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

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
BankSA		24-48 hours
Bendigo Bank		Three to seven business days
Beyond Bank		24-48 hours
CommBank		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	(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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Finder Score	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Rewards	Monthly Repayment
Promoted Finder Score 9.5 Excellent IMB New Car Loan Fixed1 - 7 Years $2,000 - $125,000	Finder Score 9.5 Excellent	Interest Rate (p.a.) 5.99%	Comp. Rate (p.a.) 6.34%	Application Fee $274.78	Monthly Fee $0	Monthly Repayment $616.71	Borrow up to $125,000, pay no account-keeping fees and repay with fixed repayments while having the ability to repay early.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder Score 9.1 Excellent Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Finder Score 9.1 Excellent	Interest Rate (p.a.) 5.67% to 18%	Comp. Rate (p.a.) 6.1% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $617.41	Your own personal car loan broker can help you borrow up to $300,000 for your new car by choosing from a range of finance options.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder Score 9.3 Excellent OurMoneyMarket New Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Finder Score 9.3 Excellent	Interest Rate (p.a.) 5.95% to 18.99%	Comp. Rate (p.a.) 5.95% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $607.99	No monthly or early exit fees. Loan amounts range from $5,000 to $100,000. Eligibility: Applicants with an Equifax credit score of 500 or above and an annual income of more than $25k are eligible.	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.1 Great loans.com.au - New/Demo - Variable Rate Variable3 - 7 Years $5,000 - $150,000	Finder Score 8.1 Great	Interest Rate (p.a.) 5.99% to 15.89%	Comp. Rate (p.a.) 7.12% to 17.01%	Application Fee $400	Monthly Fee $8	Monthly Repayment $628.52	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.5 Great RACV New Car Loans Fixed1 - 7 Years $5,000 - $100,000	Finder Score 8.5 Great	Interest Rate (p.a.) 6.59% to 17.69%	Comp. Rate (p.a.) 7.29% to 18.47%	Application Fee $499	Monthly Fee $0	Monthly Repayment $629.11	Go to siteMore info Compare product selection Compare	loading
Finder Score 9.3 Excellent OurMoneyMarket Used Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Finder Score 9.3 Excellent	Interest Rate (p.a.) 5.95% to 18.99%	Comp. Rate (p.a.) 5.95% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $607.99	No monthly or early exit fees. Loan amounts range from $5,000 to $100,000. No vehicle age limit. Eligibility: Applicants with an Equifax credit score of 500 or above and an annual income of more than $25k are eligible.	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.9 Great Stratton Finance Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Finder Score 8.9 Great	Interest Rate (p.a.) 6.59% to 18%	Comp. Rate (p.a.) 7.91% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.92	Your own personal car loan broker can help you borrow up to $300,000 for your new car by choosing from a range of finance options.	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.1 Great loans.com.au - Variable Rate Used Car < 5 years Variable3 - 7 Years $5,000 - $150,000	Finder Score 8.1 Great	Interest Rate (p.a.) 5.99% to 15.89%	Comp. Rate (p.a.) 7.12% to 17.01%	Application Fee $400	Monthly Fee $8	Monthly Repayment $628.52	Go to siteMore info Compare product selection Compare	loading
Finder Score 8.2 Great RACV Used Car Loans Fixed1 - 7 Years $5,000 - $100,000	Finder Score 8.2 Great	Interest Rate (p.a.) 7.89% to 17.69%	Comp. Rate (p.a.) 8.6% to 18.47%	Application Fee $499	Monthly Fee $0	Monthly Repayment $641.32	Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.	Go to siteMore info Compare product selection Compare	loading
Finder Score 7.8 Great loans.com.au - Fixed Rate Used Car < 3 years Fixed3 - 7 Years $5,000 - $150,000	Finder Score 7.8 Great	Interest Rate (p.a.) 6.54% to 15.24%	Comp. Rate (p.a.) 7.67% to 16.36%	Application Fee $400	Monthly Fee $8	Monthly Repayment $633.61	Go to siteMore info Compare product selection Compare	loading
Finder Score 8 Great loans.com.au - Variable Rate Used Car < 3 years Variable3 - 7 Years $5,000 - $150,000	Finder Score 8 Great	Interest Rate (p.a.) 5.99% to 15.89%	Comp. Rate (p.a.) 7.12% to 17.01%	Application Fee $400	Monthly Fee $8	Monthly Repayment $628.52	Go to siteMore info Compare product selection Compare	loading
Finder Score 7.8 Great loans.com.au - Fixed Rate Used Car < 5 years Fixed3 - 7 Years $5,000 - $150,000	Finder Score 7.8 Great	Interest Rate (p.a.) 6.54% to 15.24%	Comp. Rate (p.a.) 7.67% to 16.36%	Application Fee $400	Monthly Fee $8	Monthly Repayment $633.61	Go to siteMore info Compare product selection Compare	loading
Finder Score 7.8 Great loans.com.au - Fixed Rate Used Car Loan (6 to 7 years) Fixed3 - 7 Years $5,000 - $150,000	Finder Score 7.8 Great	Interest Rate (p.a.) 6.54% to 15.24%	Comp. Rate (p.a.) 7.67% to 16.36%	Application Fee $400	Monthly Fee $8	Monthly Repayment $633.61	Go to siteMore info Compare product selection Compare	loading
Finder Score 7.8 Great loans.com.au - Fixed Rate Used Car Loan (8+ years) Fixed3 - 7 Years $5,000 - $150,000	Finder Score 7.8 Great	Interest Rate (p.a.) 6.54% to 15.24%	Comp. Rate (p.a.) 7.67% to 16.36%	Application Fee $400	Monthly Fee $8	Monthly Repayment $633.61	Go to siteMore info Compare product selection Compare	loading
Finder Score 9.3 Excellent OurMoneyMarket Secured Personal Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Finder Score 9.3 Excellent	Interest Rate (p.a.) 5.95% to 18.99%	Comp. Rate (p.a.) 5.95% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $607.99	Go to siteMore info Compare product selection Compare	loading

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Finder 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.

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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.

How to get conditional approval for a car loan

Frequently asked questions

• Can I get a car loan approved on the same day?

  Yes, some lenders can approve and fund a car loan on the same day, especially if you have all your documents ready and apply during business hours. Online lenders and dealerships that offer in-house finance are generally the fastest options.

• What documents do I need for car loan approval?

  You'll typically need proof of identity, proof of income, bank statements and details of your assets and liabilities. Self-employed applicants may also need recent tax returns or BAS statements to verify income.

• Does pre-approval mean I'm guaranteed the loan?

  No. Pre-approval is an indication of how much you might be able to borrow, but it's not a guarantee. The final approval happens after the lender reviews your chosen vehicle and completes a full credit assessment.

• How can I speed up a car loan approval?

  Submit all required documents upfront, check that your application is complete and apply during business hours. Choosing a lender with digital verification processes can also help reduce waiting times.

• How long does it take to get a car loan if I have bad credit?

  It can take longer for lenders to assess your application if you have a poor credit history, as they may request additional information or conduct extra checks. Expect a turnaround of at least a few days.

• Does the type of car affect approval time?

  Yes. If you're buying from a licensed dealer or purchasing a new car, lenders can often process approvals faster. For private sales or used cars, verification and valuation may take a little longer.

Written by

Elizabeth Barry

Journalist

Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio

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