Hi there. I am thinking about getting a new car and was considering applying through E-Loan. Does anyone have experience with them for auto loans? Just last Friday I received my FICO score and it is 612 (although I'm not sure if that is even used for car loans). Also, does anyone know what report they pull? TU is my best followed by Experian and lastly Equifax. Would I be better off just going through the dealer? I am able to make a very large downpayment (probably 25-30% of the car value) if necessary. TIA for any advice.
RE: Question about E-Loan for Hi Kirk, I was in a similiar situation in the summer. Fico scores are used for car deals. Most prime lenders want a 620. My score was 619. ugh. So I did a subprime deal. I went to a couple of dealers to see if I would qualify for a prime and they all (3) recommended the same subprime lenders that I already knew about from online. I got my car loan from Household Automotive Finance Corp. It was so easy. The check came in the mail the following day by airborne express. It could be used at any dealership. Good for 90 days. My interest rate was 13.9%. That is not a great rate. But the dealer actually said it wastnot that bad, considering my low scores. As for eloan, they didnot help me get any kind of loan. They were a wasted inquiry. I actually find out about Household from www.creditland.com. They pull your application and then, screen you for at least 5 lenders. I was preapproved for a household loan and then I finished the application directly thru them. One more point, Household is finance co, you might hestitate getting a loan from them. Many have suggested that the presence of a finance co. on your credit report hurts your scores. Wells Fargo has also been mentioned at this sight for easy qualification for loans and good rates. I may refinance with them soon. I hope I have helped. And Good Luck. roni.
RE: Question about E-Loan for Don't go thru e-loan!!! My score was better than yours (680) and they still declined me. The reason they gave was "recent delinquency". My most "recent delinquency" occured in 1997. Go figure.
