Wells Fargo Auto Loans: In-Depth Review

Wells Fargo offers loans for the purchase of a vehicle as well as for the refinancing of an existing loan. It has over 65 years of experience in auto loans. By choosing this lender, you gain access to tips and tools, several car loan options, competitive rates, and fast decisions.

But is it the best option for you? Read this in-depth review of Wells Fargo auto loan to find out.

Wells Fargo car loan overview

Loan types

With a Wells Fargo auto loan, you can purchase a new or used vehicle from a private party or dealer, buy out of a lease, and refinance an existing auto loan.

Note: When buying from a private party, you must finalize the loan inside of a Wells Fargo branch.

Loan terms

Loan terms can go up to 72 months in length (six years).

Down payment

The amount Wells Fargo requires you to put down on the car loan will depend on your credit and financial profiles. After applying, you will receive the terms which include the interest rate and down payment requirement.

In some cases, borrowers will be able to finance 100% of the vehicle cost, putting nothing down upfront.

Wells Fargo auto loan rates and fees

The cost of the loan will include a $99 origination fee and interest. Wells Fargo finances the origination fee into the loan and it reflects in the annual percentage rate (APR).

The interest rate will be set depending on your individual credit and financial profiles.

Learn how to get the best auto loan rates


Wells Fargo offers a relationship discount for individuals who have a qualifying consumer checking account with Wells Fargo and who set up automatic payments from a Wells Fargo deposit account.

The discount is a 0.25% reduction in the interest rate. To qualify, you must get the loan directly through Wells Fargo, not through its dealer services.


Wells Fargo requests personal and contact information, employment and income information, and current vehicle information from loan applicants. To qualify, you will need to have some prior credit history, satisfactory income, and a decent credit score.

If you don’t qualify alone, you can apply with a co-signer who meets the requirements. The only way to find out if you can get approved is to complete the online application. You can get an answer in as little as 15 minutes.

Review the pros and cons of a co-signer

Loan disbursement

Upon approval, here are the ways you may get the funds from Wells Fargo:

  • Wells Fargo issues you a check
  • The money is directly deposited into your Wells Fargo checking account
  • A check is written to the lien holder or dealer

The mode of disbursement can vary depending on whether you are buying a car from a dealer or private party, and if you have a bank account with Wells Fargo.

Wells Fargo auto loan payments

After you receive an auto loan from Wells Fargo, your first payment will be due within 19 to 51 days of closing. Your loan contract will list the exact date. If you need to change your payment due date, you can do so one time after you make your first payment.

You can easily manage your loan by enrolling in Well Fargo Online where you can make payments, view statements, and check your balance. Additionally, you can set up automatic payments from a checking or savings account held at any financial institution, pay by phone, pay by mail, or pay in a Wells Fargo branch.

If you want to pay more than you owe, you can do so without any penalties. However, be sure to clarify that you want your payment applied to the principal balance. You can also pay off your balance early online, or by mailing in your payment.

Should you payoff your loan as fast as possible?

Wells Fargo direct vs. dealer services

Wells Fargo offers loans directly to consumers as well as through dealers. If you go directly through Wells Fargo, you can apply online and manage your account via Wells Fargo Online.

On the other hand, if you go to a dealership and apply with them, Wells Fargo may finance your loan through the dealer. In that case, you would use eServices to log in and manage your account.

Dealers often offer cash rebates on vehicles but charge higher interest rates, so going directly through Wells Fargo may provide a better deal. Further, if you bank with Well Fargo, you can get a discount on the interest rate when going direct.

It wouldn’t hurt to see what you can get from both routes so you can choose the best one.

Wells Fargo application process

  1. To apply with Wells Fargo, you will visit the Auto Loan and Vehicle Financing page on its website and click “apply now.” Wells Fargo Review auto loans

  2. Select the type of auto loan you want.Wells Fargo Review auto loans 2

  3. Review the overview of the application process. Answer if you will apply with a cosigner and if you have a Wells Fargo account. Wells Fargo Review

  4. Provide all of the information so that Wells Fargo can determine your credit eligibility. Wells Fargo Review

  5. Consent to a credit check and read the state-specific notices. Wells Fargo Review

After this page, you will enter details about your vehicle of choice and submit your application.

Is a Wells Fargo auto loan right for you?

Wells Fargo is a large, longstanding financial institution. Its direct-to-consumer auto loan offering covers all of the bases pretty well. It has competitive interest rates, good technology, and a number of loan options.

Wells Fargo communications manager Natalie M. Brown adds, “The reasons why someone would want to choose Wells Fargo over another lender is because we offer a relationship discount and customers are able to see and manage their auto loan, along with all their other Wells Fargo accounts online– so, it’s the convenience factor.”

The drawbacks are the $99 origination fee, and the fact that it’s a large bank. Large banks often offer a less personal customer experience and have stricter eligibility requirements.

All factors considered, Wells Fargo is a valid contender amongst auto loan lenders, but shouldn’t be chosen blindly. Shop around with at least three lenders to see what you can get. Consider the total cost including all fees, discounts, interest, and the loan term.

Additionally, weigh the user experience offered by each lender in terms of account management, customer care, and tech-savviness. Then, choose the one that offers the best overall value.

FAQ on Wells Fargo auto loan

Is Wells Fargo good for auto loans?

Wells Fargo is one of the largest banks in the country, with over 13,000 locations. It offers auto loans as well as mortgages, savings accounts and checking accounts. Its rates compare well with other lenders and beat out those at Chase Bank.

Does Wells Fargo give bad credit auto loans?

You don’t have to have great credit to apply for a Wells Fargo auto loan. On its online Wells Fargo auto loan payment calculator, you can select a range for your credit score.

Does Wells Fargo refinance auto loans?

Wells Fargo auto loans offers auto refinancing with a maximum term of 72 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable.

What credit score does Wells Fargo use?

Wells Fargo uses all three major credit bureaus: Equifax, Experian, and TransUnion. Your state may factor into which credit bureau Wells Fargo uses when it pulls your credit report.

Does Wells Fargo offer free FICO score?

Millions of eligible customers to receive free access to their FICO Credit Score. Wells Fargo has begun introducing free, ongoing access to FICO® credit scores for all of its eligible consumer credit customers.

Want to shop around the easy way? Check out SuperMoney’s auto loan offer engine. Answer a few questions, and without hurting your credit, you’ll get personalized offers from a number of auto loan lenders within minutes.

If you’re considering a Wells Fargo Auto Loan, compare it against other top lendersto make sure you choose the absolute best option for yourself.