I just applied online for an auto loan and I was approved in less than 2 minutes for up to $30k at 4.89% for new or 5.35% for a used for 60 months. Is this good? It looks like they have many forms that I have to take to the dealership to purchase a car. Has anybody had experience with this? How to dealerships react to all the paperwork? It looks like the checked Equifax (743 score with two 6 year old chargeoffs, one paid one unpaid, in dispute). By the way I never had an auto loan before and I thought it was going to be hard to get one as a first time buyer. Thanks! Mark
I did one of these loans and the paperwork is no different that if you borrwed through them. I was out of there in 30 minutes...
I have no idea what I am going to get yet. I didn't even think I was going to get approved since I still have two derogatories, even though they are disputed which makes my score higher, plus I never had an auto loan. I have been thinking about a Jeep Grand Cherokee, a Nissan Pathfinder or Altima V6. By the way I just got a call from e-loan explaining the whole process, giving tips on negotiating and telling me that I am approved for 0 down. Thanks! Mark
I am trying to set myself up to purchase a new car in about 6-8 months from now. My scorees right now are barley hitting the 600 mark... gosh darnit
First off, congrats on the loan. Great rate. I have a suggestion. Especially if you get one of the remaining 2002's to get your price down. Go to http://www.kbb.com and get the Kelly Blue Book new car dealer invoice, and the invoice price for each of the options on the car. Especially when they're getting rid of the 2002's you should be able to get the price down to 1-2% over invoice but if possible I say do NOT do a trade in. They'll move some numbers around and make you think you got a decent deal, and when you look back at it, you get much less than your trade is worth (they give more "discounts" on the new but less for the trade) Oh, and my humble opinion, based on my wife's siblings who've all owned Jeep Grand Cherokees, stay away from the Jeep. Nissan is a good idea, or the Honda Passport is nice. Can't go wrong with Japaneese. Just my $.0000002 worth Chris
Can your e-loan be taken to any dealer? Also, how long is the offer for? What I mean is, how much time do they give you to purchase?
I got a car loan thru them and it was the easiest thing in the world. The problem was with the dealership trying to coerse me into using their financing. I flat out refused and had to go to several dealerships before I got my vehicle. Whenever I drew up a contract, I would not provide my SS#. They didnt need it since I was using a cashier's check to pay off the car. One sales manager actually said that they could not sell the vehicle with running my credit report (Haha, you should have seen his face when I laughed out loud for a few minutes and chuckled the entire time he was trying to pressure me into providing my SS#). Cross out where it give them use right to check credit or refuse to fill it out. He finally confided that he could probably provide me with a better deal. I said, "get a hit on my CR just to see if you can beat my deal which I have a check for? Uh....nope!" I am not sure if it will happen to you, but they were not too happy that I had my own financing. Remember to haggle BEFORE you say you have your own $$$ and skirt the obvious questions trying to verify who you are and what you do. They may even ask, how is your credit. Just say "I am not ready to negotiate now" and walk away.They want to sell the financing along with the car. I even had one place renig on a agreed upon price after finding out I had my own. Try this site, it helped me a lot: www.carbuyingtips.com Della
E-Loan needs to be taken to a franchise dealer (the big company names in them like something Ford, or something Chevrolet) and they don't allow it to be used for Hyundai, Dawoo, Kia, Suzuki, or anything commercial or with a payload over 1 ton. If buying new it's 0 down, something like 135% of the MSRP able to be financed so I think you could do the upside down trade in even. I took a 72 month bumper to bumper warranty with my last new car, and that would be covered. I think my offer was good 30 or 45 days from when I applied. Looking at their requirements, used was going to be almost impossible to find within the ranges they have.
Thank you for the comments. I have heard about all the horror stories about the new Jeep Grand Cherokee. I test drove one and I really like it though. One thing I can do is negotiate though. I have negotiated at least 5 cars in the past 3-4 years for other family members. Mark
Nodding with Della, that's spot on and my experience as well. Don't bow to the dealers -- In fact, if I had to do over again, I'd use a preferred dealer listed on the e-approval site and call first to confirm that they'll take the e-funds w/o grief. www.carbuyingtips.com is the best -- do what he recommends! www.cars.com will give you quotes plus has the dealer NADA blackbook prices online (compare to the kelly blue book price). The only thing I wasn't quite prepared for, that you can't do online really, is figure out the prices of the dealer installed options -- already installed of course. www.edmunds.com has additional quotes and information and www. carsdirect.com is incredible and even shows the invoice that you can check the options online and watch the price changes. Just say NO to the dealer's song and snake dances. I walked out of 3 dealerships (albiet a better shopper with each trip LOL and it feels GOOD to be able to walk out) until I found one willing to just accept the darn e-financing without games. I reallyyyyyyyyy hate auto retail installment contracts conditional upon financing, if you take the car then (and that's the plan) you really nip all of your options right in the bud, especially when you're coming in with pre-approved financing. The danger with even considering dealership financing when your credit is in the toitey -- know your score before you go, btw -- is if they convince you to accept financing at let's say 10%, while you actually qualify for 5% financing; they assign your contract for the 5% (they won't tell you the dealer buy price) -- that 5% difference is pure profit lining their pockets. That's why those F&I guys don't like the e-financing, there's no secrets and it cuts into their additional profits obtained via contract and assignment manipulations. Don't believe that you have to sign a back-up contract in case your financing falls through either ;-). Sassy
By the way the deal for used cars is that they have to be 1995 models or newer with less than 75,000 miles. Also the loan is valid until Oct 11 (45 days) so I have until then to shop. The dealer has to be franchised, and they recommend, if I chose to go to one not on their list, to have them call the dealer first to explain the process. The whole deal sounds really good. Thanks! Mark
should be simple Markman - it was SIMPLE for me with the pre-approved CAP One financing...... next time around I hope to get your kind of interest rate - but I was in 610-630 range across the boards... aarrfff - dogman Those new H2 HUMMERS are a thought....
Another hint..I went 15 minutes before they closed. I said if we can get this written up for this price I would take the car right then..They tried to get me to "come back tomorrow", told them nope..write it now or I go somewhere else. They ended up having to stay late getting the car ready...BTW, my service guy got a good laugh about me making the F and I guy stay late.
