The right co-signer can definitely speed the approval process up. Loan.com says that, "With a good co-signer almost anyone can qualify," when it comes to applying for an auto loan.

Walk-In, Phone or Internet?

If you walk in or call the bank, sometimes they will tell you right away whether you've been denied or approved. However, applying online or by mail could take a minimum of days or as long as weeks. (Online/mail-in applications usually include processing time information.)

References

• Car Buying Tips: Auto Refinancing Tips & Scams
• Finding an Auto Loan Application Cosigner: Why it Pays to Choose Well

Resources

• New York Times: Senate Votes for a Clear Credit Score