What qualifications do you need to get a succesful auto loan from wells fargo?

Heres a little inside info, im 18 and new to this kind of stuff, I need to get into a car fast but dont want to go to one of those tote the note places.I dont think i have any credit, i think. And im only bring in about 1200-1400 monthly. What do i need to get this. and if i cant, whats the best alternitive.

What qualifications do you need to get a succesful auto loan from wells fargo?

Chances are if you are 18 you really don't have a credit file, so Wells Fargo will not give you the loan. However if one of you parents would co-sign the loan then they would, providing your parents have a good credit score.

It's hard to establish good credit when your young because you don't have credit so no one want to give you any credit. If you need to establish a credit history, and a real good on DON%26quot;T get a credit card.

Go to your bank, take in lets say $1000.00 and go see the loan officer. Ask the loan officer if he would loan you a $1000 Dollars on a $1000 Dollars of collateral. Take the $1000 you brought in and give it to him to put in a 12 month CD and use the CD to secure the loan.

Now, make you loan payments for 6 month on time, preferably direct transfer from your account, and ask him to refinance the $1000 dollars again on the say CD as collateral. If you do this about 3 times over 18 months and never miss a payment this will definitely drive your credit rating way up. And it establishes good payment history at the bank. At this point if you are still working at the same job the bank will most likely lend you the money to buy a new car, even though it would be cheaper generally to finance with the car dealer. They usually have a interest rate of 2.9% for 60 month verses 6.75% for 60 Month. Oh I forgot to mention, that the loan you took out, well with the money in the CD will offset the interest from the loan all but about 2.3%.

Good Luck

What qualifications do you need to get a succesful auto loan from wells fargo?

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What qualifications do you need to get a succesful auto loan from wells fargo?

Auto finance is what I do for a living and wells Fargo requires at least a 540 score, they only look at Transunion and you need at least on existing trade line paid 18-times like a car, boat, furniture, home or personal loan.

What qualifications do you need to get a succesful auto loan from wells fargo?

Stay away from tote the note if you can. The rates are out of control. Your income is low, but make sure you include everything you can from roomate income, to familu support to grants. They may not count it, but it can be counted as a compensating factor. Of course decent credit is must...check out myfico.com for info on credit scoring.

What qualifications do you need to get a succesful auto loan from wells fargo?

Well, you're main problem is that you are too young to have established a credit line that a reputable company will require. Some companies will even deny loan requests if you have excellent credit but an excessive amount of student loan debt ( even if you've always paid), so just keep that in mind as well. Also, most companies want to finance loans for at least $7,000 and up with intrest based on your credit score. Based on your age, income, and lack of credit...it dosen't look good.