Wells Fargo Auto Loan Review
Wells Fargo offers lending products for new and used vehicles through a network of thousands of dealers across the country. Being more available doesn’t necessarily mean they’re the best choice for every borrower, however. We’ve done the homework for you to help you make the most educated and mindful decisions about buying or financing your next vehicle.
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About Wells Fargo
Wells Fargo is an old and storied financial institution, but recent headlines have not been friendly to the company. Senior management and others have been blamed for excessive fees and poor service, which has tarnished the bank’s long reputation. Wells Fargo did reduce the number of dealerships it offers financing to at the beginning of the pandemic, but there are still thousands of dealers that offer its lending products.
Why Consider Wells Fargo for an Auto Loan
Wells Fargo offers competitive rates and a variety of loan products through its network of 11,000 dealerships. The bank does not offer loans directly to borrowers, and requires that a dealer submit all applications. That said, Wells Fargo is not known for its customer service and may not live up to your standards if you expect top notch responses and help when you have a problem.
How To Apply for a Wells Fargo Auto Loan
Wells Fargo requires applicants to work with one of its partner dealerships to apply for a loan. You can ask your local dealer if they participate in the bank’s programs, but the application must be submitted through them. Once you have obtained a loan, you can manage your account online.
Wells Fargo Auto Loan Details
Wells Fargo offers loans with rates that generally range from 1.99% to 19.99%, and with amounts that can reach $100,000. Qualified borrowers can stretch their loan terms out to 75 months. The bank also offers financing options for boats, RVs, motorcycles, yachts, personal aircraft, and more
Pros and Cons
- Huge range of loan options
- Specialty vehicle financing available
- Easy management of accounts online
- Spotty customer service reviews
- Wells Fargo will not issue loan for private party sales
- You are tied to a dealer when working with Wells Fargo
Should I Get An Auto Loan Through Wells Fargo?
Wells Fargo offers a lending product for almost any buyer in almost any credit situation, which makes buying much easier for many people. That said, the bank has pulled back on some of its lending, mostly with used car lots, to focus on new car dealerships. The company also suffers from poor customer service and relations, particularly when it comes to problem resolution.
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Don't settle for dealer financing, get loan quotes from multiple providers
Read more on our top recommendations for the Best Auto Loans here.
Read more about Buying a Car here.
FAQ
- Why doesn’t Wells Fargo do car loans anymore?
They do! The bank slashed its lending operations during the early months of the pandemic to focus more on the dealers it already worked with closely. You can still find Wells Fargo loans, mostly at franchise dealers.
- How can I get preapproved for a Wells Fargo loan?
Unfortunately, you can’t get pre-approved when using Wells Fargo, which is a major drawback of using the bank. You have less leverage by working with the dealership financing instead of getting preapproved to learn where you stand ahead of time.
- What is considered a good car rate?
A “good” rate depends heavily on your credit situation and the type of vehicle you are buying. Used cars typically carry higher loan rates because of their age, mileage, and other factors.
- Does Wells Fargo refinance loans?
Wells Fargo does not refinance loans or offer lease buyouts. If you are interested in moving forward with the bank, your choices are fairly limited and fairly vanilla.
