If you’re ready to buy a car and are researching auto financing options, chances are you’re considering an auto loan from Wells Fargo. Founded in 1852, Wells Fargo Bank has provided personal loans, auto loans, mortgages, and more for centuries. Today, well over three million people have car loans through them.
Wells Fargo Auto Loans Overview
Wells Fargo offers loans for both new and used vehicles. While the bank once provided auto loans directly to consumers, Wells Fargo now partners with over 11,000 independent auto dealerships throughout the United States.
Rather than applying at a Wells Fargo bank directly, you’ll apply through one of their partner dealerships after you’ve found a car that you’d like to buy. This company also offers loans for specialty vehicles, like motorcycles.
Wells Fargo also offers auto loan refinancing, and you can complete a refinance application directly with the bank. So, even if you have a low credit score, you may still be eligible for refinancing. With terms up to 72 months, these loans offer plenty of versatility.
Wells Fargo Auto Loan Application Requirements
When you’re ready to apply for a loan, you’ll need to have the following information:
- Personal information, including your Social Security number
- Citizenship information
- Housing information, including your current residential address and previous addresses
- Income information, including your gross monthly income, your previous employer, and your current employer
- Details about the car, including its make and model, year, mileage, VIN, and condition
If you’re applying for a new or used car loan, the dealership selling the car will provide details on the vehicle. If you’re refinancing and working with Wells Fargo directly, you’ll need to have this information on hand. Be sure to have details on your current loan ready, too.
Wells Fargo works with lower credit scores for refinance loans, so even if your credit isn’t the greatest, you may still get approved. However, keep in mind that your loan will probably have a higher interest rate if you have a lower credit score.
If you have a low credit score, you may want to apply for a loan with a co-applicant who has a stronger credit score. A co-applicant will apply for and open the loan with you. Having a co-applicant may mean you’ll enjoy a lower rate. Furthermore, if your credit rating is too low for approval on its own, a co-applicant may be able to help you get approved.
Types of Wells Fargo Auto Loans
Wells Fargo offers auto loans for both new and used vehicles, with a minimum loan amount of $5,000. They also provide financing options that allow you to purchase a car without making a down payment, whether the car is new or used.
Wells Fargo doesn’t finance commercial vehicles, salvage vehicles, conversion vans, and models that manufacturers have discontinued. In addition, loans aren’t offered in Alaska, Arkansas, Hawaii, Louisiana, North Dakota, or Washington, D.C.
Auto Loan Refinancing
When you refinance your existing loan, you may enjoy several benefits:
- A lower annual percentage rate (APR) which reduces the interest you pay over the loan term
- Lower monthly payments, thanks to reduced interest
- The option to choose different term and different payment options
- The ability to take a month off from your car payments (depending on when you refinance and close on that new loan)
- Consistent monthly payments at a fixed rate for easier budgeting
Like its used-car loans, Wells Fargo has some restrictions on refinance loans, too. For example, you cannot refinance loans for vehicles eight years and older or that have over 100,000 miles on them.
Wells Fargo Auto Loans Fees and Rates
Since Wells Fargo offers loans through dealerships, loan terms and rates aren’t posted publicly. You’ll only learn of the loan’s rates after applying and being approved. Multiple factors impact the interest rate on a Wells Fargo car loan:
- Credit history
- Loan term length
- Age of the vehicle being financed
- Loan-to-value ratio (the value of the loan compared to the value of the vehicle)
Purchase loans are available with terms as long as 75 months. If you’re looking to refinance, 24- to 72-month loan terms are available.
Wells Fargo Auto Loan Reviews
Customer reviews of Wells Fargo auto loans are mostly negative. Many customers mentioned poor customer service and high fees. However, some customers have praised the bank for their competitive interest rates and fast loan approval process.
The Better Business Bureau (BBB) currently gives Wells Fargo a ‘B.’ They have very few complaints for a big bank. You will find plenty of 4- and 5-star Wells Fargo Auto Loan reviews at several other review sites as well.
Wells Fargo Auto Loan Application Process
Wells Fargo doesn’t provide car loans directly to consumers. Instead, you can apply for a car loan through a dealership. Unfortunately, that means you can’t get preapproved for a car loan before shopping for a car.
This makes it difficult to compare your loan rates with loans from other providers. Furthermore, Wells Fargo auto loans aren’t suitable if you’re buying a car from a private seller because you need to apply through a dealership.
If you’re looking to refinance your existing car loan, you’ll work with Wells Fargo directly. You can online or call 1-800-289-8004 to speak with a loan specialist.
With a Wells Fargo loan, you can pay in multiple ways:
- Use the bank’s online payment service
- Set up automatic loan payments
- Pay in person at a branch location
If you’re an existing customer and you set up automatic payments through your Wells Fargo checking account, you can get a 0.25% discount on your loan payment.
It’s important to be aware that, Wells Fargo reached a settlement in 2018, as a result of which they are paying $385 million to customers who have taken car loans with them. When those customers signed up for a Wells Fargo auto loan, they were reportedly signed up for auto insurance without being aware of it. As with any loan, always read your contract carefully and be sure to monitor your bank statements and credit card charges.
Wells Fargo car loans may be best for you if:
- You’re buying a used or new vehicle directly from a dealership.
- Your new vehicle is less than eight years old and has less than 100,000 miles on it.
- You want to refinance your current loan.
If you’re buying a car from a private seller, a loan from Wells Fargo won’t be the right option for you. Wells Fargo Dealer Services won’t be able to be preapprove you. Instead, you will need to apply once you find the car you would like to buy. To compare rates, consider getting preapproved for loans with other auto lenders.
Check out our other auto loan reviews below to continue exploring your options.