Anyone ever use E-loan?

Discussion in 'Archived Threads 2001-2004' started by Tim Morton, Mar 4, 2003.

  1. Tim Morton

    Tim Morton Stunt Coordinator

    Joined:
    May 5, 2000
    Messages:
    212
    Likes Received:
    0
    Trophy Points:
    0
    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.
     
  2. Robert McDonald

    Robert McDonald Stunt Coordinator

    Joined:
    Sep 23, 1999
    Messages:
    134
    Likes Received:
    0
    Trophy Points:
    10
    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.
     
  3. Philip_G

    Philip_G Producer

    Joined:
    Nov 13, 2000
    Messages:
    5,030
    Likes Received:
    0
    Trophy Points:
    0
    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.
     
  4. CameronJ

    CameronJ Stunt Coordinator

    Joined:
    Feb 28, 2002
    Messages:
    244
    Likes Received:
    0
    Trophy Points:
    110
    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.
     
  5. Ted Lee

    Ted Lee Lead Actor

    Joined:
    May 8, 2001
    Messages:
    8,390
    Likes Received:
    0
    Trophy Points:
    0
    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. [​IMG]

    [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.
     
  6. Bill Harada

    Bill Harada Stunt Coordinator

    Joined:
    Jun 30, 1997
    Messages:
    86
    Likes Received:
    0
    Trophy Points:
    0
    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.
     

Share This Page