I finally found the vehicle I want to purchase, but im in a pickle. All the used vehicles I purchased before were under $10k and I paid cash. All the new vehicles I purchased, I easily got financed and their all paid off. The vehicle I want to purchase is from an individual and this is my first time purchasing a used vehicle over $10k. The price of the vehicle is $25k. I to Wells Fargo earlier today and they told me my credit score is 776 out of 800, but I haven't heard back from them yet and Im worried that my low income ($1,500 per month) is not sufficient for the loan. If Wells Fargo turns me down, does anyone know a bank that could easily give me a loan based on my credit? I really want to purchase this vehicle asap because it's such a great deal.
There are credit unions that might be worth looking into... membership in some is based on where you live/work. http://1stservicecu.com/ To be eligible to join this one, you just have to live, work, or attend school in any part of Harris County... (or be employed by one of their corporate partners). http://www.1stservicecu.com/about/fom.htm
With your high credit score, and finance history with other new cars, your income level probably wouldn't even be verified by the bank, although Im not necessarily encouraging you to lie on the application.
No offense dude, but are you a drug dealer? Buying cars with cash, low reportable income. Don't tell me you're buying an Impala on dubs with candy paint. Who else can afford a 500 dollar car payment on 1500 a month?
If Wells Fargo turns you down you should head to your local credit union. I have a good feeling that Wells Fargo will give you the loan and not even ask for proof of income because of your high credit score and previously paid off autos, but Wells Fargo is a bank known for verifying everything. It shouldnt be hard to get that vehicle financed if Fargo dont give the loan to you. I have experience in this kinda crap as I have been the finance manager for 2 family based car dealerships we own. I think your in the clear
Isn't it also usually the case that you'd stand to get a better rate on the loan through a credit union than at a bank?
What exactly is the difference between a credit union and a bank? They both have savings and checking accounts, loan and financial services, give out credit cards, etc...
I think the difference is you just get more benefits. I've always belonged to a credit union so I'm not sure. I don't have any type of fees for things like checking accounts or any minimum balance requirments. There could be more to it though so I'd love to hear if somebody else has more info.
almost all credit unions are non profit and have a range of customers that can only be provided to if they live or work in a certain area of town. As for banks, they can sell shares of stock to investors, which allows them to raise more money to expand.
Long story short, I have a couple of business loans under my name that is a significant amount. I did not report the rent I collect from these properties as income and Wells Fargo did not approve the loan. Looks like Im going to have to source the money for this vehicle elsewhere
If you're really Chow Yun Fat, couldn't you just intimidate the hell of the guy and drive off in his car? Sounds easier at this point...
I didnt report it to Wells Fargo. I spoke to the loan officer for three hours and he knows my situation completely. I followed his advice/guideline since this is my first time applying for a used car loan for private party sale. I figured if the loan officer didn't tell me that I needed to report the rent I collected as part of my income, it was ok. I guess I should of made that clearer so assumptions wouldn't be made. Second, its not bragging, Im explaining the reason why I was declined.
They had a representative contact me and I explained the situation to her. There is only one way I could be approved for the loan and I would need to contact my cpa (who happens to be out of town for another 1.5 weeks) and have him fax over some documents to them. I want to purchase this vehicle ASAP before the buyer gives up on me and decides to either trade in the vehicle or sell to someone else. Im just going to borrow money from family and buy this vehicle. Less headache and hassle.
