Wells Fargo Auto Loan Review 2024

Wells Fargo Auto currently provides auto lending to more than three million customers, according to a bank rep. Because Wells Fargo is an indirect lender, auto loans must be obtained through one of the approximately 11,000 dealerships in its network.

You’re able to qualify for 100% financing or more, with loan amounts depending on several factors such as your income, credit, repayment ability and value of the vehicle. The majority of auto loans issued by Wells Fargo are between $5,000 and $110,000.

Loan terms generally range from 24 to 75 months, though the exact term depends on the loan amount and interest rates extend from 3.99% to 19.99%.

These are the main types of auto loans offered by Wells Fargo:

New Car Purchase

Wells Fargo auto loans can be used to purchase new vehicles, but the lender doesn’t finance recreational vehicles, motorcycles or boats. Vehicles must be purchased from one of Wells Fargo’s partner dealerships across the U.S.

Related: How Much Car Can I Afford?

Used Car Purchase

You can take out a Wells Fargo auto loan to finance the purchase of a used vehicle up to 15 years old—though eligibility also depends on the vehicle mileage and loan term. As with new car loans, drivers cannot use Wells Fargo to finance the purchase of a vehicle from a private party.

Lease Buyout

You can also buy out your lease by applying for a Wells Fargo auto loan and using it to purchase your leased vehicle.

Related: How To Get Out Of A Car Lease

Featured Partner Offers

1

Consumers Credit Union

Minimum rate

5.94%

Loan amount

Starts at $7,500 (no max)

Minimum credit score

620

1

Consumers Credit Union

Learn More

On Consumers Credit Union's Website

Wells Fargo doesn’t publish detailed credit or underwriting criteria for its auto loans online. However, a Wells Fargo representative shared that applicants are evaluated based on several factors including income, credit history and score, ability to repay the loan and vehicle value.

Wells Fargo doesn’t charge any origination fees. Other fees imposed on Wells Fargo auto loans vary depending on a number of factors and are summarized in each lender’s loan agreement. This includes late fees, finance charges and other costs on the account.

Wells Fargo is an indirect auto lender, meaning that you must apply through one of the car dealers within the lender’s network. To apply for a Wells Fargo auto loan, begin by shopping for and identifying the vehicle you’d like to purchase at a dealership.

Next, you’ll apply for financing directly through the dealership—just ask if they offer financing through Wells Fargo. However, the lender will typically tell you the best rate they can offer before disclosing the name of the lender so it might not be Wells Fargo every time. The exact process for applying varies slightly from dealer to dealer, but you must generally provide the following documents:

• Proof of income and employment
• Social Security number
• Proof of U.S. citizenship or permanent residency
• Vehicle information like the make, model and vehicle identification number (VIN)
• Trade-in information, if applicable

Related: Best Auto Loan Rates

What to Do If You Get Turned Down

If you get turned down for a Wells Fargo auto loan, consider contacting the lender to determine the reason for denial. Sometimes loan applications are rejected because of inaccurate information or incomplete documentation. If this is the case, ask whether you can correct the error and resubmit your application. You can also ask about other financing options while at the dealership.

On the other hand, if your application was rejected due to a low credit score or insufficient income, take steps to increase your approval odds. This may involve paying down current loans or credit accounts to improve your credit score.

Ultimately, it may be necessary to choose a less expensive car that requires a lower loan amount. Alternatively, choose a lender that offers a prequalification process or imposes more transparent eligibility requirements. Keep in mind, however, that lenders with less rigorous qualifications typically impose higher auto loan interest rates.

As of Sept. 12, 2022, Wells Fargo has a 1.08-star rating based on 622 customer reviews through the Better Business Bureau (BBB) and a 1.3-star rating on Trustpilot based on 793 reviews. Reviews are overwhelmingly negative and generally focus on the company’s poor customer service. Note, however, that online reviews of Wells Fargo are primarily related to the bank’s other financial products—not auto loans since those are offered indirectly.

Some reviews mention that, since Wells Fargo customer service can only be reached via phone, this limited availability makes it difficult to contact a representative. That said, the lender has a frequently asked questions page on their website that includes answers to a number of topics about online account enrollment, fees, interest calculations, payments and other auto loan information.

Related: Auto Loan Payment Calculator

We reviewed Wells Fargo Auto loans based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We reviewed the lender based on the weighting assigned to each category:

• Loan cost: 30%
• Eligibility and accessibility: 25%
• Loan details: 20%
• Customer experience: 15%
• Application process: 10%

Within each major category, we also considered several characteristics including available loan amounts, repayment terms, interest rate ranges, applicable fees and available discounts. We also looked at minimum credit score requirements, maximum accepted mileages, whether the lender accepts co-signers or co-borrowers and the geographic availability.

Finally, we evaluated the provider’s customer support tools, borrower perks and features that simplify the borrowing process—like online application options, mobile apps and turnaround time.