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Wells Fargo auto loans review
Last updated:
Borrow up to $300,000 for a new or used car.
finder.com’s rating: 3.4 / 5.0
★★★★★
$5,000
Min. Loan Amount
$300,000
Max. Loan Amount
Varies
APR
Details
| Product Name | Wells Fargo Auto Loans |
|---|---|
| Min. Loan Amount | $5,000 |
| Max. Loan Amount | $300,000 |
| APR | Varies |
| Interest Rate Type | Fixed |
| Requirements | Your income and assets must support your existing debt obligations and the desired loan amount. |
Finder experts pick Wells Fargo Auto Loans as a 2020 best pick for car loans.
First, do I qualify?
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.
What states are Wells Fargo auto loans available in?
Wells Fargo auto loans aren’t available in the following areas:
- Alaska
- Arkansas
- Hawaii
- Louisiana
- North Dakota
- Washington D.C.
What makes Wells Fargo unique?
Unlike many other bank lenders, Wells Fargo offers financing for dealership and private party purchases. However, buying from dealership is still easier.
It also has a relatively fast turnaround for a large bank. While some might take as long as three days to get back to you with a credit decision, Wells Fargo can often get a decision in as little as 15 minutes.
What are Wells Fargo auto loans?
Wells Fargo offers financing for almost all types of auto loans. You can borrow from $5,000 to $300,000 with terms running from 12 to 72. Rates start around APR, though it’s is based on factors such as your credit history, loan term, vehicle and loan-to-value ratio (LTV).
What types of auto loans does Wells Fargo offer?
- New car loans. Financing to buy a new car from a dealership.
- Used car loans. Funding for a used car from a dealership.
- Private party car loans. A loan for buying a used car from an individual or non-dealership seller.
- Lease buyouts. Financing to cover the cost of buying the car you leased.
- Refinancing. Trade in your current car loan for a better deal — even if it’s with Wells Fargo.
How can I benefit from an auto loan from Wells Fargo?
- Fast turnaround for a bank. 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.
- Refinance a Wells Fargo loan. Wells Fargo is one of the few lenders that allows you to refinance a loan you currently have with them — in addition to loans from other lenders.
- Keep track of your credit. Wells Fargo’s online account manager allows you to to check your FICO score in addition make payments on your balance.
What to watch out for
- Higher rates for older cars. Wells Fargo typically charges higher rate on used cars with over 100,000 miles or eight years or older.
- No online application. You have to apply over the phone or at a branch to get a Wells Fargo car loan.
- $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.
- Potentially high overall loan cost. You have the option of taking out a 72-month loan term, which can give you lower monthly repayments but ups your total loan cost.
Compare more options for online car loans
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How do I apply for a Wells Fargo auto loan?
You can apply for a Wells Fargo auto loan over the phone or in-person at your local branch. You can get started with your phone application by calling 800-559-3557 on weekdays from 8 a.m. to 6 p.m.
Even if you plan on applying in-person, you might want to call ahead to find out what documents and information you need to provide with the application.
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
| Name | Min Credit Score | Max Loan Amount | APR | |
|---|---|---|---|---|
| Wells Fargo personal loans | Varies | $100,000 | 5.74% to 20.24% | Read review |
| Wells Fargo business loans | Varies | $100,000 | 6.25% to 22.99% | Read review |
| Wells Fargo Student Loans | Varies | $120,000 | 4.8% to 11.26% | Read review |
| Wells Fargo Auto Loans | 680 | $300,000 | Varies | Read review |
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.
Bottom line
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.
Have some more questions about Wells Fargo auto loans?
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