Anyone ever use E-loan? (1 Viewer)

[Tim Morton]

Am trying to buy a used truck this week, and thanks for all who posted on my "what truck should i get" thread. But being that i hate car salesman, I am making an honest attempt to take them out of the picture for this purchase..my goal is to buy the truck on-line and have it delivered as if it were a UPS package. I have decided on the Ford f150 4x4 Super Crew, and have a few picked out...the first place i tried for online financing was e-loan...so far my opinion is "so-so" , but before i agree to there terms i am looking for other peoples experiences.

 

[Robert McDonald]

I have gotten 2 loans from e-loan, both very easy experiences. What they are is actually a broker shopping the loans to lending institutions. Hence, my first loan was with Bank of America and the second (current one) was/is Compass Bank. They sent the loan package by express carrier, along with the loan check.

 

[Philip_G]

eloan declined me, not sure what their problem was.
my local bank gave me a better rate anyway, so I guess my limited experience wasn't that great.

 

[CameronJ]

Never used e-loan for a car (I did for my house once).

However, I've used peoplefirst a couple of times for car loans with no problems.

 

[Ted Lee]

i'm also buying a car in the next few days. i checked both eloan and peoplefirst. peoplefirst had a better interest rate.

but, i finally ended up with Safe Credit Union - i got a 4.8% rate.

[edit] btw tim - you're absolutely doing the right thing by getting the financing first. that way you can worry about just the price of the truck...taking the finance factor out of the equation.

 

[Bill Harada]

Tim,
Check with the dealership to see if they'll accept an E-Loan check. When I bought a car last year I had arranged the financing through E-Loan, but when I went in with the check the finance manager told me that his dealership no longer accepted E-Loan financing. Something about the paperwork the dealership needs to go though before E-Loan will actually fund the loan. He explained that in the past it had taken weeks before they actually got the funds released to them (a lot of lost faxes on E-Loan's part). I ended up getting the car financed through the dealership for about the same rate.

Anyway, if the dealership is listed by E-Loan as a partner then it should be smooth sailing. I've also gotten an equity loan through them and it was so effortless that it makes me wonder why going into a b&m bank has to be so painful.