slightly OT: E-loan? Anyone used it?

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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

Re: slightly OT: E-loan? Anyone used it?



Esmail Bonakdarian wrote:

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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).


Re: slightly OT: E-loan? Anyone used it?


larwe wrote:
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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

Re: slightly OT: E-loan? Anyone used it?



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



Re: slightly OT: E-loan? Anyone used it?



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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



Re: slightly OT: E-loan? Anyone used it?


Wickeddoll® wrote:
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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.

Re: slightly OT: E-loan? Anyone used it?



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Interesting - thanks!

Natalie



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