E-Loan, an online consumer direct lender, will work with eBay to provide financing for automobiles and motorcycles purchased on eBay Motors, which delivers $11.1 billion in worldwide annualized gross merchandise volume.
The company said users of eBay Motors will be able to quickly and easily obtain financing for their vehicle purchases without vehicle inspections or appraisals. As fast as 24 hours after they apply, 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 they're ready to apply, consumers complete a 5-minute online application and receive an online approval decision within 15 minutes during regular business hours. As fast as 24-hours after the application is approved, the customer will receive an E-Loan PowerCheck. E-Loan's PowerCheck 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.
