Unlike many lenders, Wells Fargo doesn’t let you apply for an auto loan directly. You’ll need to go through one of their 11,000+ partner dealerships, which makes it harder to compare rates or get preapproved before you start shopping.
Wells Fargo offers financing for new and used cars, along with refinancing options you can apply for directly online. They also support loans for some specialty vehicles, like motorcycles. This review breaks down how their auto loans work, what you’ll need to apply, and whether it’s the right fit for your next car purchase or refinance.
Wells Fargo Auto Loan Options and Restrictions
Wells Fargo offers auto loans through its network of over 11,000 dealerships. These loans can be used to finance new or used vehicles and start at $5,000. There’s no required down payment, though eligibility depends on your credit and the vehicle’s value.
Refinance loans are handled directly through Wells Fargo. Eligible vehicles must be less than eight years old and have under 100,000 miles. The bank does not finance commercial vehicles, salvage titles, conversion vans, or discontinued models.
Wells Fargo Auto Loan Interest Rates and Terms
Wells Fargo doesn’t list auto loan rates online. That’s because they don’t offer purchase loans directly—you’ll only get rate details after applying through a dealer. This makes it harder to compare offers upfront.
Loan terms for new and used vehicles go up to 75 months. Refinance loans are available in terms ranging from 24 to 72 months.
Several factors influence your rate:
- Credit score: Higher scores generally qualify for lower rates.
- Loan term: Longer terms may come with higher interest costs.
- Vehicle age and mileage: Older cars or those with high mileage may be excluded or carry higher rates.
- Loan-to-value ratio: A lower ratio may help secure a better offer.
If your credit score is low, you may qualify for refinancing but at a higher rate. Adding a co-applicant with stronger credit could help improve your approval odds and lower the interest rate.
Wells Fargo Auto Loan Fees and Limitations
Wells Fargo doesn’t charge application fees for auto loans, but rates and potential fees vary by dealership and loan structure. Because the bank relies on dealer partnerships for purchase loans, you won’t see rates or terms until after you apply.
There are also several restrictions:
- Minimum loan amount: $5,000
- Vehicle age limit: Must be under 8 years old for refinancing
- Mileage limit: Under 100,000 miles for refinance eligibility
- Vehicle types not financed: Commercial vehicles, salvage titles, discontinued models, and conversion vans
- Unavailable in: Alaska, Arkansas, Hawaii, Louisiana, North Dakota, and Washington, D.C.
Wells Fargo Auto Loan Pros And Cons
Like any lender, Wells Fargo has its strengths and trade-offs. Here’s a quick look at where it stands out and where it falls short.
Pros
- Large dealer network: Over 11,000 partner dealerships nationwide
- Refinancing available online: No need to visit a dealer for refinance loans
- Auto-pay discount: 0.25% off interest with payments from a Wells Fargo checking account
Cons
- No preapproval option: Harder to shop around and compare rates
- Limited availability: Not offered in six states
- No private party financing: Loans only available for dealership purchases
Wells Fargo Auto Loan Eligibility Requirements
To apply for a Wells Fargo auto loan, you’ll need to provide basic personal, income, and vehicle information. If you’re applying through a dealership, the dealer will submit the loan application on your behalf. For refinancing, you’ll apply directly with Wells Fargo.
Here’s what you’ll need:
- Personal and income information: Social Security number, monthly income, current and past employment
- Residential history: Current address and how long you’ve lived there
- Vehicle details: Make, model, year, mileage, VIN, and condition
- Loan details (for refinance): Your current lender, balance, and payoff information
There’s no official minimum credit score, but Wells Fargo may approve borrowers with lower scores—especially for refinancing. If your credit is on the lower side, applying with a co-applicant who has stronger credit could improve your approval odds and help secure a better rate.
How to Apply for a Wells Fargo Auto Loan
For new or used vehicle financing, you’ll apply through one of Wells Fargo’s 11,000+ dealership partners. You can’t apply online, and there’s no preapproval process—so it’s harder to compare rates across lenders before committing to a purchase.
Here’s what you’ll need when applying through a dealership:
- Personal information: Social Security number, job history, and income
- Residential history: Current address and time at that address
- Vehicle details: Year, make, model, mileage, VIN, and condition
If you’re refinancing an existing car loan, the process is different. You can apply directly through Wells Fargo’s website or by calling 1-800-289-8004. In addition to the standard details above, you’ll need information about your current loan.
Wells Fargo does consider applicants with lower credit for refinancing, but rates will likely be higher. A co-applicant could help secure better terms or make approval more likely.
Wells Fargo Auto Loan Customer Reviews
Customer feedback on Wells Fargo auto loans is mixed. Some borrowers say the approval process is fast and the rates are competitive when bundled with a dealership promotion. Others report issues with customer service, billing errors, and a lack of transparency on fees and payoff amounts.
Wells Fargo has a “B” rating from the Better Business Bureau. While that’s not the worst among large banks, it reflects some ongoing concerns from borrowers.
Final Thoughts
Wells Fargo offers competitive loan options if you’re working with a dealership or looking to refinance. But the lack of preapproval, limited availability, and past legal issues are worth considering.
In 2018, Wells Fargo paid $385 million to settle claims that it enrolled auto loan customers in insurance policies without their consent. If you take out a loan, review your contract carefully and monitor your bank account and credit reports for unexpected charges.
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