Wells Fargo: 2023 Auto Loan Review

Wells Fargo features

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

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.

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 4,900 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.  

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 

Auto loan types offered

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

Wells Fargo FAQs

How Bankrate rates Wells Fargo

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.