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.
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Editorial disclosure:
All reviews are prepared by Bankrate.com 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.
Consider these benefits and drawbacks of an auto loan with Wells Fargo before applying.
PROS
Large branch footprint
No extra fees
Fast funding after approval
CONS
Unspecified loan terms
No loan prequalification available
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.
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.
Vehicle information
Driver’s license number (including issue and expiration date)
Personal contact information
Social Security number
Proof of employment
Proof of insurance
Wells Fargo FAQs
Wells Fargo does not currently offer auto loans directly to consumers, so there’s no way to apply online. Instead, you’ll need to contact the dealer you plan to purchase a vehicle from and confirm they are partnered with Wells Fargo to offer auto loans.
Wells Fargo does not disclose minimum credit score requirements. However, a good or excellent credit score is ideal and will generally get you the best deal on auto loan financing.
You’ll need to apply in person for a Wells Fargo auto loan rate quote. Remember that the best rates are typically reserved for borrowers with the strongest credit scores.
You can set up automatic payments online, pay by phone, mail or even in person — with or without a Wells Fargo bank account.
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.
Methodology
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 Bankrate.com 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.
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
Rhys Subitch
Edited by
Rhys SubitchEditor, Personal Loans, Auto Loans, and Debt
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about loans products for every part of life.