I'd like some advice on online auto financing. I've heard that some dealers do not accept checks from companies such as People First. I'd appreciate any info from those that might have used an online auto financing service.
I've used PeopleFirst for two purchases and have been very happy with them. The first dealer I used it at was reluctant and sort of intimated that they didn't deal with "online banks" because of past experiences. However, after I told them that I would just have to go to a different dealer in that case they decided that they could accept the check after all. Kirk
I just applied for a used auto loan through an online lender ... I was turned down even w/a co-applicant backing me up ... Only negs on my credit files are a co from '96 & $1K judgment ... Seems most online lenders are very, very cautious with whom they loan money to (can't really blame 'em). If your planning on giving this a shot you may want to make sure your credit history is free of any serious negs and/or history of late payment.
Also... Regarding dealerships not accepting an online lenders check ... It's just the dealership playing hardball ... They often make money on the financing they find for their customers ... When they see someone walk in with a blank check from another financial institution ... The dollar signs in their eyes begin to fade away. Don't forget, most every car dealer want's you to cave in to them... Hoping you just can't live another minute w/out that special car they have ... so much so, you'll jump through hoops for them. No way! They should always be jumping through hoops for you/us. If a dealer hassles you about the financing you've already found ... Give them the phone number of the lender your using & ask that he/she call to rectify the problem ... Getting up and walking out is also another option that is probably the single most effective tactic in dealing w/a car dealer ... EVERY time I've done this ... they begin singing a different tune, if not at that moment, then I'll most always get a phone call the next day saying "my boss just allowed me to accept your offer." Hope this helps!
Online Auto Financing - PEOPLEFIRST and yet another thing ... ! Be forewarned ... I tried PEOPLEFIRST.com for a $10K used auto loan ... I was turned down ... Now I am getting calls from every dealership under the sun trying to sell me a car ... Just took a 5th call this morning ... So much for NOT wanting to give the dealerships the upper-hand... I'm very disappointed to know PEOPLEFIRST.com would stoop this low!
Re: Online Auto Financing - PEOPLEFIRST That's because you didn't read the PeopleFirst.com application before you clicked "Submit." There was a place to opt out from the 'contact by local dealers.' Yes, it really was that easy.
Re: Online Auto Financing - PEOPLEFIRST Good point & in all actuality ... I had indeed read over the loan app ... even printed it out ... Then passed it on to my co-applicant who preceded to fill-in the joint-info. Should have been looking over his shoulder a bit more carefully! =(
