- Wells Fargo Auto Loan Review: 2.5 Stars
- Wells Fargo Auto Loan Pros and Cons
- About Wells Fargo Bank
- Wells Fargo Auto Loan Details
- How To Increase Your Chances Of Approval
- Average Car Loan Rates By Credit Score
- Wells Fargo Auto Loan Application Process
- Documents Needed To Apply For Wells Fargo Auto Financing
- Wells Fargo Reviews And Reputation
- Wells Fargo Auto Loans: Conclusion
- Wells Fargo Car Loan: FAQ
- How do I contact Wells Fargo Auto Loan?
- What credit score is needed for a Wells Fargo auto loan?
- Why did Wells Fargo stop auto loans?
- Does Wells Fargo have a grace period on auto loans?
Considering financing a vehicle through Wells Fargo? This review explains everything you need to know about Wells Fargo auto loans, including loan details, minimum qualifications, and the application process. We’ll also take a look at Wells Fargo reviews from customers.
Finding the best auto loans can save you thousands of dollars in the long run, so be sure to weigh your options before signing the dotted line. To learn if a Wells Fargo car loan is the right choice for your vehicle, continue reading.
Compare Auto Loan Rates
Compare which options fit your budget, credit score, and term length below.
Loan Term All
- All
- Up to 84 months
- 24 to 84 months
- 36 to 84 months
- 36 to 72 months
- 12 to 72 months
Min. Credit Score All
- All
- 300
- 500
- 560
- 575
- 580
Brand
Min Cred Score
Min Rate Term
Min APR*
Features
Links
Subprime Loan
MinRate Term Up to 84 months
Min
APR* 3.2%
- Get approved in as little as 60 seconds
- All credit types gladly accepted
- Absolutely no obligation
Get Quote
Used Car Loan
MinRate Term 24 to 84 months
Min
APR* 2.49%
- Below-average credit scores accepted
- Great interest rates
- Smooth and easy online experience
Get Quote
Refinance Loan
MinRate Term 36 to 84 months
Min
APR* 1.99%
- Average monthly savings of $145
- Online Application
- Browse loan options found specifically for you
Get Quote
Used Car Loan
MinRate Term 36 to 72 months
Min
APR* 3.99%
- Great for customers with limited/no credit
- Offers special military rates
- A+ BBB rating
Get Quote
Refinance Loan
MinRate Term 36 to 72 months
Min
APR* 3.99%
- Great for customers with limited/no credit
- Offers special military rates
- A+ BBB rating
Get Quote
Refinance Loan
MinRate Term 24 to 84 months
Min
APR* 1.99%
- Below-average credit scores accepted
- Great interest rates
- Smooth and easy online experience
Get Quote
Refinance Loan
MinRate Term 12 to 72 months
Min
APR* 1.99%
- Specializes in auto refinancing
- A+ BBB Rating
- No application fee
Get Quote
New Car Loan
MinRate Term 24 to 84 months
Min
APR* 2.24%
- Below-average credit scores
- Great interest rates
- Smooth and easy online experience
Get Quote
Refinance Loan
MinRate Term 36 to 72 months
Min
APR* 2.32%
- Average savings of $111/month
- Secure, fully online platform
- Refinancing available for cars, trucks, or SUVs
Get Quote
*All APR figures last updated on 5/25/2022 – please check partner sites for latest details. Your rate may vary based on credit score, credit history, and loan term.
Wells Fargo Auto Loan Review: 2.5 Stars
While loan rates with Wells Fargo may be competitive with some other providers, the company has not streamlined its application process in the way many other competitors have.
Furthermore, Wells Fargo has a poor customer reputation. You’d be better off signing up with a loan company that has a more positive track record, and you can find free loan offers from many such companies at AutoCreditExpress.com.
Automoblog Rating2.5Loan Details3Loan Availability3Application Process2Customer Service2.5
Wells Fargo Auto Loan Pros and Cons
Wells Fargo Auto Loan ProsWells Fargo Auto Loan ConsCompetitive interest ratesNo prequalification optionNo extra feesNo vehicle refinancing loansCannot be purchased directly from Wells Fargo
About Wells Fargo Bank
Founded: 1852Headquarters: San Francisco, CaliforniaAvailability: Select dealerships across the United StatesLoan Types: Purchase loans for new and used vehicles
Better Business Bureau (BBB) Rating: F
Wells Fargo Bank has been in business for over 150 years and has a presence in all 50 states. The financial institution offers an array of personal banking and investment products for millions of customers. Wells Fargo also offers auto finance options for new and used cars through auto dealerships. However, it doesn’t allow people to sign up online, nor does it offer refinancing loans or lease buyouts.
Wells Fargo Auto Loan Details
Unlike many other auto loan providers, you cannot sign up for a Wells Fargo auto loan directly through Wells Fargo. Instead, the company works through a network of about 11,000 local dealers to provide financing to drivers purchasing a new or used vehicle. This means that the application process is handled by your dealership, and certain contract details may differ depending on the dealer.
Wells Fargo Auto Loan DetailsMinimum Loan Amount$5,000Annual Percentage Rate (APR)As low as 3.9%Maximum Loan Term72 monthsOrigination FeeNonePrepayment PenaltyNoneApplication FeeNone
While you cannot apply for an auto loan through the Wells Fargo website, existing customers can enroll in the Wells Fargo online banking program. Using the bank’s mobile app, you can easily make loan payments online. This app is the same as the one you’d use for other accounts with Wells Fargo, so you can also make payments to credit cards, personal loans, mortgages and other accounts you may have.
How To Increase Your Chances Of Approval
As with any auto loan, borrowers with high credit scores will find the best rates. If you don’t have to purchase a car right away, you can take a few months to a year to raise your credit score and find a better rate. Even raising it by 50 points can save you hundreds over the life of the loan.
You can also consider using a cosigner on your loan. Make sure this is someone who you trust and who trusts you, as they will be responsible for the auto loan payment if you can’t make monthly payments.
Average Car Loan Rates By Credit Score
Below, you can see average APRs for different credit score ranges. This data comes from the Experian State of the Automotive Finance Market report for the second quarter of 2021. It includes finance data from many auto lenders, not just Wells Fargo.
You can see that people with excellent credit find can find rates below 3.0 percent for new car loans from other lenders, but Wells Fargo’s rates start at 3.9 percent. This means Wells Fargo might not offer the best rates for every situation, which is why we recommend comparing multiple offers when you shop.
Credit ScoreAverage New Car APRAverage Used Car APR781 to 8502.40%3.71%661 to 7803.56%5.58%601 to 6606.70%10.48%501 to 60010.87%17.29%300 to 50014.76%20.99%
Wells Fargo Auto Loan Application Process
Prequalification Available: NoPreapproval available: NoApplication Fee: None
Minimum Credit Score: Not mentioned
Wells Fargo auto loan applications must be submitted through a participating dealership. As such, the application process may vary from location to location. Applying for auto financing with Wells Fargo will require a hard pull of your credit report, so you may see a small dip in your score after doing so.
Documents Needed To Apply For Wells Fargo Auto Financing
In general, expect to provide your dealer the following information in order to apply for a Wells Fargo auto loan:
- Social Security number
- Employment information
- Income
- Make, model, and vehicle identification number (VIN) of the car you’re intending to purchase
- Trade-in vehicle information (if applicable)
Since you can only get a Wells Fargo loan at an auto dealer, the dealership will already know which vehicles qualify for a loan. Wells Fargo doesn’t publish its mileage or model year limits, but its partner dealerships will have this information. Not every car at a participating dealer may be eligible for a Wells Fargo auto loan.
Wells Fargo doesn’t list a minimum credit score. Dealers in its network may be able to work with some bad credit borrowers, but not everyone will qualify for financing.
Wells Fargo Reviews And Reputation
Wells Fargo has an F rating from the BBB, though it does have a BBB customer review score of 1.1 out of 5 stars. However, this number is based on fewer than 600 reviews, which represents a tiny fraction of Wells Fargo’s overall customer base.
The handful of positive Wells Fargo reviews mention positive customer service experiences. Negative Wells Fargo reviews report issues with account closures, problems with autopay, and the Wells Fargo online banking service providing inaccurate information. One BBB customer complaint reads:
“Wells Fargo [is] not reporting [my] payment history to credit bureaus. I have made several attempts to Wells Fargo to provide current payment history to three credit bureaus with no success.”
– Anonymous via BBB
Wells Fargo Auto Loans: Conclusion
Wells Fargo auto loan was rated 2.5 out of 5.0 stars by our review team due to its poor reputation and lack of a streamlined application process. Overall, sentiment around the company’s car loan services is not good and we recommend searching elsewhere. When searching for the best auto loan for you we recommend getting together companies in a list and comparing your options before committing.
Below you can start comparing auto loan rates from multiple top lenders.
Compare Auto Loan Rates
Compare which options fit your budget, credit score, and term length below.
Loan Term All
- All
- Up to 84 months
- 24 to 84 months
- 36 to 84 months
- 36 to 72 months
- 12 to 72 months
Min. Credit Score All
- All
- 300
- 500
- 560
- 575
- 580
Brand
Min Cred Score
Min Rate Term
Min APR*
Features
Links
Subprime Loan
MinRate Term Up to 84 months
Min
APR* 3.2%
- Get approved in as little as 60 seconds
- All credit types gladly accepted
- Absolutely no obligation
Get Quote
Used Car Loan
MinRate Term 24 to 84 months
Min
APR* 2.49%
- Below-average credit scores accepted
- Great interest rates
- Smooth and easy online experience
Get Quote
Refinance Loan
MinRate Term 36 to 84 months
Min
APR* 1.99%
- Average monthly savings of $145
- Online Application
- Browse loan options found specifically for you
Get Quote
Used Car Loan
MinRate Term 36 to 72 months
Min
APR* 3.99%
- Great for customers with limited/no credit
- Offers special military rates
- A+ BBB rating
Get Quote
Refinance Loan
MinRate Term 36 to 72 months
Min
APR* 3.99%
- Great for customers with limited/no credit
- Offers special military rates
- A+ BBB rating
Get Quote
Refinance Loan
MinRate Term 24 to 84 months
Min
APR* 1.99%
- Below-average credit scores accepted
- Great interest rates
- Smooth and easy online experience
Get Quote
Refinance Loan
MinRate Term 12 to 72 months
Min
APR* 1.99%
- Specializes in auto refinancing
- A+ BBB Rating
- No application fee
Get Quote
New Car Loan
MinRate Term 24 to 84 months
Min
APR* 2.24%
- Below-average credit scores
- Great interest rates
- Smooth and easy online experience
Get Quote
Refinance Loan
MinRate Term 36 to 72 months
Min
APR* 2.32%
- Average savings of $111/month
- Secure, fully online platform
- Refinancing available for cars, trucks, or SUVs
Get Quote
*All APR figures last updated on 5/25/2022 – please check partner sites for latest details. Your rate may vary based on credit score, credit history, and loan term.
Wells Fargo Car Loan: FAQ
Below are some frequently asked questions about Wells Fargo Car Loans:
How do I contact Wells Fargo Auto Loan?
You can get in touch with the Wells Fargo auto loan department by calling 1-800-289-8004. You can also set up an account online to view loan activity, get statements, and pay your bill.
What credit score is needed for a Wells Fargo auto loan?
Wells Fargo doesn’t list a credit score to qualify for its auto loan program. However, that doesn’t mean it’s the best option for bad credit borrowers. Not everyone is eligible for a Wells Fargo auto loan.
Why did Wells Fargo stop auto loans?
Due to the coronavirus pandemic, Wells Fargo shifted its auto loan focus and stopped relationships with about 1,100 of its independent dealers. However, it still offers auto loans through 90 percent of its dealer network.
Does Wells Fargo have a grace period on auto loans?
Wells Fargo offers a grace period of seven to fifteen days depending on the loan terms. You can also change your due date with Wells Fargo one time. Be careful to avoid late payments, as they can go on your credit history and affect your score.
Keyword: Wells Fargo Auto Loan Reviews