Everyone's credit situation is different but our chapter 13 was discharged late August of 2014 and my husband got an auto loan through Wells Fargo for around $28,000 for a new truck at 4.99% on November 1st of same year. He had a decent trade in so maybe that helped. Then in Feb 2015, I financed a used car for my daughter, also through Wells Fargo, for 10,000 with 3,000 down. I was given the same 4.99% rate.
I think if you gave reestablishing your credit a little time, you'd get a much better rate. Our CH13 was filed early 2010 so we had a few years for it to age not to mention we had no late payments prior to filing. I would suggest holding off if you can.
@Anonymous wrote:
So I'm one week post discharge will be starting a job in 2 weeks and thinking about a car and car loans. For fun since I never banked or had CC with wells fargo before ch.7 I decided to apply for a Auto loan with them and what spit out was Approval that said. Congratulations, we have determined that you are credit eligible. Choose the annual percentage rate (APR), monthly payment, loan term .... During the application I put in $25,000 as loan amount.
What i saw was 24-72 months at 13.40 %. This isnt great but isn't horrible considering people with bad credit pay 25%. I cannot join any credit unions in NYC. So has anyone had a similar situation with wells fargo or does anyone think this is a good rate considering one week post ch.7? not saying that I'm gonna buy a car tomorrow just wondering if this is good rate considering
thanks.
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