Car Loan Final

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?

BrandPre-approval?How long it takes to be approved
ANZNoThree business hours
AussieNoTwo business days
Bankwesttransparent--green-tick(conditional approval)Instant conditional approval
Full approval in 24-48 hours after submitting all documents
BankSANo24-48 hours
Bendigo Banktransparent--green-tickThree to seven business days
Beyond Banktransparent--green-tick24-48 hours
Commonwealth Banktransparent--green-tickOne to three business days
CUAtransparent--green-tickInitial response in 30 seconds
24-48 hours
Gateway CUtransparent--green-tick 48-72 hours
IMBtransparent--green-tickFour to six hours
loans.com.autransparent--green-tick24-48 hours
NABtransparent--green-tickTwo business days
NRMAtransparent--green-tick24 hours
RACQtransparent--green-tick Five business hours
RACVNo Five business hours
St.GeorgeNo Response in 60 seconds unless further details are needed
Westpactransparent--green-tick(conditional approval)Two business days

Calculate your repayments on one of the loans below

Rates last updated November 23rd, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$0
$250
All approved applicants can access this competitive rate and use the loan to finance a range of purposes. Loan amounts up to $60,000 available.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$0
$175
A great rate for cars under 2 years old.
Bank Australia Car Loan
From 6.45% (fixed)
6.66%
$1,000
7 years
$0
$150
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.
bcu Secured Freedom Loan
From 9.08% (variable)
9.99%
$4,000
1 to 5 years
$8
$250
A competitive, secured personal loan that you can use for a variety of purposes.
RACV Personal Loan
From 7.49% (fixed)
8.04%
$5,000
1 to 7 years
$0
$380
You could use this personal loan offer from RACV to help finance a renovation, holiday or project.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
AutoCarLoans
From 5.16% (fixed)
6.64%
$15,000
1 to 7 years
$5
$381.80
AutoCarLoans can match you with a lender from its panel with rates starting from 5.16% p.a. Suitable for vehicles up to 2 years old.
Stratton Finance New Car Loan
From 5.49% (fixed)
6.62%
$18,000
1 to 7 years
$7
$499
Benefit from a car broker with over 25 years experience
Freedom Finance Car Loan
From 5.1% (fixed)
5.94%
$35,000
1 to 5 years
$0
$380
If you meet all the requirements you could get access to a range of lenders to finance a new or used car up to 4 years.
NRMA Used Car Loan
From 6.99% (fixed)
7.54%
$15,000
1 to 7 years
$0
$380
Purchase a used car with an NRMA with a fixed rate term and no monthly fees. NRMA Members could save 1% on loan rates
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
Bank of Melbourne Secured Car Loan
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.
BankSA Fixed Rate Car Loan
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
Apply for a fixed rate car loan from multi-award winning BankSA.
Westpac Car Loan
From 8.49% (fixed)
9.67%
$10,000
1 to 7 years
$12
$0 (On new loan applications before 31st January 2018.)
Apply for a Westpac car loan and enjoy a great interest rate when you purchase a new or used vehicle.
Latitude Car Loan
From 8.99% (fixed)
10.09%
$5,000
1 to 7 years
$10
$295
A secured loan with a competitive rate that can help you finance new or used vehicles.

Compare up to 4 providers


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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.

Beyond Bank Low Rate Car Loan "Special Offer"

A great rate for cars under 2 years old.

RACV New Car Loans

Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

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