Wsf Financial Vs Wells Fargo Car Approval

[invest1choice]

Okay we had been aproved at Wells Fargo " 0 " Down 16.85% rate which is high ..
However WFS Finacial denied us however they will be mailing a letter in 5 days how nice. LOL...
I was under the impression it was harder to get with Wells fargo verses WFS .. I guess in this case NOT... .

Do you think getting a car loan REBUILDS your credit FASTER than a credit card example orchard ? My Husband has no fico they say....
My plan was to get this car 2002 Mitsubishi montero sport has 76000 miles (which is high) .. it is at carmax.. total price will be around $11,000 ... But refinance it in 6 months ....
We can try to hold out with this one car with no payments just not sure how long it is going last .. has some issues 96 dodge intrepid 170,000 miles...

[invest1choice]

Rebuilding your credit with a car loan ?
I was told that it does not matter interest rate being 16% to 20% it is only a couple of dollors to 20.00 a month..

So we are tempted on taking the 20% interest and hoping to refinance this vehicle with a credit union in 6-12 months after we establish our credit more payments 323.00 a month ..

If anyone can help me with interest rates they are paying I would probably feel better hopefully

[tinroofrusted]

Rebuilding your credit with a car loan ?
I was told that it does not matter interest rate being 16% to 20% it is only a couple of dollors to 20.00 a month..

So we are tempted on taking the 20% interest and hoping to refinance this vehicle with a credit union in 6-12 months after we establish our credit more payments 323.00 a month ..

If anyone can help me with interest rates they are paying I would probably feel better hopefully

Good luck with that credit union thing... mine won't touch ANYONE unless they are at LEAST two years post BK with rebuilt credit.

[invest1choice]

Thats a dealer talking I guess...
I just called a credit union and they said to refinace ina year it could happen but we have to really establish credit .. pay on time of coarse. He said the montero because we are getting for 11,000 and nada is 13,000 we should be okay.. But I guess it is always a chance ... He did say a new car would definitely be a BAD idea ... In this situation..

[tinroofrusted]

Thats a dealer talking I guess...
I just called a credit union and they said to refinace ina year it could happen but we have to really establish credit .. pay on time of coarse. He said the montero because we are getting for 11,000 and nada is 13,000 we should be okay.. But I guess it is always a chance ... He did say a new car would definitely be a BAD idea ... In this situation..

NO.

This is from the credit supervisor at my credit union. I went out of my way to arrange to meet with the lady....

[BassBoy]

I was the opposite. Wells Fargo turned me down and WFS approved me. One thing to consider when looking for an auto loan after BK is that the creditor looks at your past payment history, whereas in my case, I surrendered a home, so the payments are 180 days late (has not been foreclosed yet)....so....that plays a huge part in getting approved or denied, which was probably why Wells Fargo denied me credit.

[invest1choice]

Tin..
So are you saying NO WAY . That this will not happen with a credit union?

I appreciate that you checked into this

I knew not to get my hopes up...

[Roadrunner]

Every credit union will be different-they each make their own rules.

I don't know if I posted this before-but we were able to refinance our used car loan thru our credit union recently (so under 1 year post bankruptcy still) for under 10%.