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.