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Auto Loan Approved - Eloan

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My wife and I filed Ch7 BK in Feb 2004. A couple weeks ago, our car was totalled in a freak accident so we were forced to go car shopping.

I applied for a used car loan through Sovereign bank who had our loan before the car was totalled. We had a perfect pymt record with them but they denied us anyway. I called to follow up with them a few times but they aren't returning my phone calls so I crossed them off the list real quick.

I then applied to Capital One Auto, who I thought approved pretty much everyone, and got turned down there as well. I think we may have listed them in our BK which might explain the denial. ;)

I then went over to ELoan and got approved within 15 minutes online. They called shortly thereafter to discuss the terms. The rate they quoted was 11.74% for 60 mos. Hey, its a start. When I was talking to the rep, I asked if that is the best they could do on the rate and he is having underwriting look into it. They should call back soon. I'm worried that I should have just taken the rate as is. Now they are reviewing so I' m getting nervous.

If it goes through, the plan is to clean up some bad entries in both my and my wife's CRs and then refi with our CU in a few months.

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11.74% ain't too shabby, especially for a used vehicle.

Good luck. next time though - don't ask them to review it again!

No kidding. Last time I do that. If I use the check for a new vehicle the rate would be 10.94%. That is for self-employed too. I forget what I listed for income but I'm sure it was in the ballpark.

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