Has anyone every had any experience with E-Loan with a discharged BK? I am looking to purchase a used car, my BK was discharged Sept 2002...I'm thinking my scores now are just below 600 and I am wondering if I will get approved for a used car loan...I dont want to apply if I will be denied.
I would not use e-loan, I would go to a dealer. Talk to the F&I (Finance) guy before placing an app. Ford Credit has SEVERAL programs for people with dischraged BK and WILL work with you. (Actually, you might want to call Ford Credit first directly..they will talk to you about it). This does NOT mean you have to buy a Ford....many dealers 'floorplan' there vehicles through Ford Credit even though they may sell GM, Dodge, used, etc... My family floorplans their dealerships through Ford Credit and has everything from Ford to Gm, Suzuki, Indian Motorcylces, etc.... Ford will probaly start you off with a very short term (1-2) year special lease first, then build the terms as you make satisfactory payments. The problem with e-loan is you have no idea who is going to be pulling your credit on the other side..and they may just go on the score, not you as a person.. Hope this helps, Shawn
If you apply with eloan they may transfer it to roadloans which sucks and they will charge 14%. I applied with capital 1 and got 9% and after 2 months, applied again with eloan for used car refi and they forwarded it to wfs and they gave me 8%. Hope it helps.
