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Wells Fargo: 2023 Auto Loan Review

2023-05-01 00:00:00

At a glance

Rating: 3.2 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.3 stars out of 5
  • Affordability
    Rating: 3 stars out of 5
  • Customer Experience
    Rating: 4.2 stars out of 5
  • Transparency
    Rating: 2 stars out of 5
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About Wells Fargo

  • Moneybag

    Loan amount

    Varies by dealership

  • Credit Good

    Min. credit score

    Not disclosed

  • Rates

    APR from

    Varies by dealership

  • Funds available in

    Instant upon approval, paid to dealership

Wells Fargo pros and cons

Consider these benefits and drawbacks of an auto loan with Wells Fargo before applying.


  • Checkmark

    Large branch footprint

  • Checkmark

    No extra fees

  • Checkmark

    Fast funding after approval


  • Close X

    Unspecified loan terms

  • Close X

    No loan prequalification available

  • Close X

    No direct application

Wells Fargo, a national bank founded in 1852, serves customers across the United States. Its suite of products includes personal and commercial banking, investing and loans. It offers auto financing through over 11,000 dealerships in its network. It used to also offer auto loans through branches as well, but it no longer has this option available.  

Do you qualify?

Wells Fargo does not disclose its credit or income requirements to receive a loan. If your credit score is not strong, Wells Fargo recommends signing on with a co-applicant who will share responsibility for making payments.

Wells Fargo versus Valley Bank

Valley Bank is another brick-and-mortar financial institution offering auto loan financing. Its branch footprint is much smaller than Wells Fargo, including only Alabama, Florida, New Jersey and New York. That said, you could get a good deal on a car loan as they offer competitive rates — from 6.80 percent — and fast approvals. Like Wells Fargo, the lender’s website offers limited information regarding auto loan terms and eligibility guidelines.

Wells Fargo versus Credit Direct

Credit Direct offers personal loans that can be used for auto purchases and refinances. You can borrow up to $40,000 with rates as low as 5.99 percent through Credit Direct or a lender in its partner network. Specific eligibility guidelines aren’t disclosed on the website, but there is no minimum credit score requirement. In fact, the lender uses factors beyond credit score to determine your creditworthiness. By comparison, with Wells Fargo, you’ll likely need good or excellent credit to qualify for an auto loan. 

What we like and what we don’t like 

Before signing off on an application, consider all the benefits and drawbacks — especially given you can’t prequalify.

What we like

  • Large branch footprint. Wells Fargo boasts around 4,700 banking branches across most U.S. states and doesn’t charge extra for making payments at a branch, which is a great plus for drivers who prefer to handle finances in person rather than online.  
  • No extra fees. Unlike some other lenders, Wells Fargo does not charge any prepayment penalty, origination or application fees.  
  • Fast funding after approval. Once Wells Fargo and you have signed off on your loan, the funds will be sent to the dealership instantly.

What we don’t like

  • Unspecified terms. Due to the dealership relationships, rates vary and cannot be determined until meeting with a sales representative at a dealer lot.  
  • No loan prequalification available. Wells Fargo does not offer prequalification, which can help you understand how you can afford to borrow and give you negotiating power.  
  • No direct application. To apply for a Wells Fargo loan, you must go through a partner dealership

How to contact Wells Fargo 

Wells Fargo offers excellent customer service. They have in-person appointments along with online and app access. Account management and questions can be answered by phone at 800-289-8004 Monday through Thursday from 7 a.m. to 10 p.m., Friday from 7 a.m. to 9 p.m. and Saturday from 7 a.m. to 5:30 p.m. CT.

Auto loan types offered

Wells Fargo offers auto loans for new and used vehicles through partner dealerships.

New and used car loans

  • Amounts: Not disclosed
  • Terms: Not disclosed
  • APR: Not disclosed

Due to the relationship that Wells Fargo holds with dealerships, they do not disclose their rates, fees and terms. So, it is wise to take advantage of a monthly auto loan calculator to best understand what you can afford.  

Although Wells Fargo does not disclose its terms, you can expect terms between 12 to 72 months. Your rate will be based on factors like your credit score and the vehicle you choose. For the best terms, come with an excellent credit score of 740 or higher. 

How to apply for a loan with Wells Fargo

To apply for a loan with Wells Fargo, you will have to work with one of the dealers found in its network. This means that the entire application process is done through your chosen dealership. The loan application process varies, but you’ll likely need a few common items

Wells Fargo FAQs

How Bankrate rates Wells Fargo

Overall score 3.2
Availability 3.5 Wells Fargo has an extensive dealership network but doesn't disclose loan amounts or terms for its loans.
Affordability 3 Wells Fargo has several ways to repay your loan, including autopay, but rates are not available.
Customer Experience 4.4 Wells Fargo supports online payments, has an app and its customer service hours extend to Saturday.
Transparency 2 With no prequalification or published rates and fees, Wells Fargo scores low for lender transparency.


Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. 
  • Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
  • Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available.
Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Written by
Rebecca Betterton
Writer, Auto Loans and Personal Loans

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation.

Edited by Editor, Personal Loans, Auto Loans, and Debt