Wells Fargo Auto Loan with 590 FICO

[Cellice]

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.

[Revelate]

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@CreditGuy03 wrote:

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

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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.

[mschang]

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

[dobirdsmommy]

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@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 ?

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+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

[dobirdsmommy]

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@CreditGuy03 wrote:

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

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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.

[mtrsprt]

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.

[cmfoster]

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. 

[mtrsprt]

Wells Fargo is growing fast.....

[mtrsprt]

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

[Anonymous]

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?