Had anybody financed their Z or any other vehicle using E loan?

Was your rate decent?

Anybody recommend a better online loan agency?

I was rather shocked at the rate they quoted me. Was more than I was hoping for. Dollar wise spread out over 5 years it doesn't amount to much, not enough to cry about or anything but the principle of the matter kinda irked me a bit. I mean it's only $11 a month more than the max I wanted to pay out each month but still irked me. I thought I would qualify for about 1.7% less than what I was quoted, if not more.

By the time I am ready to buy, my credit to debt ratio will be more than half what it is now, which should lower the APR a little more. I owe about $4,600 on CC's and that will be down to less than 2g's when I take out the loan, then paid off about a month or 2 after I get the Z.

It's only the first place I have checked out online and I still have a lot of time yet but wanted to start doing research now on loans and insurance, instead of waiting till the last minute or in my case month

 

they bait and switch...

they promise you a lower quote then when you apply and unless you have good and substantial credit (meaning old and have a paid off mortgage) they will adjust the rate for one reason or another...

they quoted me 3 points higher than the bank.. imagine that...

Of course, their paperwork went into the shredder when they mailed it in...

Word of advice, try your local bank, then ask your dealer to get you financed... you'll be surprised that sometime this is lower because the bank and dealer have an agreement...

hope it helps


Disclaimer: if you have good and substantial credit, eloan is a good place to get a loan from , this post applies to everyone else

 

I applied for a new home loan, and they quoted me a great rate, and two weeks before closing, started jerking me around. I went to a local bank, and got a better rate, and had 0 problems.

 

I used Peoplefirst.com a few years ago, although they've since been purchased by Capital One Auto Finance. http://www.capitaloneautofinance.com
I have no complaints, have a great rate, and do everything online. (And I'll have my Z paid off in 4 months, yay!)
YMMV, of course, since it's not the original company that I did business with.

 

Say you have bad credit and apply for a loan, do you think you would get a better loan % if you were putting down a big down payment? I was going to go through ELoan, as they said they can help people with lower scores. I am prepared to pay a higher interest rate, I'm just hoping to get a better rate than if I went to the dealership.

 

I took the E-Loan rate I got off there web site and told the dealership that E-Loan would give me a 4% loan (dealership originaly said 6%), after I told them that they matched it.

Might give it a try...

 

Use the dealer, if they want to sell yuo the car they will get you a low *** rate. find out what your bank is offering say 4.9% on a 48 month loan, now when you go to buy the car and they run your credit and start to deal tell them you can't go for less them 3.5% on 48 months. If they say they cannot do it stop everything there and say thank you and get up and walk away. They will stop you and offer you a rate very close to 4.0%. As long as your credit isnt total garbage. I did this with my wife and it worked great, we were offered 5.9 from Navy Fed and and got it throught the dealer for 4.9. The getting up and walking out works everytime.

 

That's what kind of bugs me because I know my credit is not bad. I have never been late on any payments. My credit to debt ratio was extremly high last year (18 months ago) but is almost all gone now.

I will try my own bank as well.

Guess I'll try a couple of other online places too. Might go with the lowest APR online place and have them cut me the check but if the dealer can do a better APR, then I can always go with the dealer instead and toss the e-check in the circular file.

Even if for some reason I can't find anything lower than with the high E-loan rate, which I doubt will happen, it's not going to be a huge deal, just kinda annoying.

Thanks

 

+1
I have fairly good credit (high 700s) and still was given a terrible quote. Much worse than my local credit union. I guess you could try there if you have absolutely impeccable credit, but be prepared for ugliness. Definitely don't rely on eloan as a fallback or "safe, sure thing".