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

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

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?

BrandPre-approval?How long does it take 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
CommBanktransparent--green-tickOne to three business days
CUAtransparent--green-tickInitial response in 30 seconds
24-48 hours
Gateway Banktransparent--green-tick48-72 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-tickFive business hours
RACVNoFive business hours
St.GeorgeNoResponse in 60 seconds unless further details are needed
Westpactransparent--green-tick(conditional approval)Two business days

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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

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Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
loans.com.au - New - Variable Rate Special
Variable3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
6.24%
to 7.74%
Comp. Rate (p.a.)
7.36%
to 8.85%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$630.83
Go to siteMore Info
OurMoneyMarket New Car Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
$250
min.
Monthly Fee
$0
Monthly Repayment
$622.82
Go to siteMore Info
Verified Lending Used Car Loan
Fixed1 - 7 Years $10,000 - $200,000
Interest Rate (p.a.)
7.1%
to 18.99%
Comp. Rate (p.a.)
8.06%
to 22.99%
Application Fee
$395
Monthly Fee
$0
Monthly Repayment
$630.67
Go to siteMore Info
Simplify New Car Loan
Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
6.19%
to 18%
Comp. Rate (p.a.)
6.6%
to 23%
Application Fee
$395
Monthly Fee
$0
Monthly Repayment
$622.21
Go to siteMore Info
NRMA New Car Loan
Fixed1 - 7 Years $5,000 - $130,000
Interest Rate (p.a.)
7.29%
to 16.99%
Comp. Rate (p.a.)
8%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$635.67
Go to siteMore Info
Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.79% p.a. and comparison rates from 6.49% p.a.)
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
$250
min.
Monthly Fee
$0
Monthly Repayment
$622.82
Go to siteMore Info
Simplify Used Car Loan
Fixed1 - 7 Years $10,000 - $300,000
Interest Rate (p.a.)
6.19%
to 18%
Comp. Rate (p.a.)
6.6%
to 23%
Application Fee
$395
Monthly Fee
$0
Monthly Repayment
$622.21
Go to siteMore Info
NRMA Used Car Loan
Fixed1 - 7 Years $5,000 - $130,000
Interest Rate (p.a.)
8.49%
to 16.99%
Comp. Rate (p.a.)
9.21%
to 17.77%
Application Fee
$499
Monthly Fee
$0
Monthly Repayment
$647.01
Go to siteMore Info
You'll receive a fixed rate from 8.49% 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.
loans.com.au - Variable Rate Used Car < 5 years
Variable3 - 7 Years $5,000 - $150,000
Interest Rate (p.a.)
7.74%
to 7.74%
Comp. Rate (p.a.)
8.85%
to 8.99%
Application Fee
$400
Monthly Fee
$8
Monthly Repayment
$644.82
Go to siteMore Info
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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.

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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

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