E-LOAN Increases its Number of Auto Lenders to Serve a Broader Spectrum of Consumers and Provide Highly Competitive Rates
26 September 2000
E-LOAN Increases its Number of Auto Lenders to Serve a Broader Spectrum of Consumers and Provide Highly Competitive Rates
DUBLIN, Calif.--Sept. 26, 2000--Leading Online Auto Lender Helps Consumers Get a Better Deal and
Gain Control of the Car Buying Process by Separating the Financing
From the Purchase Price of the Car
E-LOAN, Inc. (www.eloan.com), a leading online lending company, today announced that it has entered into agreements with an array of the nation's leading auto lenders -- including AmeriCredit, Household Automotive Finance and Wells Fargo -- to give customers more choice, more competitive rates and to serve a broader spectrum of consumers. Through its relationships with new lenders and its existing relationship with Bank of America, E-LOAN offers the lowest rates available online and greatly increases the number of people it can serve by extending its offering to non-prime borrowers.
In addition, E-LOAN provides consumers with more attractive terms such as the same low rate for 36, 48, 60 or 72 month top credit loans, and more financing options such as no-down payment loans. By getting their loan through E-LOAN instead of traditional auto lending channels, customers can save an average of $600.(1)
"E-LOAN is committed to providing as many consumers as possible with a less expensive, more friendly and enjoyable way to finance their cars," said Joe Kennedy, E-LOAN's President and COO. "This initiative significantly increases our ability to provide lower rates and serve many more people than we could before."
"As an unbiased, haggle-free lender, E-LOAN takes the uncertainty and pressure out of the auto lending process," said Jeff Danford, E-LOAN's SVP of Auto Lending. "E-LOAN provides a very non-threatening environment -- customers apply in the comfort and privacy of their own home, and can be sure that the rate that they're approved for was solely based on their individual financial profile, not on their negotiating skills. At the same time, by putting a check in the consumer's hand before they go to the dealer, we're strengthening their negotiating position by separating the financing from the selection of the car."
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. 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. E-LOAN's extended service hours let customers ask questions or get assistance from a loan consultant via phone or email seven days a week.(2)
Borrowers can also take advantage of other E-LOAN auto related services including the Car Buying Center featuring Greenlight.com, auto insurance services, "lemon check" services through Carfax, and credit checks through QSpace.com.
As a leading online auto lender, E-LOAN has been selected as the premier lending partner for some of the most popular automotive brands on the Web, including Car and Driver Online, eBay Motors, Greenlight.com and Kelley Blue Book.
About E-LOAN, Inc.
E-LOAN, Inc., a leading online lending company, offers consumer loans and debt management services online at www.eloan.com. E-LOAN has reinvented the consumer loan process by offering consumers an easier, more affordable and hassle-free way to get a loan. E-LOAN offers a broad choice of products from many lenders for mortgages, home equity loans, auto loans, credit cards and small business loans in a secure online environment, combined with comprehensive personal service from dedicated, unbiased loan consultants. Through the second quarter of 2000, E-LOAN originated over $2.5 billion in consumer loans. The company's loan processing centers are located in Dublin, CA and Jacksonville, FL. E-LOAN, Inc. is publicly traded on the Nasdaq system under the symbol EELN.
(1) An average savings of $600 was calculated using the difference in interest paid on a $20,500, 60-month car loan at E-LOAN's average 60-month interest rate on September 21, 2000 versus Bankrate Monitor's average 60-month rate on the same date.
(2) E-LOAN's loan consultants are available to assist customers Monday through Friday from 5:00 am to 8:00 pm PDT and on Saturday and Sunday from 6:00 am to 3:00 pm PDT.