[H8R]

Anyone ever got a car loan online? Who did you use and how did it work out for you?

Lending Tree? E-loan? Etc?

Thanks!

 

[MTB_Rob_NC]

Anyone ever got a car loan online? Who did you use and how did it work out for you?

Lending Tree? E-loan? Etc?

Thanks!

Use it as a bargaining chip. Get a pre-approved amount and rate, then make the car dealer (assuming that is how you are buying) beat the rate.

However DO NOT TELL them you have been pre-approved at x/y/z rate or else they will come back at you are x-1 for the rate.

Now actually back to your question.

They usually issue you a "Draft" which is presentable to the dealer or seller that has Caveats listed. So its just basically a promise to pay, then once the dealer and or seller completes the transaction and records the lien on the vehicle the cash is transfered/paid.