If you’re ready to buy a car and are researching auto financing options, chances are you’re considering a loan from Wells Fargo. Founded in 1852, Wells Fargo has provided personal loans, auto loans, mortgages, and more for centuries. Today, more than three million people have car loans through Wells Fargo Auto.

Wells Fargo

Wells Fargo offers both new and used car loans to help you get behind the wheel. While the company once provided auto loans directly to consumers, it has since partnered with over 11,000 dealerships throughout the country.

Rather than applying to Wells Fargo 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.

In addition to auto loans, Wells Fargo offers auto loan refinancing, and you can complete a refinance application directly with Wells Fargo. 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.

Car Loan Application Requirements

When you’re ready to apply for a loan, you’ll need to be prepared with 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. Keep in mind that if you have a lower credit score, your loan will probably have a higher interest rate.

If you have low credit, 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 interest rate. 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 Auto Loans Available Through Wells Fargo

You can get both new- and used-car loans through Wells Fargo and can take out as little as $5,000 for a car purchase loan. Wells Fargo may also offer complete financing through used- or new-car loans, so you can drive your car off of the lot without even paying a down payment.

These 100% financing options can be appealing, but it can lead to negative equity, also called being upside-down on a car loan. If you have negative equity, you can run into trouble if you want to sell the car, if it’s stolen, or if it’s damaged and a total loss.

Wells Fargo won’t finance commercial vehicles, salvage vehicles, conversion vans, and models that have been discontinued by manufacturers. Loans also aren’t offered in Alaska, Arkansas, Hawaii, Louisiana, North Dakota, or Washington, D.C.

In addition to dealer financing options, Wells Fargo also offers auto loan refinancing. When you refinance an existing auto loan, you may enjoy a number of 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 its refinance loans, too. It may not refinance loans that are for vehicles eight years and older, or that have over 100,000 miles on them.

Fees and Rates

Since Wells Fargo makes its auto loans through dealerships, its loan terms and rates aren’t posted publicly. You’ll only learn of the loan’s rates after you apply and are approved. Multiple factors impact the interest rate on a Wells Fargo auto 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 Application Process

Wells Fargo doesn’t provide auto loans directly to consumers. Instead, you can apply for a car loan through a dealership. This process means that you can’t get pre-approved for a car loan before shopping for a car. It also makes it difficult to compare your loan rates with loans from other providers. Because you need to apply through a dealership, Wells Fargo auto loans aren’t suitable if you’re buying a car from a private seller.

If you’re looking to refinance an auto loan, you’ll work with Wells Fargo directly. You can apply to refinance your existing auto loan online or call 1-800-289-8004 to speak with a loan specialist.

Special Features

With a Wells Fargo loan, you can pay in multiple ways:

  • Use Wells Fargo’s online eServices
  • Set up automatic loan payments
  • Pay in person at a Wells Fargo branch

If you’re an existing Wells Fargo customer and you set up automatic payments through your consumer checking account, you can get a 0.25% discount on your payments.

Bottom Line

It’s important to be aware that, after agreeing to a settlement in 2018, Wells Fargo is paying $385 million to auto loan customers. When those customers signed up for auto loans with the company, 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.

A Wells Fargo auto loan 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 a current auto loan.

If you’re buying a car from a private seller, a loan from Wells Fargo won’t be the right option for you. Keep in mind that you won’t be able to be preapproved for a Wells Fargo loan, and will instead need to apply once you find the car that you want to buy. To compare rates, consider getting preapproved for loans with other auto lenders so you can decide if the Wells Fargo loan is right for you.

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