It's a difficult question to answer without knowing all the facts. if you were using a personal loan to finance the car purchase, then much of this depends on your credit score and other personal information. but if your credit score is good and you have all the documentation needed, it can be finalized as quickly as 1 hour. if things go smoothly, sometimes the process can take as little as 1 day (24 hours).
this also depends on how emotional or hurried you are feeling about the process; if anything feels rushed or uncertain for any reason- that will usually take longer because there will be more questions needing answered to make sure everything has been done properly and according to regulation before handing over funds to finalize. but overall,
how long before auto loan is finalized?
this will vary depending on the bank and the type of vehicle.
how long does underwriting take for a car loan?
underwriting for a car loan generally takes around 24-36 hours.
in order to underwrite for a car loan, you have to have “acceptable” credit, be able to provide at least 10% of the vehicle's cost in cash, apply for any prior liens if applicable, provide proof of income over the last two years with employment verification letter(s), and also supply your social security number or other identifying information. the actual time it takes will vary depending on where the application is being submitted so while some lenders may require all sorts of personal documentation before finalizing an approval – others might not ask for much more than what's outlined above. once all these are completed and submitted by the applicant though, it should
can a car loan be denied after approval?
yes. a car loan can be denied after approval if a motor vehicle was bought new by an individual and the purchase price of the vehicle is more than $40,000.00 and if the applicant for auto financing is too old to qualify for an auto loan with limits up to 125% of their income or has filed bankruptcy in any two years before applying for a car loan
the most common reason why a car loan can be denied after approval is because they raised your interest rate: once you've been approved accepting the conditions set, they may change it and send you something that says “with approved credit” on it – that often happens when banks look at your credit reports again and then see that their original offer wasn't as good
what happens after your approved for a car loan?
you receive a call from your lender and they ask for all of your personal information, such as social security number, date of birth, mailing address, driver's license number. after that the lender checks credit score to see if you qualify for car loan or not.
then, they give your approval letter for car loan approval which you can take to any car dealership and process it with them there.
