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
“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.”
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Eric Schad
Answered on Jun 02, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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