Super Fast Super Easy Auto Loan
Written: Apr 24 '04 (Updated Apr 25 '04)
The Bottom Line
bottom line , 100 percent financing new or used car. easy no hassle application process and approval. check on your doorstep the very next day.
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I found e-loans by surfing the net while searching for ways to finance a car purchase. I was somewhat skeptical at the ads and kept wondering where the catch was. I can honestly say there was none. I have good credit (not stellar credit), but I find myself being turned down for credit from time to time because I tend to max my credit cards out and that in itself lowers my credit score but as far as my payment history on credit cards, I'm never late.
This was my first auto loan in many years as I have driven older cars that were paid for. After a long string of very expensive repairs on my old car I decided to go out and get a newer one. I also hate auto dealers in general and was not looking forward to dickering about price and wondering just what I finally got taken for after I got home and sorted out the paper work. When I found the e-loan site, it promised a quick response and a check in your hand the next day if approved (via overnight for a $15.00 fee optional). I filled out the online application which was pretty basic, and hit the enter button. literally within minutes I received an email telling me I was approved and the interest rates that I was approved for. Very competitive I might add. I opted for the next day check, still thinking there was going to be a catch or hidden fee. The very next day I had a check delivered to my door that I could fill in for an amount up to the loan amount that I had requested. I had requested 16,500.00 on the application. They tell you must take out at least a $10,000 loan for autos. I was going to purchase a late model car but still had not decided on what I wanted. The check and information packet is very explicit and spells out everything. I was given the option of financing for either new or used. The quoted rate for a used car loan is slightly higher but not by much at all. You have the option of holding on to the check for I believe 60 days and you are not committed to any loan unless you use the check. I like that very much. I read the contract and specs for them honoring the check - and it clearly spelled out what they required from the dealer - mileage requirement I think no more then 70,000 miles and the car not be more then I think 7 years old, poof of identification from the borrower and proof of insurance. Armed with my check in my hand I began my search for dealers. I called many and was able to negotiate a really great deal because each time I spoke with a dealer, I asked them for the out the door price of the car. You will find if you have cash or a check in hand for the full purchase price like this, you will usually be referred to the fleet department manager. I did all my shopping online and through newspaper ads from the major dealers in my area. Let me tell you shopping this way eliminates all of the junk you have to go through when you go to a showroom to search for a car. In the course of a week, if I found a particular model I liked and wanted to see how the car handled, I just went to the dealer asked to drive the car, and told them I was not interested in purchasing at the moment. Then I went home, researched the cost of cars and really did some homework to get the best deal possible. When I found a model I liked, I would tell the dealer I had an e-loan check in hand and all I wanted to know was the out the door price. Some dealers don't like this at all and some will not quote over the phone. To those people I said thanks and goodbye. In the end, I was able to get a 2004 Chrysler Sebring just a few months old (demo model) with very little mileage for $10,000 under the original factory sticker. Now that is real money in the bank! and when you do it over the phone and on the internet to get the quotes, you have all the time in the world to compare options and other dealers prices and really get the best deal without the high pressure sales tactics you so often run into. I only had one dealer say that they would not take the e-loan check, They gave a lame excuse that e-loan funds slowly, Frankly I would be leery of anyone not wanting to take them. As long as the dealer does what they are suppose to do which is very little, they get faxed e-loans approval to honor the check after they fax them the necessary filled out docs they need. The check / draft is paid promptly, I checked. My dealer was paid within one week after receiving the hard copy documentation by the dealer. So from my experience they get paid right away unless the dealer failed to comply with the easy check list that is included with your e-check. My dealer came to my house to pick me up with the car I had chosen. I made sure I told them that if for any reason if the out the door price was not what was quoted, or the car was not as specified, I would be walking out the door so they had better make sure everything is final and that car is as represented. I called the insurance company before I left for the dealer and had them fax the proof of insurance to dealer including the new vehicle ID which they then can forward to e-loan. My Insurance company didn't list the VIN number correctly so I had to have it re-faxed to the dealer when I got there. When I got to the dealer I signed the sales contract and after the sales manager signed, they had already warned him about me being very specific that no changes were to be made to the quote, I drove off the lot within an hour with 100% financing. and instant approval. No hassle at all and the sweating of palms waiting for verifications to come back and all that. I took my car home right away. I did have to fill out a standard waiver at the dealer that if for some reason the financing did not come through for me and if for some reason e-loan would not honor their check, that I would be contracted to the dealer at a set interest rate, but I understand this is very normal and again was no problem for me. I had many dealers try and get me to finance through them, even trying to beat the interest rate that e-loan had given me, but I said no every time. (these dealers usually get kick backs from financing and a good finance manager can make tons of money for the dealer depending on how he works the finance deal. I already had check in hand and ( I had all the leverage).There was no hidden finance fees or origination fees, Just the extra $15.00 for fed ex which they sent an online bill that I paid separately with a credit card. The company reps called me after the online approval process to ask me if I had any questions about the deal. After it was done, they called to let me know when I would be expecting the loan payment package with final contract. During this whole process from beginning to end you can check the web site with the current status of your loan at any time. I received my statement coupon in the mail with my payment due about 45 days from the original purchase date. Everything had been spelled out exactly as they had promised. I have to say it was the easiest no hassle financing I have ever experienced. It was a true pleasure. I cannot recommend this company enough. The money you will save just by negotiating as a basically cash buyer is tremendous. and even though they were slightly higher then what the dealers said I could get financing for, I knew the bottom line all the time. that is so important when shopping for car. so many times people get confused because the devil is in the details of the financing contract. That will not happen when you buy your car like this. I am so happy with everything you have no idea. To be able to drive a nice car and know that you were able to get the best deal because of the way you financed your car will give you peace of mind and make you feel good when you send your payment in every month.
Recommended:
Yes
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Epinions.com ID:
azgldnfire
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Reviews written: 4
Trusted by: 0 members
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