Wells Fargo Auto Loan

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.

Wells Fargo Auto Loan Pros and Cons

Founded: 1852
Headquarters: San Francisco, California
Availability: Select dealerships across the United States
Loan 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.

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.

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.

Prequalification Available: No
Preapproval available: No
Application 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 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 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.

Wells Fargo Car Loan: FAQ

Below are some frequently asked questions about Wells Fargo Car Loans: