woman holding a car key

How long will it take for your car loan to be approved?

Learn how quickly you can get on the road with your new vehicle.

Applying for a car loan can seem daunting. You need to gather a lot of information about both yourself and the car, and then you have to wait to find out if you've been successful. Knowing how long that wait will be before you apply can give you some peace of mind and help you better plan your vehicle purchase. Find out all about the process and how long it will take below.

The car loan application process

When you apply for a car loan the length of time it takes will depend on several key factors:

  • Submitting your application. As most lenders offer online applications, this usually only takes 10 to 15 minutes.
  • Immediate response. You may receive an instant response at this stage, but not all lenders offer this. If you do receive an instant outcome it is usually considered a conditional approval.
  • Unconditional approval. The turnaround time for unconditional approval differs, as you can see from the table below.
  • Loan funding. After receiving unconditional approval from your lender, you can generally expect to receive your funds within one to three business days. However, it's best to confirm specific timings with the lender you apply with.

What can slow down your application?

There are various issues that can delay the approval of your car loan application, so make sure you avoid the following:

  • Not submitting all required documents. Lenders can only fully approve your loan once all documents have been received. If they are waiting on certain documents they may need to contact you to have you send them over, or they may only be able to conditionally approve you. Make sure you check what documents are required before you apply.
  • Applying after the time cut-off. Some lenders can offer same-day approval if you apply by a certain time, for example by 2pm. You can confirm this on the lender's website before you apply. If you aren't sure, contact the lender or apply early in the morning to ensure the quick processing of your loan.
  • Failing to provide enough information about your vehicle. This is especially true if you're purchasing a used or older car. Make sure you provide requested information. An older or classic car may mean it needs to be manually valued, which can slow down the application further.

What is pre-approval?

If you haven't found your car yet you may want to opt for pre-approval. Pre-approval means you have been approved for a specific loan amount and you can use up to and including that amount when you go out to buy your car. Conditional approval is similar, with you being approved for the loan provided you meet certain requirements. You may need to submit additional documents or speak to a loan specialist for full approval. Both pre-approval and conditional approval can last from between 30 to 120 days depending on the lender.

How to get conditionally approved for a car loan

How long will your car loan take to be approved?

Brand Pre-approval? How long it takes to be approved
ANZ No Three business hours
Aussie No Two business days
Bankwest transparent--green-tick(conditional approval) Instant conditional approval
Full approval in 24-48 hours after submitting all documents
BankSA No 24-48 hours
Bendigo Bank transparent--green-tick Three to seven business days
Beyond Bank transparent--green-tick 24-48 hours
Commonwealth Bank transparent--green-tick One to three business days
CUA transparent--green-tick Initial response in 30 seconds
24-48 hours
Gateway CU transparent--green-tick 48-72 hours
IMB transparent--green-tick Four to six hours
loans.com.au transparent--green-tick 24-48 hours
NAB transparent--green-tick Two business days
NRMA transparent--green-tick 24 hours
RACQ transparent--green-tick Five business hours
RACV No Five business hours
St.George No Response in 60 seconds unless further details are needed
Westpac transparent--green-tick(conditional approval) Two business days

Calculate your repayments on one of the loans below

Rates last updated August 20th, 2018
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
IMB New Car Loan
5.99% (fixed)
1 to 7 years
Borrow as little as $2,000 at a competitive fixed rate
Finance a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.
Loans.com.au - New Car Loan
From 5.44% (fixed)
3 to 5 years
Optional balloon payment available to reduce your repayments.
A competitive rate car loan suitable for a new cor used car.
Latitude Motor Vehicle Loan
From 6.99% (fixed)
1 to 7 years
Finance a range of vehicles including cars, motorbikes, boats and caravans.
Apply online to finance a new or used motor vehicle and receive a response in 90 seconds. You will receive a competitive tailored rate of between 6.99% p.a. to 14.99% p.a.
Stratton Finance New Car Loan
From 5.29% (fixed)
1 to 7 years
Fixed or variable rates starting from 5.29% p.a.
Apply for up to $100,000 and have up to 7 year(s) to repay. You can use cash or trade in a vehicle to use as a deposit.
Sydney CU Special Variable Car Loan
5.95% (variable)
1 to 7 years
Apply for a loan up to 50000.
Benefit from a flexible, variable rate to finance a car up to 3 years old with SCU.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
1 to 7 years
Offset your interest with a Car Budget Account.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
Bank Australia Car Loan
6.45% (fixed)
1 to 7 years
Waived establishment fee for safe or green-rated cars.
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.
CUA Secured Fixed Car Loan
6.79% (fixed)
1 to 7 years
Finance a new or used vehicle up to 7 years old.
Benefit from additional repayments, no ongoing fees and access to a redraw facility with this competitive loan from CUA.
RACV New Car Loans
From 5.99% (fixed)
1 to 7 years
Benefit from 5-hour pre-approval.
A competitive rate car loan from RACV with no monthly fees.
MyState Secured Personal Loan
From 7.99% (variable)
1 to 10 years
Your choice between secured or unsecured.
Apply for a loan up to $75,000 and benefit from loan terms up to 10 years.
IMB Secured Personal Loan
6.89% (fixed)
1 to 5 years
Secure this loan with a car and use the funds for any purpose.
Competitive 6.89% p.a. rate available to all approved applicants. Loan amounts up to $60,000 available.

Compare up to 4 providers

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Car Loan Offers

Important Information*
IMB New Car Loan

Borrow up to $75,000 for a new car up to two years old. Competitive 5.99% p.a. rate available to all approved applicants.

Loans.com.au - New Car Loan

This car loan is for new cars and offers a low fixed rate and no ongoing fees.

Latitude Motor Vehicle Loan

Apply online to finance a new or used motor vehicle and receive a response in 90 seconds. You will receive a competitive tailored rate of between 6.99% p.a. to 14.99% p.a. based on your risk profile.

Stratton Finance New Car Loan

Apply for up to $100,000 and have up to 7 year(s) to repay. You can use cash or trade in a vehicle to use as a deposit.

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