Tips on Buying Cars: How long does financing take, complicated question, new car

Question
I purchased a new car - - how long does it take for the financing to go through?

Answer
Claire,

Thanks for your question.  This is a very complicated question.  It depends on your credit, and on the dealerships processes and procedures.  It should however take no more than 5 to 7 days for the dealership to have an approval and submit your contracts to the bank for payment.  In some states the dealership is required to send you a letter within 10 days if your loan has not been approved as of yet.  Of course, that is only in some states.  This is a really hard question to answer, but it really should not take more than 5 to 7 days from the date of purchase.

Hope this helps.

Thanks - JB