Wells Fargo Auto Loan Advice

[Anonymous]

Does anyone here have experience going through Wells Fargo for an auto loan? I currently bank with them for my credit card, checking, and savings. Looking to purchase a used 2013 Jeep Grand Cherokee for about $17K, which is $5-6K under its blackbook value. Currently in to year 3 of an auto loan with Ally that I would be trading in, never missed a payment. I would net about $1.5K on the trade-in and would put down another $2K cash. Looking to get a 5 year loan with low interest to keep cash flow steady for other needs and investments. I Want to get out my current car (Chevy Tahoe) because the manufacture warranty expired (100,000 Miles) and I hate the close to $500 payment I make every month.

Other Things:

Current Scores: 660-670's across the board

Inquiries: 4-6 on each

Credit Accounts: 12

Total revolving Credit Limits: $55,000

Mortgage Payment: $0 (live with relative)

Income: High 50's

Debt-To-Income: currently around 23%

Thanks for the input!

[Anonymous]

Try pre qualify with capital one auto finance. It's SP and does no harm to credit to see if you can get a loan through them. Even when they give you vary interest rate with an amount you can finance mean your approved. The interest vary depending on amount you borrow from max amount.

[Anonymous]

I don't have an auto loan with WF but do checking/savings/credit through them.  This fall I made an appt with a banker at my local branch to discuss the possiblity of an auto loan in the future.  I specifically said I didn't want credit pulled & that it was just a discussion.  I brought in my myFico reports & details of cars I was looking at. The banker was able to give me some ballpark rates (nothing guaranteed of course) and pointed out a few pieces that would be a factor - in my case it was # of inq and an old late that'll drop off this spring.  It was info I pretty much guessed from my education here, but it was nice to have confirmation. The rates they quoted were a little high (4-6%) compared to what I've seen but not too bad.

[bigpoppa09]

A banking relationship means squat to wells fargo DW has been with them for 15 years they go mainly off of whats in the credit report not saying they wont approve u though.

[Anonymous]

They approved....at 12% hahaha. I went with DCU. They gave me 4% plus the option to lower the ARP when i purchase the vehicle if DCU likes the LTV based the model/make/year. It took me all of 1 hour to apply for the loan, set up a savings account, and upload the required document. They will overnight me a check whenever I find the vehicle I like. Their auto approvals are good for 45 days, so I can possibly take advantage of some good post Christmas deals as dealers scramble to hit their month-end quotas.

[Anonymous]

I used Wells Fargo a few years ago. I had no existing relationship with WF and ran them against BoA, Chase and Cap1, all of which I have Investment, Savings and Checking Accounts, and Wells Fargo came back at a lower rate than anyone else (It was 3.7% @ 60 months or 4.5% @ 75 months) on a $53K vehicle.