How fast can a car loan be processed?

[AlexH]

I'm thinking of buying a car and I'm going to have to take out a loan. Any ideas how fast the money would take to get in my bank account, from the time I walk into the bank at lunch today until it shows up in my account?

[slowtalon]

If you're lucky, you may be able to do it in a day or two. Maybe this is obvious or else they just did it to me, but they don't like to just give you money into your account, they want to write a cheque to the car owner for the exact amount of the loan.

If it's difficult, you'll have to account for the time it takes to get a purchaser's agreement, get the loan finalized, and finally getting the cheque.

I've tried a loan-by-phone from my bank and they didn't have anyone on that night to approve the loans :confused:

[AlexH]

Ok, great. Them cutting a cheque to the car owner is fine with me.

Thanks.

[sshe11]

If you're lucky, you may be able to do it in a day or two. Maybe this is obvious or else they just did it to me, but they don't like to just give you money into your account, they want to write a cheque to the car owner for the exact amount of the loan.

If it's difficult, you'll have to account for the time it takes to get a purchaser's agreement, get the loan finalized, and finally getting the cheque.

I've tried a loan-by-phone from my bank and they didn't have anyone on that night to approve the loans :confused:

great info .. exactly what i was looking for too :)

[Prankster]

CIBC is where I did my car loan, went for approval and signed papers all in 15 mins.