Advertiser Disclosure

Considering financing a vehicle through Wells Fargo? This review explains everything you need to know about Wells Fargo auto loans, including loan details, minimum qualifications, and the application process. We’ll also take a look at Wells Fargo reviews from customers.

Finding the best auto loans can save you thousands of dollars in the long run, so be sure to weigh your options before signing the dotted line. To learn if a Wells Fargo car loan is the right choice for your vehicle, continue reading.

Lending Partner
Loan Term
Min. APR
Min. Credit Score
Highlights
Refinance Loan
Loan Term Up to 72 Months
Min. APR 2.25%
Min. Credit Score 580
Highlights
  • Excellent customer ratings
  • Low rates for good credit customers
  • Strong industry reputation
Used Car Loan
Loan Term 24-84 Months
Min. APR 2.24%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
Refinance Loan
Loan Term 48-84 Months
Min. APR 1.99%
Min. Credit Score 550
Highlights
  • Average monthly savings of $150
  • Work with a personal loan concierge to compare options
  • A+ BBB Rating
Refinance Loan
Loan Term 36-72 Months
Min. APR 2.91%
Min. Credit Score 640
Highlights
  • Apply online in minutes
  • A leading provider in refinance loans
  • A+ BBB rating
Used Car Loan
Loan Term Up to 72 Months
Min. APR 3.99%
Min. Credit Score 300
Highlights
  • Great for customers with limited/no credit
  • Offers special military rates
  • A+ BBB rating
Refinance Loan
Loan Term 24-84 Months
Min. APR 1.99%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
New Car Loan
Loan Term 24-84 Months
Min. APR 2.24%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
Refinance Loan
Loan Term 36-84 Months
Min. APR 1.99%
Min. Credit Score 560
Highlights
  • Average monthly savings of $145
  • Online Application
  • Browse loan options found specifically for you
Refinance Loan
Loan Term Up to 72 Months
Min. APR 3.99%
Min. Credit Score 300
Highlights
  • Great for customers with limited/no credit
  • Offers special military rates
  • A+ BBB rating
Refinance Loan
Loan Term Up to 84 Months
Min. APR 2.49%
Min. Credit Score 500
Highlights
  • Specializes in auto refinancing
  • A+ BBB Rating
  • No application fee

All APR figures last updated on 6/13/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

In This Review:

    Wells Fargo Auto Loan Review: 2.5 Stars

    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.

    Motor1 Rating2.5
    Loan Details3
    Loan Availability3
    Application Process2
    Customer Service2.5

    Wells Fargo Auto Loan Pros and Cons

    Wells Fargo Auto Loan ProsWells Fargo Auto Loan Cons
    Competitive interest ratesNo prequalification option
    No extra feesNo vehicle refinancing loans
    Cannot be purchased directly from Wells Fargo

    About Wells Fargo Bank

    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: Not rated

    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.

    Wells Fargo Auto Loan Details

    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.

    Wells Fargo Auto Loan Details
    Minimum Loan Amount$5,000
    Annual Percentage Rate (APR)As low as 3.9%
    Maximum Loan Term72 months
    Origination FeeNone
    Prepayment PenaltyNone
    Application FeeNone

    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.

    Credit ScoreAverage New Car APRAverage Used Car APR
    781 to 8502.40%3.71%
    661 to 7803.56%5.58%
    601 to 6606.70%10.48%
    501 to 60010.87%17.29%
    300 to 50014.76%20.99%

    Wells Fargo Auto Loan Application Process

    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 Reviews And Reputation

    Wells Fargo is not rated or accredited by 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 400 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 Loans: Conclusion

    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.

    Lending Partner
    Loan Term
    Min. APR
    Min. Credit Score
    Highlights
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 2.25%
    Min. Credit Score 580
    Highlights
    • Excellent customer ratings
    • Low rates for good credit customers
    • Strong industry reputation
    Used Car Loan
    Loan Term 24-84 Months
    Min. APR 2.24%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    Refinance Loan
    Loan Term 48-84 Months
    Min. APR 1.99%
    Min. Credit Score 550
    Highlights
    • Average monthly savings of $150
    • Work with a personal loan concierge to compare options
    • A+ BBB Rating
    Refinance Loan
    Loan Term 36-72 Months
    Min. APR 2.91%
    Min. Credit Score 640
    Highlights
    • Apply online in minutes
    • A leading provider in refinance loans
    • A+ BBB rating
    Used Car Loan
    Loan Term Up to 72 Months
    Min. APR 3.99%
    Min. Credit Score 300
    Highlights
    • Great for customers with limited/no credit
    • Offers special military rates
    • A+ BBB rating
    Refinance Loan
    Loan Term 24-84 Months
    Min. APR 1.99%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    New Car Loan
    Loan Term 24-84 Months
    Min. APR 2.24%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    Refinance Loan
    Loan Term 36-84 Months
    Min. APR 1.99%
    Min. Credit Score 560
    Highlights
    • Average monthly savings of $145
    • Online Application
    • Browse loan options found specifically for you
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 3.99%
    Min. Credit Score 300
    Highlights
    • Great for customers with limited/no credit
    • Offers special military rates
    • A+ BBB rating
    Refinance Loan
    Loan Term Up to 84 Months
    Min. APR 2.49%
    Min. Credit Score 500
    Highlights
    • Specializes in auto refinancing
    • A+ BBB Rating
    • No application fee

    All APR figures last updated on 6/13/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

    Wells Fargo Car Loan: FAQ

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

    Frequently Asked Questions