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

Find out the approval times for popular lenders and compare car loans.

Last updated:

Applying for a car loan can be a complicated and time-consuming process, so it's helpful to understand what is required before you start. Learn about the application process and see which lenders have the quickest approval times below.

How long will your car loan take to be approved?

Brand Pre-approval? How long does it take 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 Bank transparent--green-tick 48-72 hours
IMB transparent--green-tick Four to six hours 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

The car loan application process

Once you've found a car loan to suit your needs, your application will follow the steps below:

  • Submitting your application. As most lenders offer online applications, this usually only takes 10 to 15 minutes.
  • Lender response. Some lenders may send you an instant response, but this will generally be a conditional approval. Other lenders may take a couple of hours or even a couple of days to respond.
  • Unconditional approval. The turnaround time for unconditional approval differs, as you can see from the table above.
  • 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 this with your specific lender.

Compare car loans

Updated August 18th, 2019
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
5.49% (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.
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.
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 p.a.
From 4.99% (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.
From 5.34% (fixed)
1 to 7 years
$459.20 (for private seller vehicles this fee is $608)
Fixed or variable rates starting from 5.34% p.a.
Apply for up to $150,000 and have up to 7 year(s) to repay. You can use cash or trade in a vehicle to use as a deposit.
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.
8.49% (fixed)
1 to 7 years
Use a new or used car as security.
A flexible loan thats lets you benefit from a car search tool as well as the option to borrow extra for on-road costs.
From 5.71% (fixed)
1 to 7 years
$100 (from $100 to $500)
You'll receive a fixed rate between 5.71% p.a. and 8.66% p.a. based on your personal credit history
A flexible loan to help you finance a car, motorbike or boat up to five years old.
6.79% (fixed)
1 to 7 years
$265 ($175 Establishment Fee + $90 Security Administration Fee)
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.
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.
6.45% (variable)
1 to 7 years
Apply for a loan up to $100,000.
Benefit from a flexible, variable rate to finance a car up to 3 years old with SCU.
From 5.99% (fixed)
1 to 7 years
You'll receive a fixed rate from 5.99% p. a.
Purchase a new car with this loan and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
6.69% (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.
From 6.25% (fixed)
1 to 7 years
You'll receive a fixed rate from 6.25% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
From 4.79% (fixed)
1 to 7 years
You'll receive a fixed rate of 4.79% p.a. with a comparison rate of 5.34% p.a.
Get access to over 20 providers to fund a new or used car.

Compare up to 4 providers

What can slow down your application?

There are a number of issues that can delay the approval of your car loan application. These include the following:

  • Not submitting all required documents. Lenders can only fully approve your loan once they receive all of the required documents. If you don't send all the necessary documents, the lender may need to contact you to have you send them over, or they may only be able to conditionally approve your loan. Make sure you check what documents are required before you apply.
  • Applying after the cut-off time. 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 you get same-day approval.
  • Failing to provide enough information about your vehicle. This is especially true if you're purchasing a used or older car, so make sure you provide all requested information on your vehicle. An older or classic car may mean it needs to be manually valued, which can slow down the application process further.

What is pre-approval?

If you haven't decided on the car you want, you can still get pre-approved for a car loan up to an agreed amount. Once you've found the car you want to buy, you can use the pre-approved loan amount to cover the purchase.

Conditional approval means you are approved for a car 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 conditional approval for a car loan

Picture: Shutterstock

Was this content helpful to you? No  Yes

Related Posts

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 5.49% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Latitude New and Used Car Loan
Latitude New and Used Car Loan

You'll receive a fixed rate of 6.99% p.a.
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 5.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 5.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees. Note: Product only available to residents of Victoria.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site