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Old 05-16-2001, 12:14 AM   #1
Scooby Newbie
Member#: 6387
Join Date: May 2001
Location: CA
2005 Legacy GT Ltd
Regal Blue

Post Loan from Internet Bank???

hi everyone!!!
does anyone apply a loan for their subie from a internet bank, e.g. E-LOAN, VirtualBank.com.......etc.

let me know if u guys got any good/bad experience in those bank!!!!
and is it good to get a car finance in those bank or not???

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Old 05-16-2001, 03:04 AM   #2
Scooby Specialist
Member#: 5973
Join Date: Apr 2001
Chapter/Region: NESIC
Location: New Manchvegas
2005 Scion tC


Don't know anything about internet banks except that my roomates mom got screwed by one.

I personally won't take the risk, because I don't know how to verify if they are legit.
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Old 05-16-2001, 04:29 AM   #3
Scooby Newbie
Member#: 5931
Join Date: Apr 2001
Location: DepotTown,Ypsi MI USA
02 WRX Sdn


Please don't use them. For your own sanity DO NOT USE THEM. I'm a Subaru sales person and I've had quit a few experiences with both those "banks", all of them were bad. Contracts have bounced, cars reclaimed not a pretty picture and always the e-banks fault. Interest rates are so low right now that even a full point won't make much of a difference. Especially when your sanity is involved. My dealer refuses to work with them now because they were so bad.

[This message has been edited by makua11b (edited May 16, 2001).]

[This message has been edited by makua11b (edited May 16, 2001).]
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Old 05-16-2001, 10:10 AM   #4
Scooby Specialist
Member#: 5500
Join Date: Apr 2001
Location: Charlotte, NC
2002 WRX Aspen White
2004 Corvette Z06


Try www.lendingtree.com. I checked them out and they were great. They search all the banks and you get to pick the bank with the best rates and other attributes that you wish. They have a consumer scorecard based on feedback of actual people who have done business with them. So check the rankings and ratings prior to making a choice.

I say go thru lendingtree.com and have the necessary information to challenge the dealer and force him to a competitive rate. It they still want to screw you, go get the money elsewhere. It does not matter if you did the transaction via Internet or your local bank. This is all hogwash. Regardless of where you get the money, you provide the dealer with a cashiers check with verifiable funds.

The moral of this story is to be patient and be armed with information. Don't let the dealer force you into an "urgency" sales pitch. If you don't want his financing, he will wait for you to get it. He wants the sale.

Example: Bought a car and went to the backend of the deal (finance guy, big snakes in the grass). He played hardball on screwing me on finance interest rate. I protested and said I could do much, much better. He did not budge. He said go get your own money and you will see that you can't do better and end up using dealer financing. He said you have 10 days to do it. I drove away with the car and got my check from another bank, with a much better rate. I told them to make the check out on the last date of the 10 days. So I drove the car free for 10 days. Walked in to the dealer and the finance guy's jaw dropped. Take that and that.

Good luck and hang tuff.


If I understand you correctly, if I bought a car from you and I said I was using my own bank it would be a problem if I brought you a check from say E-Loan, or Peoplesfirst, etc. etc. - You would refuse the cashiers check and loose a deal. I think not! If your dealership would not take the check, I would go buy a car from some other dealer and never go back to yours again!

For my WRX, my dealer pressured me hard to use their money, but said if I wanted I could use any bank. Provided it's a cashier's check and verifiable funds. Either way the transactions are the same.

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Old 05-16-2001, 11:21 AM   #5
Scooby Newbie
Member#: 200
Join Date: Aug 1999
Location: San Diego, CA, USA
1999 Impreza 2.5RS


I had nothing but excellent results when I purchase my RS with money from carfinance.com. I applied, got a lower rate than I could get elsewhere, had the money and the car all within 2 days, and didn't have to talk to the finance weasels at the dealer. This company is actually Bank of America, and I don't know if they still use the carfinance.com name still. Your results may vary.

As a note, I also tried to use them to buyout my wife's CRV lease, but Honda wouldn't take it for that. Also it takes good credit to be approved for the low rates, it helps to be over 30 and "own" a house.

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Old 05-17-2001, 01:26 AM   #6

Try www.peoplefirst.com but make sure you read EVERYTHING. The people at peoplefirst.com are very nice and it's probably alot easier if you don't have any negative equity in your trade-in or if you don't have a trade in
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