Nobody ever used in the Wells Fargo Auto Finance?

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Has anyone ever used a Wells Fargo auto fiance is missing or not so good credit? If you did, you need a cosigner? How was the cosigner on your loan? I talked to a representative. today, and they were very nice and I was told I could get a loan of $ 6,000 credit history when I was a co-signer, with year as a car loan or mortgage payments. Are they a good deal? How easy is it to get approval and what the approval process? How long will it take to get the car?
Ok, so I have terrible credit, but I have no bankruptcy, judgments, foreclosures or repos. I make a car payment of $ 3,500 to use. I do not know exactly which car, but my dealer about the conversation they told me my payments would be at least $ 300 per month. Now I work in the mortgage industry, and I understand. I understand that the interest rate, they ask you can be outrageous (probably about 20%, due to my credit). They quoted me something is not official yet, but I want to be ready. I am interested in buying a car that costs less than $ 10.001. So my amount financed is $ 6,500 or less. I did not go through all this with the dealer at the beginning, I told him I wanted to or less than 250 payments, and some features I was looking for a car, and he told me, that would probably not be seen võimalik.Olen its inventory, and I know that car is $ 10,000 or less. My question is whether the reason that the bank forced me to buy a more expensive car because my credit? that makes no sense to me.

6 Comments
  1. Reply
    ry4n
    February 16, 2011 at 11:35 am

    I used them once years ago, back when my credit score was pretty bad (I hadn’t found 100 Points in 100 Days yet so I was pretty clueless about credit lol), and had great results.

    I don’t really remember all the details, but I never had a problem, and the rates were very competitive. Even though I had iffy credit, I got approved, and was sent the information I needed to buy the car instantly. I was able to go get it the next day.

    Good luck! 🙂

  2. Reply
    xx_satanic_mechanic_xx
    February 16, 2011 at 12:29 pm

    No, the bank wont require you to buy a more expensive car. they may require you to buy a cheaper one though, so that the debt to value ratio is better.

    As to the interest rate, don’t be surprised if it is the statuatory maximum for your state. In some states, that is 29.99%, in some it is 24.99%. If you credit is as bad as you say, you may well be hit at that rate.

    Try lendingtree first. Go to http://www.lendingtree.com and fill out an application. They will get y ou 4 approval calls, so you can pick the very best one. The advantage being you might get a better rate. But even if you don’t, you will go in knowing exactly what your payments will be, and what price range you are in. It makes the process a thousand times easier.

    Good luck

  3. Reply
    mccoyblues
    February 16, 2011 at 12:52 pm

    Of course it doesn’t make sense but you are at the mercy of the predators who call themselves dealers and lenders when you walk in with poor credit and your only concern is a low monthly payment.

    NEVER shop for a car based on the payment. Shop for a car based on the actual selling price and shop for a loan based on the interest rate and terms. They can juggle the contract any way they wish to get your payments in your range but the important sections, (interest rate, terms, length of loan) will all be in their favor.

    Don’t play into the bad credit loan scam. Take your $ 3500 and go pay cash for decent used car.

  4. Reply
    Jim
    February 16, 2011 at 1:46 pm

    There are two great answers before mine, but if you are buying a car for 10K, the value of that car is probably 7K. Also if you are buying a car for that price the lender will probably only go 36 months.

    Now add tax, title, license and a high interest rate your payment will be around $ 300 a month.

    Sorry,

    The idea of buying a private party car for your cash down makes sense until you rebuild your credit.

  5. Reply
    N
    February 16, 2011 at 2:40 pm

    What you will face is, in addition to the high interest rate you will overpay for the car.

    They may not tell you this but it happens. For example, you might pay anywhere from $ 1000-3000 more to compensate them for the excess risk.

    Even with $ 3500 down.

    You aren’t really in a position of strength here. Most people with bad credit take what they can get.

    You are going to end up with a bad deal no matter who you buy from unless you be smart and spend no more than the $ 3500 you have in cash.

    Bottom line is even 29% and $ 3500 down doesnt compensate the dealer enough for the risk they take if they never see you or the car again. Thus, you may get a $ 7000-8000 car for $ 10,000 at 29.9%.

    Just spend $ 3000-3500 from a private party and be done with it. Then pay yourself the $ 300 a month you intended to spend on the car.

    In 2 years you will have $ 7200 plus your trade plus some interest and you can get something nicer, again with cash.

    There are no reasonably fair deals when you have bad credit. Its bad or really bad.

  6. Reply
    George
    February 16, 2011 at 3:01 pm

    Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.yoll.net

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