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?"
“There is no minimum score that you need to get approved by a lender. Approval depends on a number of other factors, including your:
- 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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