- November 10, 2011 at 6:37 pm #64246
My credit score is 641 and my car motor finally gave out. I am looking at getting a used vehicle in the 13-15000 dollar range. I am wanting to trade in my old car which is only worth around 500 or so with the motor not working. I have 3 accounts open currently with one paid off as of 2 months ago and the other two going to be paid off within the next 6 months. (davids bridal, zales, farmers furniture). I applied for an auto loan about 2 months ago from Capital One Auto Finance but was declined online. Thats when i did a credit check myself and got the 641 score and that my credit history is 2 and half years old. What are my chances that I can get approved for any type of auto loan?November 10, 2011 at 7:18 pm #278088
I work for wells fargo dealer services (auto finance division), I loan on cars all day long. A 641 credit score on a 13k-15k car is in our wheelhouse. I personally approve those all the time. Now there are other factors, like your debt ratios, income, loan to value(ltv), payment to income(pti), age of car and miles, depth of file, time on bureau, stability on job and at residence. Basically your ability to pay and the risk associated with your creidt history. Basically you didnt give enough info for me to give you an educated gues but i would say your chances are good. You should get approved by someone it just depends on if you like the rate and term or not. I would suggest asking the dealership if they do business with wells fargo and if so ask them to submit it to us. Worst anyone can say is no.
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