slightly OT: E-loan? Anyone used it?

Hi,

Not very well versed in buying a car and I have never financed one before.

Just wondering if anyone has used e-loan before. Their rates are substantially better than what my local bank is offering.

Or quite possibly the dealership - though I won't know until I get to that stage.

So, any comments on e-loan? Alternatives?

Thanks!

esmail

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Esmail Bonakdarian wrote:

Is your credit absolutely superbly stellar? If not, you won't be getting that advertised rate.

If you are an AAA member, look at www.aaa.com and check out their auto loan application. You will likely get a good deal through them (I did).

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larwe wrote:

Hi, I think my credit is good, but I don't know my score.

Thanks for suggesting AAA, I am a member, but hadn't thought about it.

Is there a downside for me to get pre-approved at more than one place?

Esmail

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I've heard that having too many credit checks run on you can hurt your credit.

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Yes, they're called 'inquiries' and the more you have, the worse you look. I guess they feel you're desperate; and if you're desperate, you must have had a lot of credit problems somewhere in your past, maybe further back than the report goes. That's just a guess.

Natalie

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Wickeddoll wrote:

Hiya,

I'm in ok shape credit wise (as far as FICO score is concerned) so that's not an issue. I had heard the thing about too many credit cards too, so I got rid of many I had a few years back, wasn't using them anyway.

As far as too many inquiries, yes you are right, that is not good for your score. However, as I have learned recently (and I have done a lot of reading about this in the last week or so)that if a bunch of inquires for instance for auto loans or boat loans are made within a certain # of days (I forget 14 or 30) they will count as one. I read this on lendingtree.com somewhere.

Of course this assumes that this is true and the inquiries are coded correctly.

Here is a bit from the people who came up with the FICO/credit score. http://www.myfico.com/CreditEducation/FactsFallacies.aspx

Fallacy: My score will drop if I apply for new credit.

Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called inquiries) will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

E.

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Interesting - thanks!

Natalie

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