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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.
Brand | Pre-approval? | How long does it take to be approved? |
---|---|---|
ANZ | ![]() | Three business hours |
Aussie | ![]() | Two business days |
Bankwest | ![]() | Instant conditional approval Full approval in 24-48 hours after submitting all documents |
BankSA | ![]() | 24-48 hours |
Bendigo Bank | ![]() | Three to seven business days |
Beyond Bank | ![]() | 24-48 hours |
Commonwealth Bank | ![]() | One to three business days |
CUA | ![]() | Initial response in 30 seconds 24-48 hours |
Gateway Bank | ![]() | 48-72 hours |
IMB | ![]() | Four to six hours |
loans.com.au | ![]() | 24-48 hours |
NAB | ![]() | Two business days |
NRMA | ![]() | 24 hours |
RACQ | ![]() | Five business hours |
RACV | ![]() | Five business hours |
St.George | ![]() | Response in 60 seconds unless further details are needed |
Westpac | ![]() | Two business days |
Once you've found a car loan to suit your needs, your application will follow the steps below:
There are a number of issues that can delay the approval of your car loan application. These include the following:
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
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