Anyone done an internet car loan?

[crz4mm2]

Have any of you received those quotes through the internet for car loans? If so, have you also gone through traditional financing to compare? If you have done both, did the internet financing compare to what you could get locally?

Thanks.
Cathy

 

[jel0511]

The good thing about an internet loan is the way they work it, at least the one I almost used. I applied on line, and got approved. They mailed me a blank check, which I could write up to the loan amount. If I used the check, I was bound to the loan terms I agreed to when I applied. If I didn't, I could destroy the check and have no loan with them. I was planning on using it, but the dealer ended giving me a slightly better deal. I destroyed the check, and it never appeared on my credit report. I used bankrate.com to find the lender.

 

[Padre Disney]

We used one in 2000. Applied on line and got a check the next day.
It ended up being a little more paper work for the dealer but we didn't care. The rate we got was better than any local bank would give us. After all the paper work was turned in we found out the loan had come from a bank that we banked with. When we had called our local bank and checked rates it was much higher then the internet rate. The only problem we had was that the bank that gave us the great rate was in a different state and when we went to trade the car off a few years later the title could not be found and the bank had to order a new one. One other thing is that the loan never should up on our credit report.
I would use them again.

 

[crz4mm2]

THanks.
I like to plan ahead and would like to apply ahead of time, but am unsure of how much the actual loan will need to be.
jel, I am glad it didn't show up on your report. wow
I am glad you had a good experience padre.

Cathy

 

[my3kids]

PeopleFirst is now owned by CapitolOne Auto Finance. They advertise on Edmunds.com, and are also the finance company Costco uses. AAA also offers a premium to their members who use them. Costco offers a quarter point discount off their already incredible rates, and I think AAA members can have their blank check FedEx'ed for free.

I used them on my last car. Absolutley no problems and when the dealer offered a better rate, I called them and they lowered it another percentage.

Absolutley no problems. I recommend them wholeheartedly.

Oops, forgot. When you apply, you can apply for any amount you think you MIGHT spend and they send a blank check you can write for up to that amount. If you need less, the loan is only for the amount you wrote th check for. As far as the dealer is concerned, it is handled like a cash transaction.

 

[Kimnicki]

We used People First/Capital One for a loan for my husband. He got a great rate and they were great to deal with. No problems at all.



Kim

 

[Ellester]

We applied online and got the blank check as well, I don't remember the company. Then when we went to the dealer they matched the interest rate, so we just went with them.