Wells Fargo auto loans review September 2019 | finder.com

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Wells Fargo auto loans review

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Borrow up to $300,000 for a new or used car.

finder.com’s rating: 3.4 / 5.0


With more than 65 years of auto loan experience, Wells Fargo offers competitive rates and quick credit decisions for a bank.


Min. Loan Amount


Max. Loan Amount




Product NameWells Fargo Auto Loans
Min. Loan Amount$5,000
Max. Loan Amount$300,000
Interest Rate TypeFixed
RequirementsYour income and assets must support your existing debt obligations and the desired loan amount.

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

Updated September 17th, 2019
Name Product Filter Values Minimum credit score Loan term Requirements
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
Varies by lender
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

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

NameMin Credit ScoreMax Loan AmountAPR
Wells Fargo Personal LoansVaries$100,000 6.99% to 23.99% Read review
Wells Fargo Business LoansVaries$100,000 8% to 22.99% Read review
Wells Fargo Student LoansVaries$120,000 4.8% to 11.26% Read review
Wells Fargo Auto Loans680$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?

Loan ratings

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★★★★★ — Poor

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  1. Default Gravatar
    July 2, 2018

    how do I obtain a letter indicating that my Well Fargo auto loan has been paid off.?

    • Default Gravatar
      July 3, 2018

      Hi Wayne,

      Thanks for leaving a question on finder.

      The time it takes to receive your title or its equivalent varies. Generally, they release their lien on the vehicle in 3-10 calendar days. If you paid your balance with guaranteed funds, such as a bank issued Cashier’s Check, it could be released in as little as three calendar days.

      Your state’s processing requirements also affect the timeline, as some states process titles electronically, while others do not. Contact your local titling or registration authority to determine its title transfer process.

      For more detailed information on your Wells Fargo auto loan, you can call customer service at 1-800-559-3557, Monday – Friday, 8 am to 6 pm, Local time.


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