Wells Fargo pre approval email

[wyattm]

Hi there!
I applied online for a used car loan through WF and received a congratulations you've passed the initial criteria email. Just wondering if anybody else has had this experience an what was the outcome.
Thank you!

[SamsungHDTV]

Sounds like you qualify based on basic credit standards such as credit score, income, dti, etc. 

Things that can still disqualify you are probably vehicle restrictions (such as too old, too much miles, etc), or if you don't have documents they request to verify what you put on the app.

I haven't had the experience, but I think this is what it means.

[Anonymous]

I got the same email after applying online with Wells Fargo for a $20,000 auto loan. I have been a customer of theirs for 15+ years and currently make $66k a year. I received a call from an underwriter informing me that I was approved on the basis that I would need a cosigner. Other than that I would be declined. DCU however offered me the same loan with probably a better APR than Wells Fargo would have.

[wyattm]

That's ironic. I had the same thing happen today and it was because I had no prior auto loans on my report. I will have to look up DCU and give them a try. What credit bureau do they pull do you know? Gib68sg

[Anonymous]

Wells Fargo pulled Transunion

DCU pulls Equifax - once for membership and once for auto loan/personal loan/credit card

675 EQ score will get you their lowest rate and I think its something like 580 to get membership approved. They usually require supporting documents, ie. drivers licence, proof of address, proof of income, SS card. 

[wyattm]

gib68sg would you happen to know how low they will go on credit score for auto loans? I just pulled my EQ from here and it's much lower than I anticipated. Some of my stuff is not reporting correctly.

[Anonymous]

From what I have seen, a 620 EQ is the lowest they'll go. I believe that will get you 11.24% up to 60 months and 11.74% any higher.