Eloan Information Blog

The E-LOAN site also focuses on automobile loans. Click the Auto Financing link to apply for a loan. An installment loan is the typical loan for new and used vehicles. E-LOAN offers you the best rates available from the multitude of lenders working with them. The installment loans available cover new or used vehicles with terms of 36, 48, 60, 66, or 72 months. Refinancing loans are also available if you already have an installment auto loan. Although E-LOAN charges no application fees, you must pay a title transfer fee of up to $30 if you are refinancing your car loan.The application process takes place completely online; however, E-LOAN has a toll-free number if you need assistance. Start by specifying the type of loan you want and receiving a custom rate and payment quote. An online form lets you specify the amount you want to borrow and the state where you are buying the automobile. If you already know the car you want, you can also specify the model year, make, and mileage, and whether it is new or used. Click Custom Search, and the next Web page you see is a chart with the various loan durations and the APR and monthly payment associated with that term. You can tweak the monthly payments by changing the loan amount on-screen and clicking Recalculate. Once you find the loan specifics that you like, you can enter name, address, and e-mail into a secure form to finish the application. E-LOAN then e-mails you the decision in the next 24 hours, often within the hour. An approved loan application locks in your interest rate for 30 to 60 days, depending on the lender. You'll receive an acceptance package that includes a check for the maximum amount, valid toward buying a car at any franchised car dealership, which is a dealer selling new vehicles for at least one domestic or import brand. The vehicle must be a 1995 or newer, must have 75,000 or fewer miles, and cannot be purchased for commercial or business use