Question: Wells fargo private party auto loan question?

(Posted by: filipinoplyr23 on 2010-07-27 23:14:17)

Hi there. I'm trying to get a private party auto loan through Wells Fargo for $13.5k. My credit score is kinda low (in the 575 area) , but I'll have a cosigner who has a score of 630 or so. What are my chances of getting approved? We both have a relatively high income. Thank you.

Posted by: The Eagle Keeper on 2010-07-28, 00:41:02

High income means nothing. It's the ability to repay is all they are concerned about. Your low score suggests you've had some problems. Plus you can have a high income, but have lots of debts. They look at your current debt to income ratios when considering your loan. Lenders prefer to see 670-720 or so to give loans w/ o a co-signer. They also like 2 yrs or more at the same place of employment. I'd say your chances are 50/ 50 w/ a co-signer. Because even then they take into account the co-signer ability to repay if you cannot. There are way to jack your score up a bit. I suggest you work on that and try again later. Good luck!

Posted by: Theneelster on 2010-07-28, 00:56:52

High income and you can't pay your bills? They'll say no. That means you spend more than you take in. Meaning you need a HIGHER income to repay the loan. Besides...if you have a "high income " why can't you pay for the $13.5 outright? Wells Fargo is a nice bank...but they ain't retarded.