Anyone get an auto loan online?
- Thread starter BobD
- Start date
My girlfriend's dad got a loan from www.eloan.com and I would recommend that you search around. Nowadays, online banking/cd's give much higher interest rates than local banks do. I would expect lower interest rates for eloans as well.
Be careful when you go into the lie-nance office. Her dad had the e-loan check and they said "OH I didn't know it was an e-loan. We stopped taking them because it takes too long to get the money from the loan company." Of course I called it a BS and they offered to finance it through them.
Just FYI, it didn't cost any money to not go through with the loan.
If you're buying a new car, check out my thread here: http://autopia.org/forum/showthread.php?t=74765
Be careful when you go into the lie-nance office. Her dad had the e-loan check and they said "OH I didn't know it was an e-loan. We stopped taking them because it takes too long to get the money from the loan company." Of course I called it a BS and they offered to finance it through them.
Just FYI, it didn't cost any money to not go through with the loan.
If you're buying a new car, check out my thread here: http://autopia.org/forum/showthread.php?t=74765
I dont know all the rules as I am only a member because it is where my mom put me 
But I would look into Wyandotte Federal Credit Union, I know they have a website if you google them, but their main building is out of Wyandotte Michigan, with a branch in Holland as well. they have great rates and offer all different type's of loan types. It is a really good choice for me because they offer the ability to not put full coverage insurance on a vehicle if you take out a loan. (Forced to do this bc of insurance coverage for myself) I just looked it up and their site is Wyfedcuonline.com - - Loans and rates are located in the top right corner! Good luck!
But I would look into Wyandotte Federal Credit Union, I know they have a website if you google them, but their main building is out of Wyandotte Michigan, with a branch in Holland as well. they have great rates and offer all different type's of loan types. It is a really good choice for me because they offer the ability to not put full coverage insurance on a vehicle if you take out a loan. (Forced to do this bc of insurance coverage for myself) I just looked it up and their site is Wyfedcuonline.com - - Loans and rates are located in the top right corner! Good luck!
Here's an excellent place for advice.
http://www.creditboards.com/forums/
There's a forum there specifically for car loans.
One thing to watch out for when applying for a loan online is that they don't just farm your application out to everyone under the sun, so you wind up with multiple inquiries that cause a major hit to your credit score. FICO claims that won't happen when applying for the same kind of loan (e.g. car loan) but it happens consistently.
http://www.creditboards.com/forums/
There's a forum there specifically for car loans.
One thing to watch out for when applying for a loan online is that they don't just farm your application out to everyone under the sun, so you wind up with multiple inquiries that cause a major hit to your credit score. FICO claims that won't happen when applying for the same kind of loan (e.g. car loan) but it happens consistently.
If you end up trading a car in. Here is a tip that gave me an extra grand.
I was trading in an 04 Saturn last yr, The Kelly blue book was $8900, however I got ahold of a Auction Book. the little book the dealers get from the auction that shows what the cars sell there for.
Same exact car, 10,000 less miles had sold for $10,500. I told the dealer this info, they checked their book, and we negotiated $10,000 for the trade. $500 for the mileage difference.
This was after we negotiated the sale price for $33 under invoice.
So my deal was this.
05 express cargo
MSRP: 24,100 Invoice: 19,933 Purchase: $19,900 Rebate $1,000 + 5.9% for 72 months.
total cost $18,900
I was trading in an 04 Saturn last yr, The Kelly blue book was $8900, however I got ahold of a Auction Book. the little book the dealers get from the auction that shows what the cars sell there for.
Same exact car, 10,000 less miles had sold for $10,500. I told the dealer this info, they checked their book, and we negotiated $10,000 for the trade. $500 for the mileage difference.
This was after we negotiated the sale price for $33 under invoice.
So my deal was this.
05 express cargo
MSRP: 24,100 Invoice: 19,933 Purchase: $19,900 Rebate $1,000 + 5.9% for 72 months.
total cost $18,900
imported_Grouse
New member
we bought our audi this way from eloan . great rate, good terms, dealer pulled the same. it takes to long to get paid.
I said fine, i will go to the bmw dealer and got up.
then they tried to make me sign a paper saying it was my responsability to pay if they did nto get their money in x many days. So i got up and walked out. the sales manager about knocked over two other customers to keep me there.
the finance lady gave me the riot act about no fabric, paint, extended warranty. I told her i was not interested. She said so you don't want to protect your investment. I said i don't want to pay your obscenely rediculous prices for half arsed work and shoddy products. She got red faced and said what about the warranty. I said are you implying that your cars need an extended warrenty at 7000 dollars? Are you implying that they are such inferior products that it would be in my best intrest to buy such awarranty at such an inflated rate. A number that happens to exactly match how much i negotiated off the MSRP of the car?
they will try and nickle and dime you for every dollar they give up in price, loan intrest, and extended service plans.
I said fine, i will go to the bmw dealer and got up.
then they tried to make me sign a paper saying it was my responsability to pay if they did nto get their money in x many days. So i got up and walked out. the sales manager about knocked over two other customers to keep me there.
the finance lady gave me the riot act about no fabric, paint, extended warranty. I told her i was not interested. She said so you don't want to protect your investment. I said i don't want to pay your obscenely rediculous prices for half arsed work and shoddy products. She got red faced and said what about the warranty. I said are you implying that your cars need an extended warrenty at 7000 dollars? Are you implying that they are such inferior products that it would be in my best intrest to buy such awarranty at such an inflated rate. A number that happens to exactly match how much i negotiated off the MSRP of the car?
they will try and nickle and dime you for every dollar they give up in price, loan intrest, and extended service plans.
Grouse said:
ahh the old extended warranty trick. its funny how they start from the day of purchase.
so buy a 4 yr warranty at time of sale , after the 3yr factory warranty, you've found out you paid a few grand for 1 extra year.
My wifes sunfire, we bought in 02. we declined the extended, then at just under 3 yrs and at 23,900 miles we bought the GM protection plan.
We paid $600 for 4 yrs/40,000 miles. 0 deductible so we are good until 09 and 63,000 miles
let me add tho, the warranty was cheapest because she didnt hit 24,000 miles yet.
the price doubles after 24,000 miles
So always check the prices and find out when the price jumps up in mileage
imported_ajbarnes
New member
I hate buying cars!! I just spent 8.5 hours at a dealership two Saturday's ago buying a vehicle....and I still need to go shopping all over again for a work van!