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

Esmail Bonakdarian wrote:
[color=blue]
> Just wondering if anyone has used e-loan before. Their
> rates are substantially better than what my local bank
> is offering.[/color]

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

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

larwe wrote:[color=blue]
> Esmail Bonakdarian wrote:
>[color=green]
>> Just wondering if anyone has used e-loan before. Their
>> rates are substantially better than what my local bank
>> is offering.[/color]
>
> Is your credit absolutely superbly stellar? If not, you won't be
> getting that advertised rate.
>
> If you are an AAA member, look at [url]www.aaa.com[/url] and check out their auto
> loan application. You will likely get a good deal through them (I did).
>[/color]

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

"Esmail Bonakdarian" <ebonak-a@t-hotmail.com> wrote in message
news:PPYXg.229$cQ5.102@trndny06...[color=blue]
> larwe wrote:[color=green]
>> Esmail Bonakdarian wrote:
>>[color=darkred]
>>> Just wondering if anyone has used e-loan before. Their
>>> rates are substantially better than what my local bank
>>> is offering.[/color]
>>
>> Is your credit absolutely superbly stellar? If not, you won't be
>> getting that advertised rate.
>>
>> If you are an AAA member, look at [url]www.aaa.com[/url] and check out their auto
>> loan application. You will likely get a good deal through them (I did).
>>[/color]
>
> 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[/color]

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

"Reasoned Insanity" <mintclovers@@yahoo.com> wrote in message
news:ZzyYg.3493$uJ2.3027@dukeread03...[color=blue]
>
> "Esmail Bonakdarian" <ebonak-a@t-hotmail.com> wrote in message
> news:PPYXg.229$cQ5.102@trndny06...[color=green]
>> larwe wrote:[color=darkred]
>>> Esmail Bonakdarian wrote:
>>>
>>>> Just wondering if anyone has used e-loan before. Their
>>>> rates are substantially better than what my local bank
>>>> is offering.
>>>
>>> Is your credit absolutely superbly stellar? If not, you won't be
>>> getting that advertised rate.
>>>
>>> If you are an AAA member, look at [url]www.aaa.com[/url] and check out their auto
>>> loan application. You will likely get a good deal through them (I did).
>>>[/color]
>>
>> 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[/color]
>
> I've heard that having too many credit checks run on you can hurt your
> credit.
>[/color]
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

Wickeddoll® wrote:[color=blue]
>
> 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.[/color]

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.
[url]http://www.myfico.com/CreditEducation/FactsFallacies.aspx[/url]

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.

"Esmail Bonakdarian" <ebonakDUH@hotmail.com> wrote in message
news:0CAYg.3118$Z46.2568@trndny05...[color=blue]
> Wickeddoll® wrote:[color=green]
>>
>> 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.[/color]
>
> 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.
> [url]http://www.myfico.com/CreditEducation/FactsFallacies.aspx[/url]
>
> 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.[/color]

Interesting - thanks!

Natalie