How long to wait for car finance approval?
Filed under:
finance
The question
Hi,
How long should loan approval take after a car dealer submits your proposal form to their finance department? A car dealer submitted my finance application on Friday at 12:30 and I didn’t hear back yet for rest of Friday so will have to wait until Monday...
Asked by Hugh Ward ·
Expert answer
Hi Hugh,
It can vary hugely and depends entirely on who the dealer is using for finance provision — is it a high street bank, or a ‘captive’ bank that’s part of the car company itself? Either way, while these things can be turned around quickly, often they’re just not. Patience is all we can advise.
Answered by Neil Briscoe