Originally Posted by EspizTrep
anyone even get a loan over the internet for a used car?
i applyed at 2 different sites. one says i gotta buy from there car lot. (sorry no thanks) and one just sends you a check in your name to cash and buy a car anywhere.(e-loan) anyone else have any luck with this type of loan? im looking to get a $5,000 loan. so i can go buy a car (my trep died)
I have bought both of my Intrepids with those loans. One was from People First LLC in California and this June was with Capital One. You tell them what kind of car you are looking for and a maximum amount that you'll need to borrow. They send you a check that is good for up to that amount but there is a minimum amount you can borrow, they don't want you buying a $1500 car with the check. I'm not sure if they support buying a car from a private party that way or if you have to buy from a dealer for some reason.
If you are in a hurry when you apply online, agree to pay the $5 or $10 charge for overnight sending of your loan check because I guarantee you that it will take another day, another day, for it to show up if you are anxious for it to arrive. My check was supposed to go out on Thursday but as of Saturday it hadn't arrived yet. The car was 120 miles from here and it was going to work out perfectly for me to get it on Saturday - instead I had to finagle a ride out on a bus on Monday evening, ugh. For the few extra bucks I could have been able to plan.
I don't think these online auto loan companies are into the 'Bad credit OK, no credit OK, bankruptcy OK...' thing. It probably does take a solid credit rating, steady employment etc. to qualify. Lucky for me my credit rating is about as good as it could be; after I applied online Capital One told me in about two minutes that I qualified for the loan. I think it's a great system, and I wouldn't finance any other way.
(Pictured are my two Internet Loan Intrepids....)