Can I get an auto loan with Wells Fargo if my credit score is in the 600s?

"I want to get a new car, but I need financing. I bank with Wells Fargo and my credit score is in the mid-600s.

Will I get an auto loan with this credit score if I already have a relationship with my bank, or is there a minimum score I have to have?"

Answer provided by
Eric Schad
Answered on Jun 02, 2021
“There is no minimum score that you need to get approved by a lender. Approval depends on a number of other factors, including your:
  • Income
  • Debt-to-income ratio
  • Loan-to-value ratio
Lenders also have other determinants to see if you qualify for a loan. With a score in the 600s, you’re a borderline applicant. But if you have good income and little debt, and if you don’t buy a car that’s super expensive, you should be all right.”

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies