How long will it take for your car loan to be approved?
Find out the approval times for popular lenders and compare car loans.
Key takeaways
- Car loan approval time can take anything from hours to weeks depending on the lender, your car and your financial situation.
- Apply early in the day and submit all required documents upfront to increase your chances of same-day approval.
- Compare lenders' average approval times before applying if you need funds fast. Online lenders are typically the fastest.
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 |
| BankSA | | 24-48 hours |
| Bendigo Bank |  | Three to seven business days |
| Beyond Bank | | 24-48 hours |
| CommBank | | One to three business days |
| Great Southern Bank | | Conditional approval in 60 seconds. |
| Gateway Bank | | 48-72 hours |
| IMB | | Four to six hours |
| loans.com.au | | 24-48 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.
Compare car loans
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for car loans
To make comparing car loans even easier we came up with the Finder Score. Interest rates, fees and features across 200+ car loan products and 100+ lenders are all weighted and scaled to produce a score out of 10. The higher the score, the more competitive the product.
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
Frequently asked questions
Sources
More resources on Finder
Ask a question
More guides on Finder
-
Green Car Loans Australia
Some lenders offer a better deal if you get a loan for an eco-friendly car. See how they work and compare car loans here.
-
Car loans for pensioners
On a pension but need a new car? There are still many choices if you know where to look.
-
Compare car loans for classic cars
Want to buy a classic car but don't have the ready money? There are still financing options available for classic vehicles. Find out what loans you have to choose one and which one will work best for you.
-
Tesla Superchargers Map: Where you can charge in Australia
Find out the extent of Australia's Tesla Supercharger network with our complete map of every charging station.
-
IMB car loans
Find out how to take advantage of competitive rates, no monthly fees and an easy application all while getting the finance you need with IMB loan options.
-
People’s Choice Credit Union secured and car loans
People’s Choice offers competitive loans with pre-approval, rate discounts and other features to help put you behind the wheel of a new or used vehicle.
-
Should I refinance or pay my novated lease balloon payment?
If you've come to the end of your novated lease and you are left with a balloon payment, you might be wondering whether to refinance that into a personal loan or take on another novated lease.
-
First Option Bank Car Loans
Lock in a competitive rate for as long as five years with First option Bank – you can finance both new and used car loans.
-
BankSA Car Loans Comparison
BankSA offers a range of loans for your next car. If you're looking to finance a new or used car you can consider a secured or unsecured personal loan from BankSA, both with competitive rates. Compare and apply today.
-
Gateway Bank Car Loans
If you're in the market for a range of loans, Gateway Bank might have an offering worth considering. You can use your car as security and get a lower rate with both new and used vehicles, so compare and apply today.