How smart are Eloans? experts inside.
How smart are Eloans? experts inside. I went to eloan.com and the minimal loan allowed is 5k which is what I wanted to take anyways. I need to know how safe or whatever they are. I have good gredit as it is so is there anything I should know about? Also, they have a thing were if for some reason I wasnt excepted they would show my credit app to a brother credit union to help "speed" things up. Anyone opinions on that? Thanks
David
David
TECH Enthusiast
Joined: Dec 2006
Posts: 564
Likes: 1
From: Powder Springs, GA
me personaly would only go through the bank ive been working with for a while...i tried going through a dealership on a vehicle i wanted a while back...told them to try certain banks and they tried 10 other ones...messed with my credit a little bit...if you have good credit, go through your bank...dont trust a loan company
I bought my car with a loan from eloan. It's very safe and fast too, I had an answer saying I was approved in less than five mins and they overnighted the blank check to me so I had it the next day.
This is the only way I get loans for cars, it's really nice not having to go to a bank that'll try to get you to do all this extra stuff. Plus you can do it at whatever time is convient for you and not just during banking hours. That and I like going to the dealership knowning if I like a car I don't have to worry about what kind of rates they are going to give me or whatever. If I like a car I just say I'll take it and we're done. Oh and it makes it easy to buy a car from an individual as well.
This is the only way I get loans for cars, it's really nice not having to go to a bank that'll try to get you to do all this extra stuff. Plus you can do it at whatever time is convient for you and not just during banking hours. That and I like going to the dealership knowning if I like a car I don't have to worry about what kind of rates they are going to give me or whatever. If I like a car I just say I'll take it and we're done. Oh and it makes it easy to buy a car from an individual as well.
Teching In
Joined: Mar 2004
Posts: 5
Likes: 0
They'll raise your interest rate a little if you choose not to sign-up for their automated electronic bill pay service. They also might give your loan to a third-party, once it's been approved, which isn't a big deal, but you should be aware nonetheless. You probably already know this, but when they send you the electronic forms package, which includes your loan contact, just make sure to look it over VERY good, especially the numbers, just to make sure everything is right, including the percentage rate & amount of the loan. They are also overly concerned, at least in my opinion, about the paperwork on the car, before they do final approval on your loan. Like, they want copies of everything if you're buying from a private party: a copy of the sellers registration, copy of the title (signed by buyer if applicable), and a few other things I can't remember. They keep things very safe for both buyer & seller is the bottom line, which I'm sure other banks do to.
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Verdad Gallardo Teching In
Joined: Mar 2004
Posts: 5
Likes: 0
After the buyer & seller agree to finalize the deal, e-loan wants the seller to fax photo ID's, a notarized bill of sale, a "completed" copy of the title, application for title if it's a different form, listing e-loan as the lien holder, and current seller's registration, BEFORE depositing the e-loan check. Then you get 20 days to register the vehcile. It makes things a little dicey when dealing w/ out of state buying/selling. It helps to have buyer/seller in the same spot.