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How long are auto loan pre-approvals valid?

Moderator Emeritus

How long are auto loan pre-approvals valid?

I'm thinking about buying a car, but I'm not sure when the car that I want is going to be available.  I'm looking for a used Toyota Highlander Hybrid with some specific features, including a 3rd row seat and leather seats.  These don't come up very often.

 

I'd like to get pre-approved for financing before working with the dealers.  Does anyone know how long the pre-approvals are good for?  It could take several weeks before the right car shows up on a lot.

 

Thanks! 

Message 1 of 7
6 REPLIES
Frequent Contributor

Re: How long are auto loan pre-approvals valid?

Having a pre-approval is "NOT" a guarantee for approval.
Message 2 of 7
Moderator Emeritus

Re: How long are auto loan pre-approvals valid?

Let me rephrase, then.  If I apply for an auto loan prior to purchase AND get approved, how long does this approval typically last?
Message 3 of 7
Regular Contributor

Re: How long are auto loan pre-approvals valid?

Most pre-aprovals seem to be good for about 30 days.


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Message 4 of 7
Moderator Emeritus

Re: How long are auto loan pre-approvals valid?

Just called PenFed - they said that the approval is good for 90 days.  I should be able to find a car in that time.
Message 5 of 7
Highlighted
Super Contributor

Re: How long are auto loan pre-approvals valid?

SSFCU is 60 days.
12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 6 of 7
Regular Contributor

Re: How long are auto loan pre-approvals valid?

Cap 1 is 45 days and Roadloans is 30 days.
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Current Score (05/12/15): EQ:583; TU: 570; EX: 596 (FICO)
Starting Score (01/20/15): EQ:511 (FICO); TU: 521 (FAKO)
Message 7 of 7