Waiting a long time for auto approval?

Question

The dealer has just submitted an application for an auto loan to a bank and it has been over 2 hours. I went home due to the wait and called the dealer to ask if anything had came through and he told me that he was still waiting and asked if I can call the bank directly to ask about the status. The bank says that my application is still in underwriting and to keep checking during the day for the status. Is this normal?

I mean my credit is clean but why the hold up?

Answer 1

Maybe the guy who needs to run the credit score, had to run errands at lunchtime. Maybe their network is down, and they're trying to get the internet back up.



Life happens. Just because there's a delay, doesn't mean it's about YOU.

Answer 2

It may just be that the bank is busy and can't get to your paperwork right away. I know that when I bought my car in April I did wait a while but I don't think it was more than 2 hours. I sat around and kept checking with the salesman and we called the bank a few times, but I bought my car on a Sunday night so that may be why. If it's not done in a few hours I would definitely call the bank back and ask whats going on.

Answer 3

It is normal if they are having a human being make the decision and the human being is busy. It can take several days or longer, if the person is out sick, for example. Instant decisions happen only if they are being made automatically by a computer.