I called eLoan and they told me they pull Equifax exclusively for new auto loans. I've researched here and found that most people within the last 3 months mention that TransUnion was pulled. When on the eLoan site, the free credit report offer shows an Experian example and CreditXpert score. So which one is it? I have a 670 EQ FICO with no baddies, and am getting ready to make a $41k purchase. eLoan states they are score driven. However, my TU score sucks. Much appreciate anyone's experience or opinion here regarding eLoan and the report they pull. Also any alternative financing you may suggest. Thanks!
My advice would be to avoid Eloan. I have first hand experience with them. In Spetember, my Fiance decided to buy a used car and we looked at eloan. Approved in 5 minutes for 26K at 6.0% for 60 months. Not bad. Almost all dealers we went to wouldn't accept eloan. When we did find one, I took almost 2 weeks to complete the transaction, before we took the car. The dealer took their time to send the paperwork to Eloan, and then we had to wait for Eloan to wire the funds to the dealer. The whole process was very stressful. Not to mention, we were paying insurance on a car we didn't even have yet for about 2 weeks. Not cool. Plus, the loan is serviced by SST which calls us at home and work if the payment is 5 days "late". How can it be late when the contract states you have 15 days grace? Never again. Ken
My advice would be to avoid Eloan. I have first hand experience with them. In Spetember, my Fiance decided to buy a used car and we looked at eloan. Approved in 5 minutes for 26K at 6.0% for 60 months. Not bad. Almost all dealers we went to wouldn't accept eloan. When we did find one, I took almost 2 weeks to complete the transaction, before we took the car. The dealer took their time to send the paperwork to Eloan, and then we had to wait for Eloan to wire the funds to the dealer. The whole process was very stressful. Not to mention, we were paying insurance on a car we didn't even have yet for about 2 weeks. Not cool. Plus, the loan is serviced by SST which calls us at home and work if the payment is 5 days "late". How can it be late when the contract states you have 15 days grace? Never again. Ken
I believe Eloan pulled TU for me too. I applied for Eloan last Apr/May but didnt actually shop for my car until late June. I also had good experience with E-loan. I got approved for up to $22K at 4.35% on a used car. I think my reports were high 600s, approaching 700 at the time. I had no problem with the dealership I dealt with. You could check online before you visit the dealerships in person to see if they will accept Eloan. If a dealership has an Internet Sales Manager, then they more than likely accept Eloan. I was worried when I read somewhere on here that Eloan doesnt report to credit bureaus, but it does. 6 months after my car purchase, my E-loan finally showed up on my Equifax and TU reports. As for the 5 days late and being called thing that someone mentioned... If you set up automatic withdrawal from your bank account, you avoid being late on your payments. I would recommend Eloan. Its the car dealerships that you go through that you have to be careful about. Shop around and do your homework online about the car you want before you make that purchase. ~Sandy
I believe Eloan pulled TU for me too. I applied for Eloan last Apr/May but didnt actually shop for my car until late June. I also had good experience with E-loan. I got approved for up to $22K at 4.85% on a used car. I think my reports were high 600s, approaching 700 at the time. I had no problem with the dealership I dealt with. You could check online before you visit the dealerships in person to see if they will accept Eloan. If a dealership has an Internet Sales Manager, then they more than likely accept Eloan. I was worried when I read somewhere on here that Eloan doesnt report to credit bureaus, but it does. 6 months after my car purchase, my E-loan finally showed up on my Equifax and TU reports. As for the 5 days late and being called thing that someone mentioned... If you set up automatic withdrawal from your bank account, you avoid being late on your payments. I would recommend Eloan. Its the car dealerships that you go through that you have to be careful about. Shop around and do your homework online about the car you want before you make that purchase. ~Sandy
