How Long Does Car Finance Approval Take?

Times are changing

Car finance approval has something of a reputation for being long and drawn out. That’s mostly down to the old-fashioned approach to car finance. Traditionally, you’d need stacks of paperwork, lengthy credit checks, back-and-forth communication and multiple submissions to financial institutions.

Nowadays, thanks to digital advances, car finance approval has become much easier and quicker. Buying a car and applying for credit online is as simple as clicking here and there, completing the online questionnaire and tapping on the final prompt to send the application.

That said, there are some ways you can make it quicker…

How can I get car finance approved faster?

While it’s difficult to estimate how long car finance takes to process or how many days are required to get your car loan approved, it’s helpful to know how you can speed things up from your side.

1. Budget

Whether you shop for your car first or wish to apply for car finance first, you still need to have an idea of what you can afford in terms of repayments. Use a car finance calculator to provide you with some rough calculations before you set off. Enter the loan amount, repayment period and try to get your bearings before you complete the application.

2. Credit rating

While we aim to help drivers with any credit rating, some small improvements can go a long way. Cancel out-of-date credit cards and complete the application as truthfully as you can. Check if your credit profile is linked to someone else or if there is any missing information on your credit report.

3. Documents

Online applications are much easier and faster than the old-fashioned way. But you’ll still need a few key documents along the way, including your driving licence, bank statements and proof of employment and earnings.

To save yourself time, try to get those documents ready before you apply for car finance. Scan them onto your computer and keep the physical copy on hand just in case.

Quick, hassle-free car finance approval

My Car Credit has taken every measure to eliminate the hassles of car finance approval and streamline the process for you. With more than 34 trusted car loan companies at our disposal, you can rest assured that we’ll be hunting for the best possible car finance deal available from our large panel of lenders.

Use our car finance calculator now to check how much you can borrow.