With those scores you will get approved at the lowest rate. For me they pulled EQ and EX. I am in NJ. They did call me to ask about any items in dispute on the report. Approval took about 15 minutes. The car dealers I went to didn't like the fact I had 5.49 from an internet source. Dealers, get an interest rate from a bank then "mark it up". I ended up not using my PF loan but did use it as leverage to get better terms at the dealer.
Thanks for the reply. Its not for me... it's for a friend. I've been reading some and I have found that a majority of dealers will not let you use an online bank...! Hummmm.... anyone else care to add anything?
Did a refi with them on my old auto loan. They are fine. As for the dealers not accepting these "Internet Banks", just get the approval and then negotiate the purchase price of the car while telling the dealer that you've already been approved through your own bank (no details). They aren't going to let a "hot" customer with a pre-approved bank draft walk out on them.
Dealers make $$$$$ on financing -- in fact more than they make on the car itself. I used the PF loan to negotiate better terms at the dealer on the financing. I went to two diff dealers, both pulled EX about 5 miles apart. One told me all I could get was 6.25% and the other gave me <5.49% no problem. Don't forget to negotiate on the financing. They will take the money from PF they will just try to talk you out of it.
I bought my 98 Jeep Cherokee with a PeopleFirst check in September of 1998. I just paid it off, no problems at all in four years. I kept the Jeep, but just bought a 2000 Chrysler Sebring convertible last month as well. I used PeopleFirst this time as well, went in with my check and the dealer beat their interest rate by 1.5% so I went with them. PeopleFirst has a no-prepayment penalty on their stuff, which makes it nice to pay off your loan early. I did the Jeep with a five year loan, paid off in four. I'll have the Sebring off in two. That's the beautiful thing about buying on the last day of the month, I got a 18k car before taxes for 15.5k out the door. I'd recommend them, even if just for negotiations with the dealer.
