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Wells Fargo: 2022 Auto Loan Review

2022-06-14 00:00:00

At a glance

Rating: 3.2 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.2 stars out of 5
  • Affordability
    Rating: 3 stars out of 5
  • Customer Experience
    Rating: 4.6 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 specified

  • Rates

    APR from

    Varies by dealership

  • Funds available in

    Instant upon approval, paid to dealership

Wells Fargo features

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


  • Checkmark

    Large branch footprint

  • Checkmark

    No extra fees


  • 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.  

Pros and cons of Wells Fargo auto loans

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


  • Large branch footprint. Wells Fargo boasts over 4,000 banking branches across the U.S. 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.  


  • 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 loan with Wells Fargo, you will have to go through a partner dealership. 


Who is Wells Fargo best for?

An auto loan from Wells Fargo is best for drivers who prefer an in-person experience. But because the rates are not shared outside of dealerships, drivers may feel surprised by the cost if they go in without researching ahead of time. It’s best to come into the dealership with a preapproved loan from another lender. If the dealership can beat it with an offer from Wells Fargo, you can review the terms offered and decide whether to choose it instead. 


Types of auto loans offered

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

New and used vehicle loans

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.  


Wells Fargo does not offer refinancing options for auto loans. If you’re looking for better terms on a current auto loan, check with other lenders.  

Interest rates and terms

Although Wells Fargo does not disclose its rates and 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 process of application is done through the dealership of your choosing. The loan application process varies, but you’ll likely need a few common items.  

You will likely need to provide: 

  • Proof of income 
  • Social Security number 
  • Proof of U.S. citizenship or permanent residency   
  • Vehicle information, including make, model and vehicle identification number (VIN) 
  • Trade-in information, if applicable 

Auto loan requirements

Wells Fargo does not disclose its credit or income requirements in order to receive a loan. But if your credit score is not strong, Wells Fargo recommends signing on with a co-applicant, a person who will hold part ownership of the vehicle under that loan.  

There are many ways to pay off your loan. You can set up automatic payments online, pay by phone, mail or even in person — with or without a Wells Fargo bank account. 

Customer service

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 7 a.m. to 9 p.m. and Saturday 7 a.m. to 5:30 p.m. CT.

How Bankrate rates Wells Fargo

Overall score 3.2  
Availability 3.2 Since it goes through a dealership network, Wells Fargo doesn't disclose loan amounts, fees or minimum requirements.
Affordability 3.0 Wells Fargo has several ways to repay your loan, including autopay, but rates are not available.
Customer Experience 4.6 Wells Fargo supports online payments, has an app and its customer service hours extend to Saturday.
Transparency 2.0 With no prequalification or availability of rates, Wells Fargo scores low for lender transparency.
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
Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.