Has anyone here used or had any experience with using E-Loan (www.e-loan.com) for a New car purchase?

 

two of my friends where approved through it and where about to use it. However the dealer was able to offer them slightly better deals. I'd say use it as collateral and have the dealer try to beat it with a better APR

 

My company used to use E-loan for getting home mortgage refinance leads. E-loan sets up this big front where they give the customer a bit of info to make them comfortable. Then they get the customer to enter in all their personal info which they then sell to mortgage brokers for $25 a pop who then fight for the customer's business. They make a fortune off of it.

I would suspect your dealer could get you a better deal, though.

 

Yup...the dealers have become much more competitive with financing...in large part because of companies like E-Loan and PeopleFirst...a dealer's finance manager can run your credit report once, then shop the loan out to a dozen or more banks to get you the best deal. It's really much easier to let them do it...you know RIGHT THEN that you're approved, and can drive away, often with zero down!

 

Zero down has to mean some damn high monthly payments! I'll looking at putting enough down that my payments don't go above $350 a month.