E-LOAN Inc., an online lending company, has entered agreements with an array of auto lenders including AmeriCredit, Household Automotive Finance and Wells Fargo to give consumers more choice, more competitive rates and to serve a broader spectrum of consumers, according to Joe Kennedy, president and COO of E-LOAN.
Through its relationships with new lenders and its existing relationship with Bank of America, E-LOAN greatly increases the number of people it can serve by extending its offering to non-prime borrowers, according to Kennedy.
"E-LOAN is committed to providing as many consumers as possible with a less expensive, more friendly and enjoyable way to finance their cars," Kennedy said. "This initiative significantly increases our ability to provide lower rates and serve many more people than we could before."
According to Jeff Danford, senior vice president of auto lending, E-LOAN provides a non-threatening environment to the borrower. "Customers apply in the comfort and privacy of their own home, and can be sure that the rate they're approved for was solely based on their individual financial profile, not on their negotiating skills," Danford said.
At E-LOAN, consumers can first shop for rates without entering any personal information. When they're ready to apply, consumers complete an application within a few minutes and receive a decision within a few hours, according to Danford.
Once approved, customers receive a check via overnight mail that can be used at any franchised auto dealer to pay for their new or used car. The check may be written for any amount up to the customer's loan limit and terms.