E-Loan

Full review
I submitted an auto loan application with Eloan on-line. They processed and approved me in 16min. As I applied at midnight, the following business day I received a call from a customer service rep. Explained the interest rate, which was high and she offered to lower it .2% when I made a comment. That was nice. Everything was "in the mail" and I could call the customer service rep directly or email. She then offered to investigate a fair price for the car I was looking to buy. There is a dept. at Eloan (as explained to me) which will do this for me. Everything was looking good, I felt positive about Eloan.

I applied well in advance of when I was thinking to buy, giving Eloan enough time to get my documentation to me. As I write this, 9 business days have passed and I've not received my packet. I've purchased a car receiving a better rate from the dealer than Eloan offered (1% lower). Before applying, I read other reviews that people haven't received their checks. Important note: I live 36 miles from Eloan's corporate headquarters - see for yourself: http://tinyurl.com/2hz9l6

Adding to insult, remember the kind offer to investigate the deal I'm negotiating with the car dealer? I never received a response from my original email, nor did I receive a response to a follow-up email asking if there was any information to be had. Don't make the offer, unless you're going to follow-up, I say.

To date the only emails I've received from Eloan were automated.

1 email stating they received my application
1 email stating I was approved
1 email saying my documents are in the mail
1 email stating my application has been canceled.

FWIW, my sister didn't receive her documents in time and I thought I'd give it a shot regardless. I applied with an open mind, but in the end you should definitely take Eloan's track record from my experience and the experience of other reviewers into consideration. Add to the fact that Eloan will sell your loan to a 3rd party shortly after you sign-up, so there's no telling who you'll have to deal with and where they'll be in the world should you have issues with your payments, account, etc.