I like to get a car loan first & avoid being rippoff by the dealer.., I am very curious of the Eloan rate, seems like they offer much better rate than my banks, anyone use them before? If yes, how good your score has to be to get their best APR of 3.99% ? Excellent** 3.99% = ? FICO SCore? Good 4.85% = ? Average 5.15% = ? Fair 7.89% \Poor=? thanks.
I can't tell you what FICO you need to get their 3.99 (only guess it's probably up in the 700-800 range) but I can say that I went into the dealership last year with the E-Loan papers, pre-approved for a bad rate (my scores are right around 500) and used it as leverage to get the dealership's financing department to match the rate. Hope this is of some help. Chris B
used car eloan approval at TU 670 FICO, 5.15% 36 months... no way the dealer was going to be able to match it.
How about peoplefirst.com? They give a Blank check to you so you can sign to the dealer, is that easier to bargain the car prices?
totally depends on your scores, but I've heard that the credit criteria for peoplefirst approval is pretty stringent.
