E-Loan, an online consumer direct lender, has announced plans to work with eBay to provide its consumers with financing for automobiles and motorcycles purchased on eBay Motors, an automotive Web site that delivers $11.1 billion in worldwide annualized gross merchandise volume.
As fast as 24 hours after they apply for a loan, buyers can complete their purchase from private sellers or auto dealers with E-Loan financing.
Consumers who visit the eBay Motors Financing Center can secure financing options from select lenders by choosing the make, model, year, and price range of the vehicle they are looking to purchase. Certain selections will take consumers to the co-branded E-Loan and eBay Motors Auto Loan Center. From there, consumers can research auto loan rates, terms and payments without entering any personal information.
When ready to apply, consumers complete a five-minute online application and receive an online approval decision within 15 minutes during regular business hours. As soon as 24-hours after the application is approved, the customer will receive an E-Loan PowerCheck, which works just like a personal check and can be made out to an auto dealer, private seller and/or the vehicle lien holder for up to the approved loan amount.
“When you consider that a vehicle is sold nearly every minute on eBay Motors, the need for an efficient financing option is critical,” said Mark Lefanowicz, E-LOAN’s president and COO.
E-Loan provides access to mortgage, auto and home equity loans.
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