I just got thru applying for a PeopleFirst car loan that everyone has been suggesting.

http://www.peoplefirst.com

I went for 60 mo. and 20K financed for my Z. I actually got the advertised rate of 5.49%

The cool thing is that they claim they'll beat anyone elses rate (same loan terms). For instance, if the dealer can swing a lower rate I can call up PeopleFirst and negotiate an even lower rate than that.

Does anyone here have any experience for or against PeopleFirst?

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Jeff

 

Jeff.. I did the same thing for 48 mos. and they also quoted me the 5.49%.. thats the best i have seen around.. They said they will send the papers to you and once you take the ck and give it to the dealer.. the payments become active.. so far so good..
Jeff.. when is your Z coming in and where??

 

My Z (Brickyard Track) is coming to Rome, GA. About an hour or so from Atlanta. Dealer claims delivery of Sept. 2.

The other nice thing about PeopleFirst is that they said that if my car comes in a lot later than anticipated then I can call and have the life of the "blank check" extended another 45 days without redoing a loan application.

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Jeff

 

Good Folks. Took five minutes to get my loan. They give a discount on interest rate if you let them debit your checking account for the monthly payment.

 

You might want to try eloan.com, I got 5.39 with mail-in payments and 4.89 with direct debit. It took about 10 minutes and I had asked for 30K because I am not sure how much I want to put down, and they gave me 40K.

 

Getting 4.75 rate, prob. drop if the feds drop the rate soon, try and put down 4500, with 1000 off MSRP. Enthu. model

 

Also chose people first bank. Got 4.75% for 3 years, financing 17000.

 

I just applied with peoplefirst and I got back 10.95% on $29,000 for 60 months..My credit is not great but this is way too high...I'm trying eloan and lendingtree now...Are their any other good online lenders??

 

60 Months!! What a deal.

 

I applied to PeopleFirst once back in April and was denied. I applied again a few weeks ago and was approved. I've never had any loans before, and have only had a couple credit cards. I have no bad marks on my credit history. It's just that I didn't ever have any loans before that made them hesitant. The reason they approved me the second time was that I had more money in savings by the time i filled it out again. I got approved at 5.99% on $25,000.

By the way, I was approved by them through lendingtree.com. There was another one on lendingtree that seems to have an auto-approve on it(Synergy), because they responded within minutes (at 6.25%).

 

I'm going to apply for PeopleFirst.com tomorrow... my friend pointed me to it this afternoon ironically enough, since he financed his M3 through them.

 

That typically is the problem. Good credit is not determined by not having loans, it is determined by having outstanding balances and paying on them on a regular schedule, on-time.

Someone who has no loans and no obligations won't have a good credit rating.

How do you start? Use a credit card, charge something small. Make payments on it. That is the point, make payments. Paying off a credit card is good common sense, but bad for credit ratings.

Todd

 

I highly recommend paying the fee for Equifax.com's service - actually I think you can get a free month right now to try it out.
Lets you look at your credit report and FICO score anytime you want, and also has a FICO simulator, so you can find out how your score will change if you do various things. For example, say you have 5000 in credit card balances. If you pay off half that, your score goes up quite a bit. If you pay off all of it, your score stays the same or even goes down. Very enlightening!
You can also initiate investigations on items that are inaccurate on your report.

And I couldnt agree with Todd more - pay those monthly payments!

 

Excellent thread. Hope these great rates are around in November when I pick up my car.

Matt

 

Don't wait too long, as soon as you feel comfortable with delivery information get it approved, the roadloans are good for 30 days, and the eloan.com is good for 72 days.

 

Well 'my car' is the G35 coupe and actually, it will be closer to, if not in, December rather than November. Unfortunately, we (G35c pre-orderers) don't have an actual pre-order process so we just have to wait and see if our dealer gets a car close to our expectations in their first couple allocations (no pre-ordering for 60 days).

Anyhow, this is off-topic. On topic - you can hold the peoplefirst check for 90 days and then, after contacting them, get a 45 day extension? I'm assuming you get approved for a certain amount and the 'blank check' is sent to you allowing you to specify exactly how much you want the loan to cover? I've obviously never done this before (usually settle for whatever the dealer tells me, doh!).

Matt

 

Just curious, was eloan.com advertising lower than 5.49 when you applied for a quote? The eloan site currently lists 5.49% for 60 month new car purchases with excellent credit. Wondering how you got lower than that!

BTW, you should try to apply for the PeopleFirst loan and see if they'll beat the eloan rate.
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Jeff

 

G35C?? Kust kidding but you better duck because Z's rule. Anyway back to the loan, yes you make out the check to whatever amount you want the loan for, they will give you a limit on the amount and the percentage of MSRP that it can be for, but when you go to the dealer you get the final contract from him which shows what you owe him for the car and you fill out a check for what you want to pay from you funds and then fill out the lender's check for the remainder.