Has anyone successfully used any of the online auto loan sources? (eloan, lending tree, people first, etc.) If so, what was your score that you were approved with, and at what rate? Thanks in advance for your insights!
My wife and I were approved Monday night. We're less than a month out of Ch7 BK, fully discharged and reported to EQ, EXP, TU. My EQ (FICO) is about 525, hers is 575. Rental history perfect (no derogs), auto tradelines (two 60 month new-car loans) perfect. Loan was underwritten by AmeriCredit for E-LOAN. Rate of 14.49% over 66 months. Up to $32,000 approved. We opted to use considerably less. This is a very good rate for an applicant just out of bankruptcy -- dealers were "offering" us the state interest cap as their rate (24.99%), and telling us we should consider ourselves lucky that we could get a loan at all. We were able to walk into the dealership we ultimately dealt with (Hatfield Hyundai of Columbus, Ohio) and dispense with the usual financing garbage, since we came in with our own external financing. This made the process go MUCH more smoothly than it would have otherwise -- we stated the price we would accept for the automobile, and the amount (previously agreed upon) we would accept for our trade-in, and the entire purchasing process took just over 2-1/2 hours. If anyone reading this lives in or near Columbus, Ohio, and wants to deal with an HONEST car salesman... run, don't walk, to Hatfield Auto Mall and seek out their Internet Sales Manager, Tim Vulgamore. He gave us a very good deal on a hell of a nice automobile. -------------------- PWB
I used Eloan in March '02. Easiest transaction I ever did. I was approved in about 5 minutes. Credit scores were between 605 and 650, first credit bureau checked was Experian (605), then Trans Union (650). They sent the check draft in the mail along with some info on the whole process. These same documents are available on line. The check draft sat around for about 3 weeks while I decided on the car I wanted. When I decided, the finance manager/internet manager took care of the details and I walked out with a new car.
pwboy, I have scores around 700 and have two cc at around 80% limit ( i know Iam a baddd girl). I have no deraogtories and oldest loan or credit card at seven years , oh yeh two cards at 0% but for only 300 and 600. a student loan that is in deferment for 26000. can you or any one tell me if I could get decent rates. I had a car financed before at 48 months never late 14,000. I just applied on line . The dealer I went to said he could "probably" get me a 6.5% loan. I was just applying to see if I could get a loan at 5.75 as advertised. any one any thoughts. Did I mess u by applying on line, will I get a "good" rate as advertised. I applied at peoples first site
tonyas, We applied at peoplesfirst.com, were summarily rejected. Probably has a lot to do with the fact that we stiffed CapitalOne on a couple of CCs during our BK, and peoplesfirst is a CapitalOne company, heh. E-LOAN approved us, less than a month out of Ch 7 BK, at 14.49% for up to $32,000 financed, with a max LTV ratio of 115%. That's with FICOs of 525 and 575 respectively, AND the worst possible derog that you can have on your CR (Ch 7 BK). With 700+ FICO, seven years' credit history, and no derogs, I can't see why E-LOAN wouldn't give you their most favorable rates (currently at 4.85% for 36 months and 5.55% for 60 months, if memory serves me) on an auto loan.
Someone just out of BK is probably a somewhat safe bet because of the "can't file for 7 more years." On the other hand, someone who actually uses the credit they have (nearing maxxed out) may not be a good risk. Just a thought. Let us know if you are approved.
I have used E-loan in the past (very easy and a great transaction). I also refinanced with Peoplefirst/Capital One in Feb. (also very easy and a great transaction). That car was totaled recently so I went back through E-loan for a loan in April and was approved (all scores in the 500's). I was looking for a second car so I applied through E-loan and Peoplefirst on 7/2. My scores: EQ-623 EX-637 or 638 ? TU-650 Hubby's scores: EQ-577 EX-555 TU-615 Both approvals were within 5 minutes E-loan came back w/ Americredit @ 14% 28,700 Peoplefirst came back w/ Cap. One @ 11% 38,900 BIG difference! Obviously we took Cap. One. Had the check draft on the 5th. And today we bought a brand new 2002 Lexus IS300. What a BEAUTIFUL car!!!!! And we got a great deal on it. We got to the dealer at 5PM and we were pulling out at 6:10PM. Good luck on your auto loan!
Congrats on the IS 300! When you applied did you specify the amount to be financed? Hopefully, you can re-finance in a year or so, seems like you could shave 3-4%pts off and save some cash. Enjoy the ride!
Hey Donna, was your loan w/Cap One an instant approval? I just applied and it said that they would email if denied. Haven't gotten an email yet. Did they let you know the next day?
pwboy, thanks all who replied. I have applied with peoplefirst, I will see if I can get a low rate ( around 6%) with them. If not, I;ll will certainly, cetainly try e-loan. CONGRADULATIONS ON ALL LOANS APPROVED FRO YOU GUYS IT MUST FEEL GOOD WHEN YOU DRIVE THAT CAR!
I just attempted a refinance with Eloan (have cap 1)..we'll see...it's a gray area of whether lowering my APR will be realistic or not...if not, it'll make me happy with what I have..LOL..if I look at it that way, I can't lose, right?
Shoot, waited too long to edit. Does anybody know how response time is affected from ELoan if you apply on a weekend vs. a weekday if at all? Thanks
I should have put that info in, sorry. Well, they pulled EQ and my score at the moment is 545. I asked for $30,000 because I really want a Mercedes (birthday is coming-July 23rd) and what I got was $18,100 max at 18% int rate. I also applied at PeopleFirst. I got a message telling me they received my app but nothing else. I'll have to wait until tommorrow, I guess.
Awwww! I'm happy you were approved. Please let us know what the other answer is when you receive it. Well, I don't know if it is different as I'm applying for a refinance as opposed to a new loan....I haven't heard anything yet. Will let everyone know!
It is America, but a Mercedes? I know they have some lower priced models now, but upkeep will still be high and imagine the insurance will be a bit higher. I would only pay the 18% if you actually NEED the new car for work or such. Seems like a newer used Honda or even a new Honda would be a better purchase. (I can't use the word investment as cars depreciate so rapidly.) I too have been caught up in cool - newer - better - faster car game. Very expensive. Also, I hope everyone with these on-line programs (they are great, have used Poeple First in the past) is purchasing Gap insurance. A no money down car loan for 60 -72 months leaves you upside down $3-4000 your first year (at least). So an accident and you may owe $4,000 plus your deductible and have no car. Ok getting off the soap box! I know the new car fever all too well!
