jeffw

When you apply at PeopleFirst you tell them the max that you want to finance. If you're approved they will tell you a range of dollars you are allowed to finance. For instance, I applied for 20k. They said I can write the check for anywhere from 7.5k to 20k. I cannot write the check for less than 7.5k or I'll get in trouble.

I forget exactly how many days the check is valid, but I do know that you can get an extension with the same rate locked in if your car comes in later than anticipated. I'm pretty sure they said 45 days, but don't hold me to it. I'll have the paperwork next week and I can give more exact details.

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Jeff

westpak

iTrader: (19)

I dont profess to understand the loan process, I actually tried peoplefirst through Lendingtree.com and got turned down by peoplefirst, got 6.95 from roadloans, and 11.95 from drivehome.com. I saw eloan.com after someone posted it on a forum and saw the 5.49 but when approved as I said I got more than I asked for and the rate of 5.39 and they offered to reduce it by 0.5 if you due direct debit of the payment from your account. I called the dealer to make sure they knew how to deal with eloan paperwork (it is not a blank check but paperwork the dealer faxes in and they get funded in 24 hours) and the dealer was saying that if they could beat it would I take it and they were already offering 5% so we'll see when I go in what happens. It's at least nice to have the upperhand on something in this experience.

jacen2y

does it take for peoplefirst or eloan or whoever to send the paperwork and check...is it something you should do and be ready when the car comes or could you wait until the car comes and you've talked with the dealer before you apply???

westpak

iTrader: (19)

Eloan.com actually does the paperwork online and you can print the documents, roadloans sent me the blank check and paperwork overnight, but if you know when it is coming I would go ahead and do it and have it ready for when the car arrives to avoid delays.

jeffw

Concerning PeopleFirst:

If you request that it be sent normal mail it takes a claimed 2-5 days. You can pay $15 for next day air.

You need to be prepared to fax in copies of your pay stubs.

It took 5 minutes for them to call me back and tell me if I was approved. It took another 5 minutes to email me back after I faxed my pay stubs to confirm everything is in place to write the check.

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Jeff

mbuxton

Good point brought up here. If I get the loan through one of these companies (PeopleFirst, etc.), can I refuse to take the loan if the dealer counters with a lower rate?

Matt

cheap

I gotta agree with whoever said it, this is an excellent thread. I figured I'd throw in my secret, which is http://www.drivehome.com/calculator.asp ... it's an auto financing calculator that lets you play with different variables to find what works best for you. For instance, you can see how much your payments will be per month on a 48, 60, 72 month loans (or more), adjust things like interest rates and tax, lots of helpful stuff.

Also the equifax thing is awesome, I did that too, but BE WARNED! Every time you check your own credit, that shows up on your credit report. Repeated inquiries in a small timeframe, especially right before applying for a loan, will hurt your rating.

westpak

iTrader: (19)

Yes until you sign the check or the dealer faxes in any paperwork in with your signature the loan is not in place and you don't have to take it, it is just as if you let the time period expire or just call them to cancel to make sure they know, and they might try to match what the dealer is offering.

westpak

iTrader: (19)

Thanks for the link, as for the requests if they are yours or done by companies trying to get information to send you offers or if it is from a current creditor that is just checking up on you, those requests only show up on the report you request, the people you apply with will only see requests made by people with whom you have applied for a loan.

cheap

I think you're mistaken Westpak.

John

iTrader: (17)

I just applied for the PeopleFirst loan... I should know shortly whether I am approved or not...

mbuxton

Not that it's our business, but keep us informed (interest rate wise).

Matt

jim350z

I have'nt seen this posted yet, but if you go to DINKYTOWN.COM they have about 20 finacial calculators for auto loan, home equity, auto vs home equity, and on and on. They also have calculators that show Bi-Weekly payments. An excellent way to save on any loan.

westpak

iTrader: (19)

If you look at your credit report there is a section that has a heading "requests viewed by others", in that section I have inquiries made by people I have applied for credit with, be careful because when you request Auto Insurance those also show up as requests. Then there is a section with heading "requests viewed only by you" that have requests by companies I have not applied with but some I do remember getting unsolicited credit offers, so the only requests that a potential creditor sees are those made by other potential creditors with whom you have applied for credit with. I am reading this off my Experian report and that is my understanding.

cheap

ah ok cool I stand corrected.

mbuxton

Another question - What is a good credit score? Say for a single 20 year old male.

Matt

westpak

iTrader: (19)

Good credit score would be in the 700's and higher but being only twenty you may have a credit score of 800 it wont mean anything unless you have a credit history to go along, in addition to a good credit score you need some credit history showing good payment history its like when you look for a job, they wont hire you because you don't have experience but how can you get experience unless someone hires you. Its amazing when you need credit due to emergencies or a bad time they wont give it to you but when you don't need it and you have the cash they fall over themselves to give you credit.

mbuxton

So the lower the better? As of 12:38pm today, mine came back as 689. So that's good?

CoachZ

No, higher credit scores are better...typically banks have a "tiering" system, with A-tier being 700 and above (or 720 and above for some banks and especially mortgage lending), B tier 680-700, C 650/660-680. Below that, notes are often picked up by "secondary" lenders with significantly higher rates.

John

iTrader: (17)

Crap, I just got my PeopleFirst loan back... and they wanted to extend the payments to 72mo (I asked for 60), and an interest rate of 9.95%. My credit rating was ~705 a few months ago, and now I've paid off all my debt. NNA approved me for 6.9%...