Car loan approval time and procedure
Itching to get your hands on a new set of wheels? Unless you’ve saved up enough cash to purchase a car outright, buying a vehicle can involve endless searching for a car loan that will suit your situation now and for years to come. The good news is that the car loan approval process is easier than ever, and you might not have to wait as long as you think to get the go ahead from a lender.
What is a car loan?
There are various types of car loans but, broadly speaking, a car loan requires a customer to enter into an agreement with a lender to borrow money. The customer then repays the amount owed (along with interest) over a set period of time (the loan term).
When you apply for a car loan with Rapid Finance, you’ll get your own personal finance assistant who will identify your financial strengths and then negotiate with lenders on your behalf. We ensure that car loan approval times are as low as possible and work for you to get your loan approved fast.
Call us now on 1300 467 274 to speak to one of our friendly finance experts.
Choosing a car loan
Before you apply for a car loan, why not use our popular car loan calculator to figure out how much you can afford? You can find out an estimate of your loan term, interest rates and repayment schedule in just a few minutes.
What does the car loan process involve?
Whether you’re after a home loan, a personal loan or a car loan, we created the Rapid Finance process to make it simple and stress free for every customer.
First, you apply online or over the phone, which takes less than 15 minutes.
Then, we find finance options to suit you. Your dedicated finance specialist will gather and review your documents and negotiate with lenders on your behalf. This also includes checking your credit history for mistakes and assisting you in correcting them.
Once you get approved by a lender, you’re ready to purchase your car and hit the road!
So, how long does car loan approval normally take?
Car loan approvals generally take a couple of days. Although some lenders promise car loans with guaranteed same-day approval (or even 60-second approval), this is rarely possible.
For same-day or next-day approval, the applicant may need to provide proof of good credit history, regular income and have a vehicle downpayment.
What can delay car loan approval?
- Not providing all required documentation
- Having poor credit history
- Not providing enough information about the vehicle
- Being inflexible about what vehicle you want
Preparing all necessary documents ahead of time will make the car loan approval process a whole lot easier. When assessing your application, we’ll need proof of your identity and evidence that you can pay back whatever car loan you’re applying for. These documents can include:
- Proof of income and sometimes bank statements
- Personal information (such as driver’s licence and medicare card)
- Proof of assets and liabilities
- Information about the car
- Proof of insurance (which we can assist with)
Ready to find your perfect car loan?
We’ve been helping people just like you to get finance for almost two decades and know all there is to know about car loans. As finance experts, we can help you navigate the often-confusing world of car loans, bad credit car loans, used car loans and interest rates. Get in touch today and get one step closer to driving your dream car.
Give us a call on 1300 467 274 or apply online today.