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||Three business hours|
|Aussie||Two business days|
|Bankwest||(conditional approval)||Instant conditional approval|
Full approval in 24-48 hours after submitting all documents
|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|
|Gateway Bank||48-72 hours|
|IMB||Four to six hours|
|NAB||Two business days|
|RACQ||Five business hours|
|RACV||Five business hours|
|St.George||Response in 60 seconds unless further details are needed|
|Westpac||(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.
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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.
Car Loan OffersImportant Information*
You'll receive a fixed rate of 5.45% 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.
You'll receive a fixed rate of 4.89% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
You'll receive a fixed rate from 4.99% 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.
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