How long does it take to get approved for a car loan through a bank?
He can apply for a loan and give all his info during his lunch hour but it takes a lot longer to actually get the loan. Usually takes a day or two maybe three to actually get a check after you apply. They take down all your infomation, like your job, how long you worked there, how much you make, do you own you own home, married, how much you want to barrow ect ect.... Then they have to send it away to the underwriters. Then the loan officer will put all this into there computer and shake your hand and tell you they will give you a call later in the day or maybe tomorrow to let you know if your accepted or rejected. If accepted they will let you know the guidelines, what the interest rate will be, how long they will give you to pay it back and how much the payments will be. Basically the loan officer submits your info to another division at the bank called the underwriters and they work with all the info to see if you would be a good risk to loan money to and for what percent interest rate. Bad credit high interest rate, good credit good interest rate. Like I said they can usually tell you later on that day or the next day once the underwriters are done figuring it all out. Once they tell you you have been accepted you decide if you want to go ahead with the loan with their requirements like interest rate and payment amount. If you decide to do the loan, they will issue you a check, this usually takes a few hours to a day to get a check issued So in all most of the time it takes 2-3 days from the time you apply for the loan till you get a check if accepted. I have gotten two bank loans in the last 2 years for cars,one for my wifes car and one for my car. One bank was Chase bank and the other Regions bank, both big multistate banks with hundreds of branchs and it was the same process both times.
How long does it take to get a loan approved?
I'm 23 years old, and I graduated college over a year ago. I started a full time job at one of the big 4 accounting firms, so I'm making pretty decent money. I have some credit card debt, around 8 or 9,000, and I am trying to consolidate it because the interest rates on my cards are way too high, and I want to be out of that debt. I applied for a loan by myself from PNC Bank, and got denied. About a week after that, I reapplied for the loan, with my mom as a cosigner. My mom has a perfect credit score, and the only debt she has is about 3 months left on a car payment. It's been over a week since I applied, and I just called the bank today, and they said the status is still "pending" and that they should have a decision within 48 hours. Is this a good sign, or a bad sign?
Why is my auto loan taking so long to approve ?
My mother consigned the loan for me on a $10000 loan. when she recently bought her new car she was approved in 15 minutes because of good credit. its been almost a business day and nothing yet. i also do have a full time job but it is my first loan.
How long does it take to get approved for an auto loan?
I went to GMFCU (general mills federal credit union) on Monday to get a auto loan for $10,000. I took my mom with too because she is co-signing because I have no credit and she has Very good credit. She was under the A+ category they have there. Well anyways they gave me an interest rate at 4.25% but they had to send the application to corporate to approve it. The lady said I should get an answer later that day or at the latest the next day (Tuesday). I called them on Wed. wondering if I got approved or not and she said there is no answer yet. So here I am still wondering if I will get approved or not for the auto loan. I told the guy I'm buying the car from I will have the loan by Wed at the latest because that's what I was told. I am afraid he will sell the car fast because its a really good deal. Does anyone one know how long it takes to get an auto loan approved? They are open only mon-fri so if I don't get it Friday, I will have to wait till next Monday and by then I'm sure the car will sell.
Why does it take so long for a trustee to approve an auto loan for a person who is in a chapter 13 bankruptcy?
I work at a dealership and deal with customers with bad credit. I have special programs that allow me to get approvals for people that are currently in a bankruptcy. In a chapter 13, the bank will need approval from the trustee handling the case. Why does it take so long for them to approve or deny the loan? I'm trying to give them the benefit of the doubt but I think they might just drag their feet, maybe they get paid weather they accomplish anything or not. Please clear your name and explain what's so hard.
How long does it take for a personal loan to be approved?
There is no best practice standard and the times can vary. When money was available and Banks had a "bottomless pit " of money approval was virtually a rubber stamp process. After the credit crunch the Banks and Institutions are being very cautious and ensuring all things are in place and well checked before approving any more loans. This process could take up to a week depending on your credit history and reference checks.
How long does it take for auto loans to be approved at a dealership?
Oh boy...not sure who you are talking to who is putting thoughts of you going to jail in your head. LOL First off, if your credit passes the smell test, they will let you drive off with the car. I am here to tell you: DO NOT DO THAT!!!! NEVER drive off the lot until you have all the paperwork signed, sealed and delivered! That is about the dumbest thing you can do. No, wait, I digress, the dumbest thing you can do is walk into a dealership with your pants around your ankles and put yourself at their mercy to **** **** you by putting you into a freaking loan! Jesus! Do you belong to a credit union? If not, go join one and wait to buy a car. Why? Because, you will get better terms from a credit union than you will from some smarmy *finance manager* at a dealer. (sorry to all those guys, but, they do like to eff you over if they think you are stupid) You are ALWAYS ALWAYS ALWAYS (did that sink in?) better off walking into a dealership with your OWN financing in place. You won't have to deal with sitting in the darn room they put you in for 30 min while the salesperson goes and acts like he is getting you a great deal with the *boss*. LOL You know what that sales guy is doing? He isn't getting you any better deal or even talking to the manager! He is letting you sweat it out in that stupid room!!!! It's all psychological and if you walk in there with your own financing, you beat them at their own game! They don't want to give you the price you want, forget em! Most people walk into dealers and put themselves at their mercy and get screwed!!!! They walk out with longer than they wanted loans and higher than they need interest. They get all sorts of hidden fees added in for good measure..it's a bleeping mess! Anyways, whatever you do, if you are intent on the dealer finding you financing, do NOT drive the car home. If they cannot finalize the deal that day, tell them you will come back when they can.