How long does car loan approval take?

How long does car loan approval take?
If you follow some simple steps, our friendly car lending specialists at can approve you for a car loan in under 4 days.
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Car loan approval time

On average, approval for car loans takes two to four days to process. The time it takes for a car loan to be approved will depend on other factors like credit history, the details and documents provided, and verifying your identity.

If you’re in the market for a new car, chances are you want to get your hands on it as soon as possible.

If you follow some simple steps, our friendly car lending specialists at can approve you for a car loan in under 4 days.

Prepare your documents ahead of time

When assessing your application we’ll need a number of documents to prove your identity and ensure you can pay the loan. Preparing your car finance documents in advance can save you a lot of time and make things a whole lot easier when applying.

Some of the documents we’ll need are:

  • Personal information: We’ll require a driver's license and in some cases another form of ID like a passport or medicare card, so we know your name, age, whether you’re a citizen and if you have any dependents.

  • Proof of income: So we can judge whether you can comfortably repay the loan, we’ll need to see your two most recent payslips and bank statements from the past three months.

  • Proof of assets and liabilities: So we can gain a greater understanding of your ability to repay the loan, we may also ask for information on other debts or loans you have, information on shares if you have any, and a summary of your superannuation.

  • Information about the car: Just like lending money for a house, we need to know the details of the car; how much it costs, how much you want to borrow, and where you’re buying it from. Additionally, we’ll need to know its make and model, and information on its fuel efficiency, as we offer discounts for cars which are more fuel-efficient than average.

  • Insurance: We need proof of fully comprehensive car insurance for the car. That’s so if the car is written off, the loan can be paid back in full.

Check your finances

It’s important to ensure your finances are in order so you can afford the repayments on the amount you wish to borrow. It’s a good idea to know how much you have to contribute as a car deposit, should you be approved for a loan. Use our car loan calculator to estimate your car loan repayments on the amount you wish to borrow.

Obtain pre-approval

Once you’ve organised your documents and checked your finances you can use’s onTrack system to upload, review, and approve documents, and apply for car loan pre-approval. Car loan pre-approval is when your lender agrees in principle to lend you a certain amount of money to buy a car, subject to credit approval and an invoice from the dealership. Getting pre-approval strengthens your position when negotiating with a dealer, as you know your budget and can bargain with greater confidence. You can get pre-approved for a car loan on the same day you apply.

Go to the dealer

Once you’ve got pre-approval you can go to the dealer to finalise the purchase agreement with the dealer. Once we have the invoice, we can process the final approval, then contact the dealer directly to organise for payment into their account. This process shouldn’t take longer than a couple of days.

If you do some prior planning with regards to your finances and paperwork, you can see we can have you approved for a new car loan in up to 4 days.

Factors that can delay approval

There are a number of factors which may slow down the application process of your car loan which include:

  • Having bad credit history: In the worst-case scenario, this may result in your application being declined. However, it may also just be a case of us needing additional documentation from you.

  • Having no or too small a deposit: typically, the larger the deposit, the easier it is for us to quickly approve you. Having no deposit may again mean we require additional documentation from you.

  • Not providing enough information: if you don’t provide all the relevant information about yourself or the car, this will slow down the application process.

If you’re looking to buy a new car, find out how much you can borrow using our car loan calculator, or speak to one of our friendly car loan specialists on 13 10 90.


Tags: car loan approval | car loans

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