CreditShift tries to approve a loan as soon as they can negotiate a contract, inspect the supplied documents, verify records, and finally sign the contract. Without a few exceptions, they clear a car loan request within two or three business days.
If you are just the “loan approval” away from a ride in your own car and can’t help checking if there is any way you can make the process any faster, this article is for you.
You will learn
- How long a car finance approval usually take
- What processes a car finance involves
- What gets between you and an instantly approved loan
- How you can ensure a faster approval without breaking the law
How Long does a Car Finance Approval Take?
While there is no definite way to measure the time you have to wait for the approval, it can be a matter of a couple of minutes or a week at worst.
CreditShift in Canada usually follow a structured procedure, tied with multi-layered inspections and communication with several financial bodies, such as your bank and insurance companies. On average, they perform all the prerequisites and permit a finance within 2 to 3 business days.
Customers with valid papers and high credit scores can get auto finance with Creditshift and hands on the cash faster. Because, to lenders, they appear more credible and more capable of paying back timely.
The case is quite the opposite for people with questionable certifications, scores, and credibility.
To get a lightning-fast loan approval, you first need to understand key parts of the finance process.
What Processes do Finance Companies Follow?
Financing a car purchase is a multi-stage process, where both the lender and the applicant perform certain tasks.
At the center of a finance process lies the objective to meet a common point of interest and make a deal that benefits both parties with security, profit, and comfort.
It includes:
Submission of Essential Documents
Whether offline or online, you must fill up a few forms, detailing your personal and financial information. To testify to your data and statements, you have to attach complementary papers, like
- National Identity Card
- Copies of Utility Bills
- Credit score report
- Bank and insurance statements
- Monthly income and expenses
Verification of Provided Information
Your chosen finance company will run a thorough investigation into your documents.
If a situation arises or they find it necessary, which they mostly do, they will contact your bank, insurance provider, and local authority to clarify any doubts and eliminate potential misrepresentation.
From reception to validation, it may take from an hour or two to a couple of days.
Negotiation of the Amount and Terms
Once they are convinced of your viability and good intentions, you will get a loan offer open for further negotiation and term reset. This may circle a few rounds between the parties.
The time to reach an agreement depends on the company’s current liquidity level and your expectations. But it shouldn’t take more than one or two days.
Finalization of the Contract and Disbursement
At this point, all requisites are performed, terms are set, and the contract is about to be signed.
The lender calls you, has the papers signed, and hands out cash. And it happens on the same day.
So, from beginning to end, the process is around four to six days long.
But there are factors that, if dealt well and wisely, can help you cut that duration by half or more; it can even lead to same-day approval.
How? Let’s dig in…
How to Make Your Way to the Fastest Loan Approval?
There are a few tricks up your sleeves that you may not even know. Yet, playing them rightly does wonder at getting faster finance.
Put honesty and a strategy at the front of your approach to a car loan. Remember, all the lender wants from you is assurance that their money will be returned safely and timely.
So,
Choose a Leading Company
Finance companies vary in size and liquidity. With a heavy boost in the automotive market, such companies are also on the rise.
When choosing yours, size up its worth by its current consumer numbers, facilities, like automated inspections and same-day coverage, and transparency in communication. At CreditShift, all such facilities are available, and approvals are way faster than in other companies.
Get a Trusted Referral
Finance companies value references from their existing clients who have clean credit records. Finding someone with similar credentials and pursuing them to endorse your application will speed up the process.
Provide Accurate Information
Faulty paperwork is your greatest obstacle to a fast approval. Worse, they can destroy your chance of getting approval anyway. Companies ask for a resubmission for minor mistakes. It delays the whole process.
Apply via Digital Platforms
Let’s agree on this. Online forms are way easier to fill up, attaching other files takes nothing more than a few clicks, and you can instant review them.
Keep a Higher Credit Score
Take a key note here. Your credit score is your ultimate certificate. It not only screams your sincerity in managing credits. But also grease the wheel of the loan process.
Prove Financial Stability
Keep a lower Debt-to-Income (DTI) record. It’s a sign that you can efficiently manage your life expenses against your total income. A stable stream of money flow will also help in gaining the trust of the lender. Provide documents supporting multiple income sources.
Bottom Lines
Once the decision is made, the wait till the actual purchase is always unbearable. But don’t suffocate yourself along the stretch and choose to be strategic instead. Looking close, you will find that finance companies spend most time just to see whether you have the ability and resources to make repayment. If you are in an emergency, contact CreditShift today for same-day approval.
