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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.5 years ago - 6 answers
Golly, I can't believe it's taking this long! I got an approval over the phone the last time. Keep hounding them...or go elsewhere (bank, whatever) NOW!! Can you leave a down payment until you get approval? Next time write on the bill of sale, subject to credit approval.
Auto finance is what I do for a living and this is very weird for a credit union the ones that I deal with give me a answer the same day I submit a application.
I would suggest having your Mom call and ask for the manager.
Source(s)by SPIFIMAN1 - 5 years ago
There must be a problem with the dealership or your credit. The longest I have had to wait is 30 minutes and then I have driven the cars home.by westville sal - 5 years ago
Call them up again and firmly ask for an answer. I have always been able to drive the car off the lot with a loan that day. If they still don't know politely thank them for their time and go else whereby redcurleyz - 5 years ago
The last time I bought a car, the approval took 15 minutes.
Source(s)by R T - 5 years ago
You should of had your answer by tues as you where told. If you do not hear anything by fri morning call the place and if need be ask to talk to the loan officers manager. my guess is someone lost your paper work.by afpowder44 - 5 years ago