COUNTERPOINT:
I intially used e-loan to get a baseline finance rate for my S. It took 5 minutes to fill out the application, and I had a draft in my hand in 2 days. Although I went with a local bank in the end (lower rates), it was helpful to have a loan in my hand as a bargaining tool (give the bank something they have to beat). It's also been my experience with dealerships that they like to give you the run-around until you are to the point where you will take whatever they will offer. I had all my loan information completely done before I even started looking for a car. Made buying easy.

-Spoon

 

I used e-loan two years ago. I was very satisfied at how easy the process was. Filled in the "blank check" and the dealership had no problem with it.
It sounds like from these responses, there are now better options available. My auto loan from e-loan ended up going through B of A.

 

I used e-loan for my s2000 with no problem. fed-ex the check the next day. The dealer took a day to prep the car anyway so the check was cleared by then. Have Bank of America. Funny thing is I called bank of america prior to going to e-loan as I already had a lease through them and they said they don't do loans/lease in michigan anymore (original lease from NY). Who knows what really happens with these finance co. When I bought the MDX I had a check in hand from e-loan but the dealer got a local bank to beat the interest rate and terms (e-loan offered 5.9). I just ripped up the check and no probs. That was a year ago and things change fast in the finance business.

 

I used ELoan for my 2000 VW Passat. When it comes time to get the S2000, the financing guy at the Honda dealer refused to accept Eloan blank check. I end up using People First. I would suggest doing your homework by shopping for the best rate before buying the car. The dealer financing guy would have to work hard to earn your business

 

Well, I sold for Toyota so I know the kickbacks and benefits there are to financing thru the F&I folks and my advice is to let them do their thing but always SHOP for the best rates. The local dealerships know that business is being lost due to online financing so they will do anything in their power to convince you to NOT go online. BTW, when I used eLOAN, the dealership was required to fax about six pieces of paperwork, certainly not 50. See what I mean?

 

used Peoplefirst here too, 1st time the dealer I went to had used it, so they waited for the check to clear before I could pick the car up.. (took about 3 days).. they said anyone else comes in with a Blank Check from People First will get the car right away, since it was basically painless for them..

 

E-LOAN no longer sends drafts - everything is done electronically directly to the dealer. Most dealers had one bad experience long ago and decided not to se them again, but if they tried E-LOAN now, they would be very surprised, pleasantly that is!

 

Wassup guys. I work at eloan and can answer any questions you guys have. We no longer use draft checks, we do same day electronic transfer, which of faster and more effiecient.

 

We used People First, they were great.

 

E-Loan's loan process is easy and fast. Dealer will get their money quickly. I recommend E-Loan..