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Cellice
Posts: 148
Registered: ‎07-04-2012
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Re: Wells Fargo Auto Loan with 590 FICO

Unless you need a new car REALLY bad I would recommend you focus on paying down your collections, saving for downpayment and getting your utilization limited to 1 card below 10%. That will help get you a stronger rate which will also save you money.

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Revelate
Posts: 9,485
Registered: ‎12-30-2011
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Re: Wells Fargo Auto Loan with 590 FICO


CreditGuy03 wrote:

How much should one put down on average with bad credit scores (534-560)


Kinda old thread; however, 20-30% depending on lender.  The more the merrier really.  Was literally told by a Wells UW: "Well, I guess I have 13,000 reasons to approve you" for a loan of 21k, and that was pretty much it.  I probably didn't have to put down quite this much, but I needed a car, and the favor (car loan that reports with a junk report, 551 auto EX) so I simply threw as much as I could afford at it.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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mschang
Posts: 139
Registered: ‎06-10-2012
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Re: Wells Fargo Auto Loan with 590 FICO

my score was in the low 500s when i applied for a car loan and i didn't need a down payment per se.

 

wells fargo was willing to lend up to 23K but that plus my down payment just happened to be enough to pay for the car. weird thing was after wells fargo approved me i was already signing papers and wasn't asked about a down payment (which was 8K) until later so i don't know what would have happened if i didn't have one.

 

actually i think i was a little short because the finance guys had to lower my interest rate by 1% in order to make the loan amount and down payment work. very bass-ackwards


Starting Score: EQ FICO 588 EX FICO 587 TU FICO 588
Current Score: EQ FICO 660 EX FICO 642 TU FICO 606
Goal Score: 680
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dobirdsmommy
Posts: 227
Registered: ‎02-29-2012
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Re: Wells Fargo Auto Loan with 590 FICO


mrcrush20 wrote:

WFDS can and will dip to the under 600 subprime from time to time

 

but to do so the structure of the loan must be favorbale to them and you 

 

the zero down is ok if you are buying the car at 11k and will owe 12.5 K and the car is worth 14K

 

you need to better the look of the loan to get approved by them

 

question why WFDS ?

 


+10000

 

WF will go down below 600 with special circumstances.  The car basically gets the loan NOT  the person. I went thru the same thing. I did not get my loan, my car got my loan for me. Now that I am working part time in this industry I am learning more and more that is the truth

2011 starting score 383 pull for Santander, EX 639, EQ 669, TU 651 (lending club pull)
Wallet:ME: 750 Cap One, 5k Quicksilver/rewards, 750 Capital one, Gamestop CC 1150, 2370 FH, Santander Car 9.6k/15k, Chase Auto Loan 12/16k, VS 1150, BH 1020, Express 1000, Avenue 750, JCrew 800, HSN 1070, Torrid 700,Roamans 800, Jessica London 940, kings direct 800, Buckle 800, OSP 1050, WW 1050, Solutions 800, Blair 750.. baddies: 2 FP CO 08,
DH: 750 Cap One 750 Cap One 750 capital one fh 2000, AU - VS, BH, HSN, QS 5k
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dobirdsmommy
Posts: 227
Registered: ‎02-29-2012
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Re: Wells Fargo Auto Loan with 590 FICO


CreditGuy03 wrote:

How much should one put down on average with bad credit scores (534-560)


I got a 09 Versa with 1800 down in 10/11. my score was less than 500. Santander approved me. I know everyone has bad experiences with them but honestly I pay before my due date and I have NEVER had any issues with them.

2011 starting score 383 pull for Santander, EX 639, EQ 669, TU 651 (lending club pull)
Wallet:ME: 750 Cap One, 5k Quicksilver/rewards, 750 Capital one, Gamestop CC 1150, 2370 FH, Santander Car 9.6k/15k, Chase Auto Loan 12/16k, VS 1150, BH 1020, Express 1000, Avenue 750, JCrew 800, HSN 1070, Torrid 700,Roamans 800, Jessica London 940, kings direct 800, Buckle 800, OSP 1050, WW 1050, Solutions 800, Blair 750.. baddies: 2 FP CO 08,
DH: 750 Cap One 750 Cap One 750 capital one fh 2000, AU - VS, BH, HSN, QS 5k
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mtrsprt
Posts: 308
Registered: ‎07-27-2011
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Re: Wells Fargo Auto Loan with 590 FICO

Always put down as much as you can. 

 

Wells Fargo got me the lowest interest rate on my current 2013 Mustang Boss 302.  4.14% with a measily 632 credit score.   I put $19,000.00 down though.


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 719 TU, 709 EQ, 711 EX on 6/07/2014
Goal Score: 720-740 Across the board


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cmfoster
Posts: 1
Registered: ‎04-22-2008
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Re: Wells Fargo Auto Loan with 590 FICO

Im confused as to what car lenders UW guidlines are... I have a 567 transunion (wells fargo pulled this one) and 633 Equifax (santander and a few others pulled this one). None of the other banks, including Santander would touch me but somehow wellsfargo is doing my loan with 0 down at 11.25% on a 23k loan. The car is older, 2005 Nissan Titan. I'm afraid I will never understand their guidlines. 

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mtrsprt
Posts: 308
Registered: ‎07-27-2011
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Re: Wells Fargo Auto Loan with 590 FICO

Wells Fargo is growing fast.....

Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 719 TU, 709 EQ, 711 EX on 6/07/2014
Goal Score: 720-740 Across the board


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mtrsprt
Posts: 308
Registered: ‎07-27-2011
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Re: Wells Fargo Auto Loan with 590 FICO

0% down is your worst enemy in the autmotive financing industry..  Don't forget it.


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 719 TU, 709 EQ, 711 EX on 6/07/2014
Goal Score: 720-740 Across the board


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sk84lif3
Posts: 1
Registered: ‎01-02-2013
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Re: Wells Fargo Auto Loan with 590 FICO

hello all, my name is cristian i am 17 years old. i work for atleasr 7 8 months and im looking for a loan of 7,500. i am about to be a dad and i been lookin for my second car that i eally will need but the only thing i owe is couple tikets. does anybody think that it can happen with the loan?

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