Wells Fargo Auto Loans
Vault Verified
Expert take
Wells Fargo has an expansive network of partner dealerships. But since it doesn’t publish a list of them, consumers need to do some digging to apply.
Pros
- Almost 11,000 partner dealerships across the U.S.
- No prepayment fees
- Option to adjust payment due date once throughout the loan term
Cons
- Loans are only offered through partner dealers, which are not publicly available
- No option to prequalify
- Lack of transparency regarding rates and terms
Vault’s Viewpoint on Wells Fargo Auto Loans
Wells Fargo could be a solid choice for applicants who want to apply through a dealership within the bank’s network. It could also be a perfect fit for existing Wells Fargo customers.
On the other hand, it’s not an ideal lender for borrowers seeking to preview rates and terms before officially applying since it doesn’t offer prequalification.
About Wells Fargo Auto Loans
The third largest national bank, Wells Fargo offers various financial products, including home loans, personal loans and auto loans. The bank used to offer direct auto loans, but now you can only apply for one via one of its partner dealerships.
Like many other banks that offer indirect auto loans, the lender doesn’t disclose its rates, terms and loan amounts on its website, and there’s no option to prequalify online. We contacted its customer service team and they haven’t provided us with any information as of this writing.
| Loan amount | Not disclosed |
| Fees | Possible late fee, depending on your loan agreement |
| Minimum credit score | Not disclosed |
| Repayment schedule | Not disclosed |
| APR | Not disclosed |
Who Is Wells Fargo Auto Loan Best For?
A Wells Fargo car loan may be an excellent option if you want to purchase a vehicle from one of its many partner dealerships. Plus, it might also be the perfect fit if you’re an existing Wells Fargo customer and want to keep your accounts with one bank.
Who Should Consider an Alternative to Wells Fargo Car Loan?
If you want to purchase a car from a private buyer, you’ll have to apply with another lender. Applying for a Wells Fargo car loan also doesn’t make sense if you want the freedom to purchase a car without partner dealership restrictions. Plus, you should choose another lender if it offers you more favorable terms than Wells Fargo.
Customer Service
Wells Fargo customer service agents are available from 7 a.m. to 10 p.m. CT from Monday through Thursday, from 7 a.m. to 9 p.m. CT on Fridays and 7 a.m. to 5:30 p.m. CT on Saturdays. You can connect with a team member by phone at 1-800-289-8004.
How To Apply for an Auto Loan With Wells Fargo
You won’t be able to prequalify for a Wells Fargo car loan online. You have to find a dealership that partners with the bank. You can do this by calling dealers in your area and asking them if they’re in the lender’s network.
While documentation requirements vary by dealership, you generally need to provide:
- Proof of income (for example, recent W-2s, bank statements or pay stubs)
- Proof of insurance
- Driver’s license or government-issued ID
How Does Wells Fargo Auto Loan Stack Up to Its Competitors?
Some of Wells Fargo’s competitors have more transparent rates terms. As a result, they might be a better fit for your borrowing needs. Here are a couple of alternatives.
Wells Fargo Auto Loan vs. TD Bank
Like Wells Fargo, TD Bank offers indirect auto loans through partner dealerships. TD Bank also doesn’t provide many specific eligibility requirements or offer prequalification on its website. Rates and terms vary by lender.
However, a key difference is that TD Bank allows applicants to search for partner dealers on its website. As a result, TD might be a better choice if you want to avoid the potential hassle of searching for a dealership that works with Wells Fargo.
Wells Fargo Auto Loan vs. LightStream
LightStream offers more flexibility than Wells Fargo since you can apply directly with this lender rather than being restricted to a network of partner dealerships. Once approved, you can use the funds to purchase any car in cash from a private individual or a dealership. Approved borrowers can take out a loan from $5,000 to $100,000.
The company also provides a broader range of auto loan choices. In addition to offering new and used auto loans like Wells Fargo, it also offers auto refinance loans and lease buyouts.
Wells Fargo Auto Loan vs. Bank of America
Bank of America offers auto loans to consumers who purchase vehicles through certain dealerships, such as Ford and Toyota, EV manufacturers like Tesla and used-only dealerships like Carvana.
The bank also offers more auto loan options than Wells Fargo: new and used auto loans, refinance loans and lease buyouts. Loan terms range from 48 to 72 months, and loan amounts start at $7,500. Unlike with Wells Fargo, you can apply for an auto loan on Bank of America’s website before you choose a vehicle at a partner dealer.
Frequently Asked Questions
What Credit Score Do You Need To Qualify for a Wells Fargo Auto Loan?
The bank doesn’t disclose its credit score requirements. However, over 96% of applicants approved for a Wells Fargo auto loan in the first quarter of 2024 had FICO scores 660 or higher, according to the lender’s Q1 2024 10-Q report.
Does Wells Fargo Charge a Prepayment Fee on Auto Loans?
Wells Fargo doesn’t charge a prepayment penalty. If you make additional payments, the lender applies the extra funds toward your original balance and next monthly payment. Plus, the company also allows principal-only payments.
Can You Adjust Your Payment Due Date?
Yes. Wells Fargo allows you to adjust the payment due date once over the life of the loan.
Is Wells Fargo a Good Loan Company To Work With?
Wells Fargo has a mostly negative reputation. The company has a 1.3 out of five-star rating on Trustpilot based on 1,143 reviews. In addition, it has a 1.05 out of five-star rating with the Business Credit Bureau based on 986 reviews (the company also gives the bank an F rating).
However, the company had an above-average ranking in J.D. Power’s 2023 Dealer Financing Satisfaction Study.
Does Wells Fargo Offer Refinance Auto Loans?
Wells Fargo only offers new and used car loans through its partner dealerships. If you want to refinance your current auto loan, consider some of the best auto refinance lenders.
