How long approval actually takes
Most approvals come back within 24 hours. That is the number the lenders we work with hit when the file is clean. If your credit file is straightforward and your documents are in order, you can have an answer the same day you apply. Complex files — self-employed income, recent credit events, or a thin file — take longer, because the underwriter comes back asking for more verification before deciding.
What you need to have ready
The fastest files are the ones that arrive complete. Before you submit, gather:
- Government-issued photo ID (driver's licence or passport)
- Proof of income — your two most recent pay stubs, or if you are self-employed, your last two years of T1 Generals and Notice of Assessments
- Proof of address — a utility bill, bank statement, or lease agreement dated within the last 60 days
- A void cheque or direct-deposit form for the account the payment will pull from
If you are trading in a vehicle, bring the registration, both sets of keys, and any loan payout letter if you still owe on it. Missing any of these adds a round trip between you and the lender.
What slows the process down
The most common delay is income verification. Lenders will not guess at variable income. If your pay stubs show overtime or commission that is not guaranteed, they will ask for a letter from your employer or a longer earnings history. Self-employed applicants should expect to provide two full tax years; a single year or year-to-date statement rarely satisfies an underwriter.
Credit-file discrepancies are the second bottleneck. A recent address change that has not propagated to the bureau, a name variation (middle initial vs. full middle name), or a fraud alert you forgot was active will all pause the file until you confirm the detail with the bureau or the lender.
Third, vehicle-specific issues. If the car is older than the lender's maximum model year, or the loan-to-value ratio exceeds their cap, the deal gets restructured — new term, larger down payment, or a different lender. That negotiation adds time.
How pre-approval changes the timeline
Submitting the online pre-approval before you visit the showroom moves the paperwork out of the way. When you arrive, the only remaining steps are confirming the vehicle fits the lender's guidelines and signing. Without pre-approval, you are doing the document collection and credit pull while the car sits on the lot — and someone else may buy it while you wait.
Trade-ins and the approval clock
A trade-in does not slow the credit decision, but it adds a parallel track: the appraisal. We appraise trade-ins the same day. If you accept the offer, the equity (or negative equity) rolls into the loan structure. The lender sees the final numbers at the same time they see your credit file. No extra waiting.
After approval — what happens next
Once the lender issues an approval, you review the term, rate, and payment. If you accept, we prepare the contract and the vehicle goes through its final safety inspection and detail. Most buyers drive the car home the same day or the next morning. The only thing that delays delivery after approval is a missing signature or an insurance binder the lender requires before funding.
A note on JDM imports
Genuine JDM vehicles (right-hand-drive, 15 years or older) are eligible for financing through the same lender network. The only difference is the documentation: the auction sheet and import paperwork replace the CARFAX. Lenders familiar with the segment treat these files the same as domestic units once the paperwork is in order.
Ready when you are
The online pre-approval takes five minutes. You can start it from your phone, upload the documents listed above, and have an answer before you decide which car to look at. If you would rather do it in person, we are open seven days a week at the Richmond showroom.