topic hey everyone need help i applied for Wells Fargo auto Loan here is the results in Auto Loans

hey everyone need help i applied for Wells Fargo auto Loan here is the results

Anonymous — Sun, 22 Mar 2015 20:42:12 GMT

I got this message from WELLS FARGO ONLINE AUTO LOAN APPLICATION

Congratulations!!!
Your loan application has passed our initial criteria for approval.

My fico for TU is 654. I have 1099 Form self employed. I have insurance quotes ready to go. Vehicle is for sale for $8000 I asked for 12K (just in case I look at another vehicle) upon application.

Vehicle is a construction van for self employed use only.

Does this mean I am approved.

Re: hey everyone need help i applied for Wells Fargo auto Loan here is the results

ecxpa — Sun, 22 Mar 2015 21:19:48 GMT

It means you passed step one of whatever number of steps! Sounds like conditionally qualified to me rather than approval. Generally an approval would include the amount and terms/conditions.

Re: hey everyone need help i applied for Wells Fargo auto Loan here is the results

Anonymous — Sun, 22 Mar 2015 22:02:04 GMT

Wow it sounds like step one is the easy part now I need to validate my income geez these ppl r tough. I put I make 30K a year I actually have proof that I made less than that oh well this is the outcome of self-employed

Re: hey everyone need help i applied for Wells Fargo auto Loan here is the results

guydiver — Wed, 25 Mar 2015 20:03:50 GMT

@Anonymous wrote:
Wow it sounds like step one is the easy part now I need to validate my income geez these ppl r tough. I put I make 30K a year I actually have proof that I made less than that oh well this is the outcome of self-employed

You may still be fine considering the low $ amount requested. WF is a bit finicky at best. Probably lots of red tape, but you have a foot in the door. Let us know how it turns out, and good luck to you.

Re: hey everyone need help i applied for Wells Fargo auto Loan here is the results

Anonymous — Thu, 26 Mar 2015 23:42:41 GMT

Thank you guydiver.

update on my auto application. They verifyed my income everything was good , they just needed to wait 3 days for results. Today I just received a call from Wells Fargo customer agent "Congratulation your approved for $12000" however the intrest is 13.75% Apr my fico was 654 does that sound about right? I'm happy that I'm approved though but 13.75% I guess it could have been worse

Re: hey everyone need help i applied for Wells Fargo auto Loan here is the results

guydiver — Fri, 27 Mar 2015 12:31:16 GMT

@Anonymous wrote:
Thank you guydiver.

update on my auto application. They verifyed my income everything was good , they just needed to wait 3 days for results. Today I just received a call from Wells Fargo customer agent "Congratulation your approved for $12000" however the intrest is 13.75% Apr my fico was 654 does that sound about right? I'm happy that I'm approved though but 13.75% I guess it could have been worse

Yes. That is a bit high for sure. I assume their risk model, internal or otherwise, puts you at a higher risk. This is a tough one. WF may be one of the few places you can secure financing. But, the good thing is, you can minimize your interest paid by paying more than the amount due, and by financing the least loan term you can afford, say 36 months instead of 48. Then, when your scores improve, say 6-12 months, you can secure other financing. I am a big fan of credit unions. So this one is up to you. A bird in the hand, or the one in the bush? Congratulations, and good luck to you.

'diver