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Posted in Auto Loans
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Question By
mbard502

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auto loan question
My wife is looking to get a new car. Her credit score is in the 675 range. Her base salary is in the 36k range but her overtime (which is consistent) brings in significantly more. She will be in the 50k range. She currently has a mortgage in her name only, along with student loans that are in forbearance. Today she applied to Wells Fargo bank (My auto loan is through them so I suggested it to her) and received a answer that surprised me. They stated with her student loans, and credit cards in which she is an authorized user only, she is at 103% debt to income ratio. I completely understand how DTI works and she is nowhere close at 45% roughly. Anyhow, the vehicle she is looking at is in the 28k dollar range. The bank said they were only willing to lend 17k at 12%. I received a Wells Fargo loan at 5% a year ago with a lower credit score and higher debt to income ratio than my wife has. My question is this. Are we better off going to the dealer and letting them try to work out the financing or will we likely run into the same problem everywhere?

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Top Contributor
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I'd say go for it, since she already took the hard inquiry hit and now has a little time to shop around without further "dinging" her score. 

Top Contributor
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If you are having problems, then yes I would definitely go to a dealership, a dealership that advertises to work with multiple lenders for all credit situations may be the best.

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