Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

What qualifications do you need to get a succesful auto loan from wells fargo?

Heres a little inside info, im 18 and new to this kind of stuff, I need to get into a car fast but dont want to go to one of those tote the note places.I dont think i have any credit, i think. And im only bring in about 1200-1400 monthly. What do i need to get this. and if i cant, whats the best alternitive.

Update:

Oh man this doesnt look good, a parental co-signer doesnt look good cuz she has REALLY bad credit.:( I totaled my car last weekend in a freak nature accident(sorta) and i work like 28 miles away from home.What should i do? If a auto finance wont work, do i have any other options?

8 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    Chances are if you are 18 you really don't have a credit file, so Wells Fargo will not give you the loan. However if one of you parents would co-sign the loan then they would, providing your parents have a good credit score.

    It's hard to establish good credit when your young because you don't have credit so no one want to give you any credit. If you need to establish a credit history, and a real good on DON"T get a credit card.

    Go to your bank, take in lets say $1000.00 and go see the loan officer. Ask the loan officer if he would loan you a $1000 Dollars on a $1000 Dollars of collateral. Take the $1000 you brought in and give it to him to put in a 12 month CD and use the CD to secure the loan.

    Now, make you loan payments for 6 month on time, preferably direct transfer from your account, and ask him to refinance the $1000 dollars again on the say CD as collateral. If you do this about 3 times over 18 months and never miss a payment this will definitely drive your credit rating way up. And it establishes good payment history at the bank. At this point if you are still working at the same job the bank will most likely lend you the money to buy a new car, even though it would be cheaper generally to finance with the car dealer. They usually have a interest rate of 2.9% for 60 month verses 6.75% for 60 Month. Oh I forgot to mention, that the loan you took out, well with the money in the CD will offset the interest from the loan all but about 2.3%.

    Good Luck

  • 5 years ago

    1

    Source(s): Get Car Loan Instantly : http://carloan.trustdd.com/?eGZC
  • Anonymous
    6 years ago

    This Site Might Help You.

    RE:

    What qualifications do you need to get a succesful auto loan from wells fargo?

    Heres a little inside info, im 18 and new to this kind of stuff, I need to get into a car fast but dont want to go to one of those tote the note places.I dont think i have any credit, i think. And im only bring in about 1200-1400 monthly. What do i need to get this. and if i cant, whats the best...

    Source(s): qualifications succesful auto loan wells fargo: https://tr.im/Nvkr7
  • Anonymous
    7 years ago

    I'm certain that you might find all financial solution at= loanhome.info-

    RE What qualifications do you need to get a succesful auto loan from wells fargo?

    Heres a little inside info, im 18 and new to this kind of stuff, I need to get into a car fast but dont want to go to one of those tote the note places.I dont think i have any credit, i think. And im only bring in about 1200-1400 monthly. What do i need to get this. and if i cant, whats the best alternitive.

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 decade ago

    Well, you're main problem is that you are too young to have established a credit line that a reputable company will require. Some companies will even deny loan requests if you have excellent credit but an excessive amount of student loan debt ( even if you've always paid), so just keep that in mind as well. Also, most companies want to finance loans for at least $7,000 and up with intrest based on your credit score. Based on your age, income, and lack of credit...it dosen't look good.

    Source(s): Personal experience in 2006 buying a car at the age of 24.
  • Anonymous
    5 years ago

    Lemme guess...you had filthy pathetic credit back in the hey day of easy credit and you didn't weigh the pros and cons of a long-term loan with garbage interest rates? Yeah, now you see why that bout of myopia has bitten you pretty badly. Considering your admitted issues with budgeting, this would not surprise me. Of course, you are going to get ROFL'd at when you ask to refi. You owe like 3x what that CRV is worth on your loan. You need money down to cover that before anyone will even listen. Why be stressed? Enjoy your decision. If you want that vehicle to be yours, well, it's obvious. Pay off the loan as you agreed to when you signed that contract. This is not rocket science. In all of our eyes, that is when that CR-V will belong to you. So...what did you really want to know? You've not really asked anything here that calls for a legal solution that isn't obvious.

  • 1 decade ago

    Auto finance is what I do for a living and wells Fargo requires at least a 540 score, they only look at Transunion and you need at least on existing trade line paid 18-times like a car, boat, furniture, home or personal loan.

    Source(s): Finance Manager for a car dealer for over 7-years.
  • 1 decade ago

    Stay away from tote the note if you can. The rates are out of control. Your income is low, but make sure you include everything you can from roomate income, to familu support to grants. They may not count it, but it can be counted as a compensating factor. Of course decent credit is must...check out myfico.com for info on credit scoring.

Still have questions? Get your answers by asking now.