If you’re in the market for a new car or want to refinance an old one, Wells Fargo can help.
There’s a lot of loan companies out there. But with more than 65 years of auto loan experience, Wells Fargo offers competitive rates and quick credit decisions. Explore the auto loans they can offer.
|Product Name||Wells Fargo Auto Loans|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$300,000|
|Min APR||From 3.12%|
|Minimum Loan Term||1 year|
|Maximum Loan Term||6 years|
What are Wells Fargo auto loans?
Wells Fargo offers financing for used, new and private purchases as well as lease buyouts and refinancing. No matter what kind of auto funding you’re looking for, there’s likely one to meet your needs.
While you can apply for many loans online, financing a private purchase requires a visit to a Wells Fargo branch to speak to a lender.
In any case, if you need funding in a hurry, you can often get a decision in as little as 15 minutes, with terms that range from 12 to 72 months.
Wells Fargo auto loans are offered in all states except Louisiana.
How can I benefit from an auto loan from Wells Fargo?
Whether you’re looking to finance a purchase or refinance a loan you already have, Wells Fargo offers a number of features:
- Fast financing. While most funding is received within a few days, same-day disbursements are available in some cases. Credit decisions can be reached in as little as 15 minutes.
- Customer discounts. Existing Wells Fargo customers who qualify can earn discounts on the APR by signing up for automatic payments.
- Credit score access. When you sign up for a Wells Fargo loan, you gain access to an online account manager. This tool includes the ability to check your FICO score, use financial tools and make payments on your balance.
What to watch out for
- High loan amounts. With limits of up to $300,000, it can be tempting to borrow more than you need when it comes to financing your purchase. Getting a larger loan than necessary carries the risk of defaulting on payments and can hurt your creditworthiness. Make sure that whatever amount you finance, you can repay.
- Interest influence. If you’re purchasing a used car with over 100,000 miles or that’s eight years or older, you may be met with higher interest rates. When setting an APR, Wells Fargo considers your credit history, the amount financed, your loan amount versus the car’s value and your banking relationship.
- $5,000 minimum. If you are looking to make a purchase or refinance a loan for less than $5,000, Wells Fargo may not be your best option.
Compare more options for online car loans
Am I eligible for an auto loan with Wells Fargo?
Does an auto loan with Wells Fargo seems like a good fit? Here’s the basic criteria you’ll need to meet in order to be eligible:
- You must have good to excellent credit.
- You must be at least 18 years old.
- You must be an American citizen or a permanent resident of the US.
- Your income and assets must support your existing debt obligations and the desired loan amount.
What information do I need to apply?
If you’re ready to get financed and you meet the minimum requirements, have the information below handy when you apply:
- Your full name, date of birth, Social Security number and a valid form of ID, such as your driver’s license or passport.
- Your home address, email address and phone number.
- Details about your employment, income and expenses.
- Details about your current vehicle.
A selection of other Wells Fargo loans you could apply for
I got an auto loan from Wells Fargo. Now what?
If you’re an existing customer and looking to cash in on that APR discount, you’ll want to set up your automatic payments. Because payments begin 19 to 51 days from funding, choose a date — typically your payday — when you know you’ll regularly have funds in your account. That way, you can avoid account overdraft penalties.
If you won’t be using automatic payments, budget a repayment plan. You can make one-time payments online, over the phone, by mail or in person at your local Wells Fargo branch. Be sure those payments are on time to avoid late fees.
If you qualify for an auto loan from Wells Fargo, it can give you the financing to meet your needs. All loan products come with service and support along with free materials that explain vehicle financing.
Taking out a loan is a big decision and should be made carefully. Consider exploring your other options for auto loans to make sure you’re getting the best deal.