Wells Fargo auto loans review

Wells Fargo auto loan rates, fees and terms

Wells Fargo currently doesn’t disclose the rates available on its auto loans. Previously, you could borrow from $5,000 to $300,000 with terms running from 12 to 72 months. Rates are typically based on factors such as your credit history, loan term, vehicle and loan-to-value ratio (LTV).

But since Wells Fargo switched to only offering loans through dealerships, it’s unclear if these terms and fees have changed. You also won’t be able to tell what kinds of rates you might get until you apply, at the dealership. This makes it more difficult to shop around. Use this calculator to see how much a Wells Fargo car loan might cost you:

Wells Fargo auto loans reviews and complaints

Wells Fargo bank gets mostly negative online reviews. In fact, it has so many complaints filed against it that the Better Business Bureau (BBB) website only publishes details for 25% of complaints online. The BBB also gives it a failing grade against it because the bank has faced several government actions. But most of the complaints are about other banking products — not auto loans.

How Wells Fargo compares to other auto loan providers

Here’s a snapshot of how Wells Fargo stacks up to auto loans from Bank of America and LightStream, the online lending arm of Truist Bank.

PenFed Auto Loans	Monevo Auto Loans	Caribou
Go to site	Read Review	Go to site
Minimum credit score Varies	Minimum credit score 500	Minimum credit score 650
APR Starting at 5.19%	APR 3.99% to 35.99%	APR 6.33% (as low as)
Loan amount $500 – $150,000	Loan amount $500 – $100,000	Loan amount Starting from $10,000

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Wells Fargo auto loan requirements

You must meet the following basic criteria to be eligible for a Wells Fargo auto loan:

• Good or excellent credit
• At least 18 years old
• US citizen or a permanent resident

Wells Fargo also looks at your income and debt-to-income ratio (DTI) when considering your eligibility, among other factors. Vehicle requirements are limited to what’s available at your dealership. Since Wells Fargo no longer works with independent dealerships, the only used cars you’ll can finance with this provider are certified pre-owned vehicles.

Is a Wells Fargo auto loan right for you?

It’s hard to tell if Wells Fargo auto loans are a good fit until you apply. Currently, you won’t be able to get an estimate of rates available until you’re at the dealership. But it could be a good choice if you’ve already compared offers from other providers and found that Wells Fargo is a better deal than the competition when you’re purchasing your car.

But you can’t use Wells Fargo refinance your current car loan or buy a used car outside of a dealership.

How the application works

You’ll have to visit a dealership that offers Wells Fargo financing to apply for a loan. Before you stop by, you can ask ahead to see if a loan through Wells Fargo is available. Consider prequalifying for another car loan before you visit so you have more flexibility to negotiate your rate and terms — or have another financing option if Wells Fargo doesn’t offer a good enough deal.

Once you have a loan from Wells Fargo, you can make repayments through your Wells Fargo account online, set up automatic payments or over the phone. You can also send payments by mail or in person at a Wells Fargo branch.

Previously, Wells Fargo offered a rate discount for automatic payments from current customers. But it’s unclear if that offer is still standing.

What sets it apart

Wells Fargo used to offer a wider range of financing than most banks. In addition to dealership financing, you could also get a loan for a private party purchase or even refinance a current Wells Fargo auto loan for a better rate.

But this bank appears to be phasing out its car loan program in response to COVID-19. Many banks consider personal financing to be too risky. It’s possible Wells Fargo will offer even fewer auto financing options in the future — or none at all.

Compare our top picks for car loan providers for more options.

Frequently asked questions

Find answers to common questions about Wells Fargo car loans.

I’ve fully paid off my loan. When will I receive my title?

Timing will vary, but the lien is typically released three to 10 calendar days after your final payment. Your local titling or registration authority will be able to give you a better time frame on the title transfer process.

Can I take my car out of the country, even though I still have a loan on it?

Yes. But before you leave the country, you need to contact Wells Fargo.

Can I make additional payments on my Wells Fargo auto loan?

Yes. You may make as many additional payments as you would like, all without being dinged with a prepayment fee.

Compare options for online car loans

Use this table to compare auto loans from

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Name	Product	Filter Values	Minimum credit score	APR	Loan term	Requirements
PenFed Auto Loans			Varies	Starting at 5.19%	3 to 7 years	Active membership with PenFed	One of the largest national credit unions in the U.S., it offers new and used auto financing with transparent low rates.	Go to site More Info	Compare	loading Fetching your data...
CarGurus			Varies	Varies depending on the lender	3 to 6 years	Varies depending on the lender	Go to site	Compare	loading Fetching your data...
Carvana			No minimum credit score	3.9% to 27.9%	1 to 6 years	18+ years old, annual income of $4,000+, no active bankruptcies	Get pre-qualified for used car financing and receive competitive, personalized rates.	Go to site More Info	Compare	loading Fetching your data...

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Have you considered PenFed Auto Loans?

One of the largest national credit unions in the U.S., it offers new and used auto financing with transparent low rates.

• Low starting rates
• Car-buying service
• Reduced payments
• Extended warranty available
• Potential hardship relief

Learn more

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