Can i borrow money from wells fargo?
So, im trying to borrow 7k for the first time to buyba car. I make around 1500 a month worth of income and can pay them back up to 800 a month. Ive been a customer since 2015 but have no credit ,whatsoever. But, i know i can pay back forsure im even willing to pay the interest rate since its a huge help. Does anybody know if they just lend customers money for the first time?
What do they ask for?
- Anonymous4 years agoFavorite Answer
I don't think you'll be able to qualify for an auto loan of $7k with $1500 monthly income and no credit. You say you can pay them $800/month. What you should do is save up for a few month's if that's possible first and then your chances of qualifying are a lot greater. If that isn't an option you can get a cosigner that has established credit (parents) to get a good loan (low APR, no down payment). If neither of those are options, there's lenders that you can get money from but you'll end up paying like 20% APR instead of ~8% which is what an auto loan normally should be.
- Dan BLv 74 years ago
What you can pay ($800/mo) doesn't matter. It's what WF thinks you can afford based upon your income vs debt vs living expenses. Depending upon the interest rate, your payments will be about $200-$250/mo. Then you have to buy full coverage insurance - add about another $150/mo. Operating and maintaining the car add another $200/mo. You'll have to crunch your own numbers to see if you can REALLY afford a car.
- ALv 74 years ago
you are more likely to get a loan from a dealership although the rate will be high, before you take on any debt, you need to build up an emergency fund to cover 6 months of payments in the event of a job loss. if you pay 800 a month for a loan you also need to consider insurance, gas, tires. oil changes, maintenance, repairs
- Badge203Lv 74 years ago
Being a customer does not guarantee you a loan
Why are you asking us anyway, if you are a customer then you have a loan officer at the bank, ask him/her
No answer you get here will be accurate
One person here says "yes no problem"
Another says "No way"
So what is the correct answer? Only your loan officer will know
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- Ziff SpiffingtonLv 74 years ago
there is no way you can afford a $800 car payment on 1500/month income - that is INSANE and would never be approved - there will ALWAYS BE INTEREST to pay on ANY LOAN
- MadManLv 74 years ago
If you have zero credit it is unlikely that they will lend the money to you.