You have got to be kidding me. Applied for a new car loan through Eloan: E-LOAN HAS APPROVED YOUR AUTO LOAN Dear Mr. & Mrs. WALLST, Congratulations! E-LOAN has approved your application for an auto loan! You've just discovered the easiest and fastest way to finance your next car purchase. Please review the terms of your approval listed below: o Loan Number: xxxxxxxxx o Loan Type: Simple Interest; purchase from franchised dealer o Valid Through: 08/25/2003 o Loan Amount: $10,000.00 (min) to $20,000.00 (max) - Use any amount within this range! o APR: 13.50% new (2003-2004 models, max mileage 5,000 and not previously titled) 0.00% used (1998-2004 models , max mileage 75,000) o Loan Term: 72 months o Payment: $380.34 per month for $18,700.00 (the amount you requested). If you use the maximum approved amount of $20,000.00, your payment will be $408.20 (both payments based on the new car rate and term listed above). o Loan to Value: Amount must not exceed 135% of invoice (New/Demo), or 135% of NADA trade-in (Used) including taxes, lic., reg., ins., and warranty . 13.50% I got 12.99 last year from CAP 1 When my scores were in the high 500's low 600's These people are on CRACK My scores EQ 670 EX 723 TU 699 ALL FICO SCORES Several closed auto trades going back 7 years, NO BADDIES wife and I 34% DTI _________________ WALLST PASTAGE©(Copyright WALLST 2003)
Actually those terms are pretty good. When I financed my new car with scores in the mid 400's I was eaten alive by the interest rate. My car was less than what you're asking for and my payments are more than what they are offering you. You should be happy. I'm going to to refinance my car through e-loan.com.
With FICO's like his, he should be getting finance rates from 0.00% to about 8.0%, NOT 13.25% !!! Why should he be happy with THAT rate! Many dealerships are still oferring 0.00% finance, just no cash rebates or allowances, and many are offering between 3.9% to 7.9% with cash rebates and discounts. I don't know what my score was back in Dec of 2001, but 1 month ago it was 599 on TU and there is nothing different than time between now and then, and I got a 9.9% rate through GMAC on a new Izusu Rodeo. FedUp2003
I just bought a car and my scores are in mid 600's--and I got 1.9%. I personally think this is a ripoff. Try somewhere else.
Happy for what??? That I got a rate 1% lower from Crap One when my scores were 70 points lower??? WALLST
Eloan Auto is Smart If they only pulled Equifax, and your score is 670, that rate makes sense... especially if you have balances on your credit cards. Lenders are beginning to reel-in their exposure to risky loans. Get used to it. New cars are depreciating faster than ever. Car loans aren't the safe things they used to be for lenders.
Re: Eloan Auto is Smart 700 score at a credit union = 5.9% on refi or 5.9% on 48-72month long, or 3.9-4.9 on 36month loan based on the exact score (750 being the max anyone has had lol). So that sux ass. Roadloans offered me 6.99% but honestly, i could BT 4.9% for life off a card, and not have a car note lol for a used car.
Re: Re: Eloan Auto is a FARCE 10% utilization, 2 inqs 34% total DTI. NO BADDIES So I will wait for the responses from Sopark & toomuch. C'mon you two gurus, tell me what is wrong??? WALLST
Re: Re: Eloan Auto is a FARCE WALLST, You're correct in thinking this was not a good deal. Eloan's loss is going to be someone else's gain.
Re: Re: Re: Eloan Auto is a FARCE I already told you what was wrong. Lenders aren't taking as much risks as they did in the past. Right now, a brand new car is losing 50% of its value the minute it's driven off the lot. So, if you borrow 100% of a $20,000 car's value, you're basically taking out a $10,000 unsecured loan. A 670 credit score isn't too great. It's below average. eLoan apparently doesn't want the risk that your loan presents. If you're going to be frustrated at anyone, be frustrated at the car makers who continue to sell $10,000 cars for $20,000.
