Credit Union Car Loan Application: Approval Time and Processing

posted on Monday, May 17, 2021 in Financial Tips

Approval for a credit union car loan can range anywhere from a few minutes to several weeks. This depends on different factors like your chosen lender, loan amount, credit history, and qualification. To give you an idea, here’s an overview of the entire process:

• Submission of Application

Some credit unions will require you to visit their office, while others will give you the option to submit applications online. In-person applications take longer (around 15 to 60 minutes) because you also have to factor in how long you’ll be waiting in line. Online applications, on the other hand, take only 10-15 minutes.

• Approval of Loan

Applications may be approved within the day or after several business days. During this time, lenders will review your qualifications like your credit history. They will also ask for additional documents to corroborate the information you initially provided.

To avoid any delays, be sure to gather information first. Reach out to your lender to see if you qualify in aspects like credit history, income, and car requirements. You can also ask or check their website for the complete list of documents you need to submit. Ensure that you have them on hand before you schedule an appointment.

• Securing of Loan Amount

In some cases, you will receive the full loan amount within the same day of approval. For others, it may take one to 3 business days or longer. The money will be directly wired to your bank account a few minutes after approval.

Timing is crucial when applying in person. Avoid long queues by going to your credit union’s office as early as you can. If your lender offers same-day approvals, this will increase your chances of reaching the cut-off for the day.

Best Car Loans in Iowa

Applying for an auto loan shouldn’t be complicated. At Community 1st Credit Union, we provide hassle-free online and in-person applications to our members. Besides car loans, we also offer funding for vehicles like motor homes, boats, and motorcycles. If you need help with your application, feel free to reach out to us today. Our loan officers will be happy to assist you!