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Where to get a loan?

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Anonymous
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Where to get a loan?

I am a senior in college at the moment and have secured a job starting in June after graduation. However, my car just died and I am in need of new one asap. I have 2 years of perfect credit history and my scores are in the high 700s. I have a credit card with WF and capital one. I bank with Wells Fargo and have a large account balance.  should I apply for a loan through them? Will anyone give me a loan even if I have not started my fulltime job yet? I work part time for the school now and make between $600 and $1200 a month. Really need some advice.

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Creditaddict
Legendary Contributor

Re: Where to get a loan?


@Anonymous wrote:

I am a senior in college at the moment and have secured a job starting in June after graduation. However, my car just died and I am in need of new one asap. I have 2 years of perfect credit history and my scores are in the high 700s. I have a credit card with WF and capital one. I bank with Wells Fargo and have a large account balance.  should I apply for a loan through them? Will anyone give me a loan even if I have not started my fulltime job yet? I work part time for the school now and make between $600 and $1200 a month. Really need some advice.


Credit scores will get you EVERYWHERE when it comes to a car loan...

Are you looking to purchase new or used?

The chances they ask for any income verification is slim to none so I would state your current company for the job you do with the salary of your new job.

Message 2 of 4
Anonymous
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Re: Where to get a loan?

Probably looking to buy a used model accord or similar no more than $25k

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Anonymous
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Re: Where to get a loan?

There's a million answers to that. depending on what your actual other fico versions are. If you have a great fico 5, DCU is where its at in my opinion, i just got approved with them for 2.74 and it's gonna drop down to 2.24 in 6 months. However, i did have to supply a paystub with them, not sure if they would for you since your score probably blows mine out of the water. My last credit uniion also asked for paystub so i'm not sure that it's the case that they don't always need income verification. 

A little more helpful info would be how big your credit lines are, and how long each has been opened. no one's going to give you a loan even if you're in the 700's and your 2 credit cards are for $500, with one being open 2 years and the other being 1 year. 

 

also in regards to income, i was approved for 33k making roughly 45k so that should give you somewhat of an idea of what total amount you will be approved for.

 

Take the capital one auto navigator for a spin, it doesnt affect your credit at all and gives you an idea of what rates you'll get. It will eventually require a paystub, but you're by no means locked into anything, and again, WILL NOT AFFECT YOUR CREDIT SCORE(again this is the capital one auto navigator, don't fill out the APPLIATION FOR AUTO LOAN) THE AUTO NAVIGATOR HAS LITTLE POP UP WINDOWS THAT SAY 'THIS WON'T AFFECT YOUR CREDIT SCORE' OR SOMETHING ALONG THOSE LINES. 

 

Last line shouldn't be in caps, but im too lazy to retype. 

 

Edit: last year my girlfriend got a loan in your situation, making roughly 1000 a month, they approved her for 11 grand with our credit union. Generally you don't want to use a bank when a credit union will blow them out of the water. Maybe make a call to DCU and explain to them that you're starting a new job lined up. At the very least you'll know if paystubs are always required with them or not. It won't hurt to call at all. 

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