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

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

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.
Message 1 of 6
5 REPLIES 5
ecxpa
Valued Contributor

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

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.

Message 2 of 6
Anonymous
Not applicable

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

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
Message 3 of 6
guydiver
Established Contributor

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


@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. 

Message 4 of 6
Anonymous
Not applicable

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

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
Message 5 of 6
guydiver
Established Contributor

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


@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 

Message 6 of 6
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