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Moderator Emeritus
Posts: 5,279
Registered: ‎03-18-2008
0

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! 

Frequent Contributor
Posts: 399
Registered: ‎04-30-2008
0

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

Having a pre-approval is "NOT" a guarantee for approval.
Moderator Emeritus
Posts: 5,279
Registered: ‎03-18-2008
0

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?
Regular Contributor
Posts: 120
Registered: ‎10-26-2007
0

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

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


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Moderator Emeritus
Posts: 5,279
Registered: ‎03-18-2008
0

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.
Super Contributor
Posts: 5,712
Registered: ‎10-06-2007
0

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

SSFCU is 60 days.
03/21/2016 FICO: EQ: 772 EX:773 TU:779
Regular Contributor
Posts: 203
Registered: ‎10-16-2008
0

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

Cap 1 is 45 days and Roadloans is 30 days.
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