Auto loan or not?

[Anonymous]

Long story short my car was totaled on the highway early this month and I'm waiting on the settlement check which is not much ($1500) but I'm trying to get something simple like a $5,000 loan and I keep getting turned down.. I could see like a $30k loan but come on a little tiny $5k loan?

I tried wells fargo auto loan since I've been with them since 1992 as a bank but got denied by them... I work two jobs so I need to have transportation, tomorrow is the last day for the rental I have.

[Creditaddict]

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@Anonymous wrote:

Long story short my car was totaled on the highway early this month and I'm waiting on the settlement check which is not much ($1500) but I'm trying to get something simple like a $5,000 loan and I keep getting turned down.. I could see like a $30k loan but come on a little tiny $5k loan?

I tried wells fargo auto loan since I've been with them since 1992 as a bank but got denied by them... I work two jobs so I need to have transportation, tomorrow is the last day for the rental I have.

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it's WAY WAY easlier if you are not a member of a credit union to get financing at time of buying the car then applying directly with the bank.

you should also take note that Wells does not care about customers being with them for long time and find a new bank now! (side note that they just suck)

what is your credit score though?

what's on it?

why are they declining you?

with things like cars, a lot of time spending more and getting newer and lower miles is actually easier to get approved for than less (what car can one buy for $6500 that a bank wants to finance for?!) you have to look at it that way... it's going to have over 100k miles most likely

go newer

[Anonymous]

The car is a 2005.. i don't want to go any higher then 2007 and I would be adding about $1k extra along with the $1500

My credit score is around 550 if I last recall with some dings on the report.. Wells fargo did not say all it said was:

Thank you for submitting your auto loan request to Wells Fargo.

Unfortunately, at this time we are unable to help you with your request.

Thanks again for choosing Wells Fargo.

really to be honist I really don't want a loan period but I need transportation.

[Creditaddict]

with bad credit you actually have to go newer to be able to get financing.

2005 what? with how many miles?

look at it from a lender view

lend you $5k to buy a 10 year old car or lend you 12k to buy a brand new car!!

Go get the cheapest Ford, Kia, Hyundai, Chevy model made and I bet you can get yoursel financed and the payment will probably be just the same you are loooking at with your $5k loan just much longer.

rate will be terrible but start working on whatever is going on with your credit and refi it in under 1 year.

[Anonymous]

A 2005 Subaru Legacy GT the miles are between from what I seen 90-134K

Also credit unions I'm not too sure they would help me given my situation I'm in.

I work part time so I don't make much in a year, plus the newer the car the higher the monthy payments

[Creditaddict]

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@Anonymous wrote:

A 2005 Subaru Legacy GT the miles are between from what I seen 90-134K

Also credit unions I'm not too sure they would help me given my situation I'm in.

I work part time so I don't make much in a year, plus the newer the car the higher the monthy payments

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you think a credit union won't help you but you went to WELLS FARGO!

sigh, you have this backwards, credit unions are usually smaller, more personable, can look at the situation and work with you.

you need to get yourself a loan calculator too (you are not breaking down the numbers, you are just looking at the numbers)

$5k x 24 months at 15% = $242.43

$10k x 48 months at 15% = 278.31

$15k x 72 months at 15% = $317

not saying it's great that you will have 4,5,6 year loan but if you are buying 10 years old for 2 or 3 years why not buy brand new and pay for 4-6 years...

[guydiver]

Another thought.  Maintenance and repairs on a high mileage vehicle can eat you alive in the long run.  You could most likely pay out more per month once you figure that into the equation.  Possible look into CPO(certified pre-owned) also.  They usually have decent warranty left with lower miles and less maintenance, and a lower initial investment than new. MIght be slightly easier to get financed than new also.  Good luck.

[Anonymous]

I do all my work on my car and saved myself thousands of dollars my next Subaru would be my 6th, had I not got rear ended I was 29,000 miles away from hitting 300,000 miles.

You see when you are at the score level it's like why bother doing or appling for loans when you will just hear the same denied over and over again

[guydiver]

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@Anonymous wrote:

I do all my work on my car and saved myself thousands of dollars my next Subaru would be my 6th, had I not got rear ended I was 29,000 miles away from hitting 300,000 miles.

You see when you are at the score level it's like why bother doing or appling for loans when you will just hear the same denied over and over again

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Well that is a different deal altogether.  AWD vehicles can be a beast to maintain, but you already know the territory.  Finding a vehicle that has a good maintenance history with higher miles would obviously be your best option then.  We got my wife a nice Hyundai Sonata that was two years old with 30,000 K.  I maintain it meticulously under the hood, brakes, tires, etc.  It still runs like new at 125,000 miles now.  I'm like you though.  Nobody can do it better than me!  Good luck with your search.  I think you might have a shot with a credit union though. 

[Anonymous]

I'm looking at my score here now

Exp: 554

Equ: 541

Trans: 541