How Long Does It Take To Get A Car Loan Approved?

If you’re applying for a bad credit car loan, you will know that not every lender takes the same amount of time to approve your application. Depending on the lender, you could be waiting anywhere from a few days to a couple of weeks to hear back.

It can be difficult to wait for your application status when you need funding for a car quickly and efficiently. We understand that the last thing you want to be doing when you’re applying for a car loan is waiting to hear back from a lender about your application.

To find out more about how long it should take to get a car loan approved, read on below.

What is a bad credit car loan?

A bad credit loan is a specialised loan dedicated to getting those with bad credit financed for a car or a vehicle. Those with bad credit may find it difficult to meet the application criteria for a standard loan due to a less than positive credit score.

Bad credit car loans are different from traditional loans in that they are targeted towards those with bad credit who may struggle to get approved for a traditional loan. While some lenders may refuse to provide a car loan based on poor credit history, some lenders specialise in giving people with bad credit a second chance. This can make it easy to get funded regardless of your credit score for that car loan you’ve been searching for.

How long does it take to get a car loan approved?

How long a car loan should take to get approved generally depends on which lender you are applying with. Waiting times will generally differ depending on your lender, although you may be able to ask for a time frame estimate when you apply. Some lenders may only take a day or two to approve your loan, and some may take weeks. There is no set time limit for lenders to get back to you about your application, which can make applying for a car loan stressful.

What documents will I need to apply?

Generally, most lenders will need to see similar documents. You may need to provide your lender with a few different documents compared to what is listed below, but generally, each lender will need to see:

Proof of identity – To prove your identity, you will need to provide documents such as a passport or a licence.

Proof of residence – As part of proving your identity, lenders will also need to confirm your address. Documents such as a utility bill, or an official document or bill with your address listed on it may suffice.
Proof of income – Once your lender has confirmed your identity and residence, they’ll want to make sure you’re earning enough income make the repayments. You may need to provide payslips and bank statements.
Proof of liabilities – Your lender will also want to know about any debts that you have. You may be asked to provide any credit card statements you have, as well as any loans agreements if you have another loan.
Proof of insurance – Some lenders may want you to have insurance in your name, and may ask to see proof of this.

Where does Tiger Finance come in?

To us, you are more than your credit rating. We have helped countless Australians with both good and bad credit ratings to be funded for their dream car. The lending criteria from other lenders can be unfairly strict when you have bad credit, and it can hold you back.

With Tiger Finance, we can help to get you a loan quickly and easily. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. You won’t find an easier way to get approved for a bad credit car loan.

How we can help

Tiger Finance is here to help you to get your dream car regardless of your credit score. We can make the process simple and pain-free. With our quick application process, we can have you approved on the same day that you apply if you’re able to meet our criteria. You won’t have to worry about waiting weeks to hear back from us.

If you’re ready to drive away in your new car, call us today for your free initial consultation with one of our loan specialists.